Simplify Bank Reconciliation with Copilot in Dynamics 365 Business Central (2024)

Overview

This short video from the Microsoft Dynamics 365 Business Central channel (published 2024-09-03) presents Copilot as an AI bookkeeping assistant for the monthly bank reconciliation. It opens with the reconciliation challenge, then shows Copilot analyzing the bank statement.

Copilot compares transaction descriptions, amounts and dates to find matches in ledger entries, including cases where several charges are consolidated into one bank entry. For remaining lines, such as interest charges or bank fees, it suggests GL accounts. When a recurring payment is found, the transaction pattern can be saved for the next reconciliation.

Key points

• Start by importing bank statements into Business Central so Copilot can analyze them.
• Copilot compares transaction descriptions, amounts and dates to match bank lines to ledger entries.
• It can match multiple charges consolidated into a single bank entry.
• It suggests GL accounts for unmatched transactions, such as interest charges or bank fees.
• Patterns for recurring payments can be saved for the next reconciliation.
• The matching uses built-in rules and AI, according to the video.

Features

Every feature below: status not stated, demoed.

Quotes

• 0:04 “Microsoft co-pilot and Dynamics 365 business Central is your AI powered bookkeeping assistant that helps you turn a tedious monthly chore into a quick”
• 0:04 “start by importing bank statements into business Central for co-pilot to analyze using built-in rules and Power AI”
• 0:24 “co-pilot Compares transaction descriptions amounts and dates to find matches in your Ledger entries even when multiple charges are Consolidated into a single entry”
• 0:44 “co-pilot also suggests GL accounts to post remaining transactions to improving the accuracy of your financial records”
• 0:44 “if you’ve discovered a recurring payment co-pilot helps you save the transaction pattern for the next time”