An update has been released, and here is an overview of what was improved in Bankfeed version 11.0.
Check out the features of Bankfeed.
For clients using “Payment Reconciliation Journal” for bank statement import, the modification was made so that the function “Apply Automatically” would run automatically, to reduce manual tasks.
A change has been made to show the original currency and the original amount paid when transfers from a EUR (or other local currency) bank account in other currencies are allowed. Until now, such transactions were displayed only in the currency of the main bank account (e.g. EUR).
For example, the client has an account in EUR at Revolut Bank, from which transfers can also be made in other currencies (USD). The client needs to see the currency of the transfer and the original amount paid.
For this purpose, two new fields were added in payment and cash receipt journals “Transaction Currency (Softera.Bankfeed)” and “Transaction amount (Softera.Bankfeed)”. These new fields can also be found in “Bank Statement Lines (Softera.Bankfeed)” and “Bank Statement Entries (Softera.Bankfeed)”.
The fields “Transaction Currency (Softera.Bankfeed)” and “Transaction amount (Softera.Bankfeed)” are only for information. The transaction will be posted in the main bank account currency.
If these new fields are not visible in the journal, add them using the Personalisation mode.
If you add new “Document Recognition setup (Softera.Bankfeed)” formulas or add new texts to map in “Text-to-Account Mapping (Softera.Bankfeed)” setup table, often “Bank Statement Lines (Softera.Bankfeed)” are refreshed using the function “Refresh Recognition” to use the new formulas and setup. A modification was made in order to eliminate mandatory filters for running the function “Refresh Recognition”.
A modification was made in setting up the running times for Job Queue entries:
The function “Match Bank Statement Lines (Softera.Bankfeed)” is used when payments to vendors are prepared and exported from BC and after the bank statement uploads to the journal, when the user wants to see if all exported payments are imported with the statement lines.
After the bank statement import to the journal, the user opens the journal batch in which payment lines were prepared and runs the function “Match Bank Statement Lines (Softera. Bankfeed)”. If these payments are already imported they will be marked as “Matching Bank Statement Lines Exist (Softera. Bankfeed)”.
Marked lines can be deleted and will be posted with all imported bank statement lines.
It was modified that lines should be marked only in the opened journal batch.
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Hello,
I found this Dynamics 365 Business Central add-on that would save me tons of time by automatically importing bank statements and matching payments with invoices.
It has certain technical requirements like an up-to-date Business Central version and banks that comply with the PSD2 open banking protocol. Could you please check the requirements and let me know if we are able to use the Bankfeed app?
The requirements are here: www.bankfeed.com/faq/, or you may contact the add-on’s developers at [email protected].
Bankfeed works as an add-on for Microsoft Dynamics 365 Business Central. Therefore the usage of this ERP system is necessary. The solution works best with the three latest versions of Business Central.
Before installing Bankfeed, we recommend checking if the following conditions are met:
1. Open banking API (PSD2) is not occupied.
If you use online payment provider services (Wordline, Wordpay, etc.), they might be connected through an open banking API. Therefore, Bankfeed will not be able to connect to this API as it is already occupied. In these situations, we can connect Bankfeed through the bank’s direct API, known as a Gateway. However, it usually requires additional banking fees and additional implementation hours.
2. Banks provide the information required for recognition and reconciliation.
Even though open banking is regulated using the PSD2 protocol and is mandatory for all EU banks, the banks treat these requirements differently. The amount of information provided through the APIs and its quality can differ depending on the bank. This can lead to a situation where Bankfeed will not be able to properly identify customers/vendors or documents because of the lack of data.
Here is a list of mandatory bank fields needed to enable Bankfeed’s payment recognition and reconciliation. Please check HERE if the banks you are using provide the information from these fields:
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