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Automatic bank reconciliation & 1099s in Microsoft Dynamics AX

AX Summit 2016 was my very first AXUG Summit experience – AND – it was my very first time speaking in front of a large crown. It was EXHILIRATING!

Okay maybe a bit scary, but I must say what a great opportunity for the AX user community to gather knowledge and to network.  The word on the street is we exceeded their expectations on enrollment and attendance!  I would like to give a shout out to the Colorado AXUG chapter leader, Bobbie Small, and say congratulations on receiving the Ruby Award for your volunteerism and the AXUG All-Star award.  I know your Chapter has always thought of you as an All Star!

I had the pleasure to present two sessions:

  • Automating bank reconciliation
  • 1099’s it’s not just a number, it’s a requirement

Both sessions were standing room only, which tells me that there are a lot of users that are looking to make sure they are using Microsoft Dynamics AX / Dynamics 365 for Operations to its fullest.  I want to thank the AXUG and Microsoft moderators as well as each of you for coming to the sessions and bringing your awesome questions!

Here’s a highlight of these sessions to whet your appetite. I encourage you to download the presentations and should you have any questions, you know how to get a hold of me.

Automating bank reconciliation

Before you go out and purchase external software, consider the Microsoft Dynamics AX Advanced Bank Reconciliation.  This option allows you to import your bank statement and using matching rules automatically reconcile your bank statement.  No more clicking line by line, no more repetitive motion injuries…haha.  With Advance Bank Reconciliation, once you have completed the setup all you need to do is import your statement and select “reconcile upon import.”  TA DA!!  When you open your bank reconciliation worksheet you will find those transactions that have matched the Matching rules are marked for reconciliation.  What remains may be simple manual matching.

How simple is that?!?!?!?!  Save yourself some time and automate your bank statement reconciliation.

1099s It’s not just a number, It’s a requirement

Tax time is almost here once again!  Dealing with the IRS is unnerving no matter how long you have been doing it, because it is very unforgiving.  This is usually the reason that companies outsource their 1099 reporting.

Before you head down this path, Microsoft Dynamics AX has a great solution for you and it is “out of the Box” available.  With very little setup (Organization setup).  Next is updating the Vendor master records to designate the vendor to “Report 1099” and include their EIN/SSN and type of 1099 that they will receive, you can start collecting 1099 data.  Or if you have forgotten to mark a Vendor as reportable, you can go back after the fact and update the data.

At the end of the year, reviewing and modifying the records is so easy!  If you are really intent on streamlining the process, you can setup to have your IRS reports submitted electronically.  The Vendor 1099s still need to be printed and mailed by the end of January.

Click here to watch our Managed Services Video

Written By: Stacy Black

Stacy Black