Did you know that keying in bank statement information in NAV is no longer needed? You can download an electronic copy of your bank statement from your online banking service and load it straight into a journal in NAV.
All you need is an AMC account which will convert your bank statement information. When importing the bank statement, NAV will automatically run the file through the online AMC-conversion-service, which will convert the data in such a format so NAV knows exactly where to put the right information in the journal.
From a user perspective it is a simple 2 step process to get the bank statement into NAV:
1. Download the bank statement file from the online banking app.
2. Select the statement file into a NAV journal.
Further processing in NAV is like other journals, meaning it allows for changing accounts or apply differently, before you actually post the NAV journal.
Of course there is some setup involved which I will describe below:
1. First step is to check if your bank is supported by the AMC conversion service (most banks are included but before you continue make sure yours is as well). Here is the link to AMC supported banks.
2. Next step is to register for an AMC account for this free conversion service, use this link for AMC sign up. This service is free for one bank account; when you want to use this service for more than one bank account, a fee will be charged.
3. The user name and password for your AMC account need to be entered in Departments – Administration – IT Administration – Services – Bank Data Conv. Service Setup:
4. On your bank account change the setting for Bank Statement Import Format as shown in the example below:
5. In NAV’s Cash Management go to Payment Reconciliation Journal to process the bank statement and post it.
For details on how to do this watch this Youtube video or login to your Microsoft customer source account and in the ELearning look for video 80723AE – Module 4 – Cash Management – Receivables and Payables – Payment Reconciliation.
In order to be able to process your bank statements as described above, make sure your NAV version is NAV 2015 or 2016.
If your NAV version is an older one, contact ABS and we will be happy to put together an upgrade plan together with you.