![]() They always contain the name of the service, a date, and transaction number. You know you always have those transactions that come through from the ride sharing services. ![]() I like to use the example of my credit card statement. Let’s first discuss the use of the payment reconciliation journal in Business Central to process credit card statements. Payment text is automatically matched with the entry information based on how you have the logic setup on the Text-to-Account Mapping page. You can also use it to automatically reconcile the bank account when the payments are applied. You can then review the entries and make any necessary changes to the automatic application prior to posting the payment reconciliation journal. Business Central will create the matches automatically (based on mappings you establish). This is a wonderful feature for being able to import data (statement) from a financial institution (bank or credit card vendor) and apply the entries based on matches with the text information from the statement. When sweeping from your operating account to a line of credit, you’re using those excess balances to reduce your interest expense.Did you know you could use the Payment Reconciliation Journals to perform tasks beyond just a simple import of a bank statement? How about using them to handle sweep accounts, or to reconcile credit card statements? Yes, I have used them for both. A complete overdraft protection solution.Save money by borrowing and paying interest on only the amount required to bring your checking account to its target balance.Would my business benefit from a Loan Sweep? Similar to a Target Balance Account, you and your banker decide what balance makes sense for your business based on your account activity to offset account service charges.Wants to reduce or eliminate idle balances and put your available cash to use by pooling it in a general operating account or line of creditĪ Business Sweep automatically transfers money from your checking account into an interest-bearing account or line of credit based on your parameters.Wants to fund an account on an “as needed” basis.Wants to reduce staff time spent monitoring and transferring funds between separate accounts. ![]()
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