Banking

 

Updated: November 1, 2016

Applies To: Dynamics Marketing

System_CAPS_importantImportant

Microsoft Dynamics Marketing is scheduled to be retired on May 15, 2018. After that date the service will no longer be available. Please plan accordingly. For details, see the blog post Microsoft Dynamics Marketing service will be discontinued, and learn what’s coming next.

Microsoft Dynamics Marketing enables users to create and use an unlimited number of bank accounts to track deposits and payments.

To view your accounts, go to Budgeting > Settings > Chart of Accounts. More information: Chart of accounts.

To keep a daily eye on your bank accounts, place the convenient Account Balances widget on your home page and/or in the widget dock. See Learn how to work and get around in Microsoft Dynamics Marketing for details about how to use widgets.

System_CAPS_security Security Note

Users must have a Chart of Accounts role and the appropriate security privileges to view one of the bank accounts on the widget.

  1. Go to Budgeting > Settings > Chart of Accounts.

  2. Choose the New button New button.

    Microsoft Dynamics Marketing prompts you to select the account type (bank, expense, revenue, etc.)

  3. Select Bank.

    Microsoft Dynamics Marketing opens the new bank account page.

  4. Enter the information. More information: Chart of accounts

    System_CAPS_noteNote

    To deactivate an account, select the account on the Chart of Accounts list page and choose the Delete button Delete button.

The Write Check page enables you to write a check. If you have the Print Checks User role, you can also print a check from this page.

  1. Go to Budgeting > Payments > Write Check.

  2. Select the bank account to use.

  3. Pay to the order of: Select the contact being paid from the pull-down menu.

  4. Enter the amount of the check.

  5. Enter a memo. The memo appears on the check.

  6. Select the check date.

  7. If you have already written the check, or plan to write the check by hand, enter the number of the check that is used.

    By default, if you enter a check number, Microsoft Dynamics Marketing assumes that the check has been written by hand; if the check number is blank, Microsoft Dynamics Marketing will automatically assign a check number when the check is printed.

System_CAPS_noteNote

Checks are not included in budgets!

Microsoft Dynamics Marketing supports several check formats:

Standard Voucher Checks

Microsoft Dynamics Marketing prints 1-up (1 check per page, check at the top, 2 vouchers below) laser checks with the following dimensions:

  • Page Size: 8½" x 11"

  • Check Size: 8½" x 3½"

  • Envelope Size: #10

The layout and dimensions of Standard Voucher Checks in Microsoft Dynamics Marketing are the same as those for Intuit QuickBooks.

3.5 x 7 Checks

Microsoft Dynamics Marketing also supports 3.5 x 7 check formats. This format doesn't have a voucher.

MICRO Checks

Microsoft Dynamics Marketing can also print MICRO checks. This option requires a custom check with a layout compatible with your financial institution's requirements. The advantage of MICRO checks is that you can use un-numbered check stock and Microsoft Dynamics Marketing can print out the check number, bank account and routing information. MICRO check printing requires a printer that can support MICRO toner. Contact your printer vendor, your bank and Microsoft Dynamics Marketing Support if this option interests you.

The Print Checks page enables you to print checks, if you have the appropriate user role.

To print checks:

  1. Go to Budgeting > Payments > Print Checks.

  2. Select the bank account to use.

  3. Select the check date.

  4. Verify that the first check number matches the number printed on the first check to be printed.

  5. Verify that the check format is correct.

  6. Be sure that the printer you want to print checks on is the default printer.

  7. Insert the checks into the printer.

  8. Select the checks you want to print.

  9. Choose Submit.

Microsoft Dynamics Marketing sends the batch of checks to be printed to the printer.

  • On the Print window, select the printer to use and choose Print.

  • Microsoft Dynamics Marketing sends the checks to the printer to be printed and displays a page: ‘Did the Checks print okay?’ Choose OK or Cancel. If you choose Cancel, Microsoft Dynamics Marketing will not mark the checks as having been printed, and you will be able to reprint them.

Microsoft Dynamics Marketing will void the check by setting its amount to zero. The expense will now become visible again on the Accounts Payables page; the balances of the bank account and Accounts Payable will reflect the voiding of the payment.

System_CAPS_noteNote

To void a check, go to the bank account the check was written on, select the check and choose the Delete button Delete button.

The Deposits page enables users to create a deposit in a bank account from a payment holding account.

For example, an organization might receive many payments from clients every day but make one weekly deposit of all the checks into their bank account. To facilitate this, set up a payment holding account in the general ledger. Receive all the payments from clients into the payment holding account. Each week create a single deposit consisting of all the payments received.

To make a deposit:

  1. Go to Budgeting > Receipts > Record Deposits.

  2. Select the account you want to make the deposit into. (Required.)

  3. Select the currency, if you are using multiple currencies. (Required.)

  4. Select a deposit date. (Required.)

  5. Select the payment holding account containing the payments.

  6. Choose the check boxes of the payments you want to deposit.

    Microsoft Dynamics Marketing updates the total amount.

  7. Choose Submit.

    Microsoft Dynamics Marketing creates a deposit. The balance of the bank account is increased by the deposit amount and the balance of the payment holding account is decreased by the deposit amount.  

System_CAPS_noteNote

To void a deposit, select the deposit from the bank account and choose the Delete button Delete button.

  1. Go to Budgeting > Settings > Chart of Accounts.

  2. Select a bank account.

  3. Choose Items.

  4. Microsoft Dynamics Marketing displays payments in a grid.

To make a payment, go to the Pay Bills page. More information: Work with Accounts payable

To receive a payment, go to the Receive Payments page. More information: Accounts receivable

You must have the Accounting Manager User role to view the Reconciliation tab.

  1. Go to Budgeting > Settings > Chart of Accounts.

  2. Open the account you want to reconcile.

  3. Choose the Reconciliation tab.

Microsoft Dynamics Marketing displays all the reconciliations for the account.

  1. Check that all transactions have been added and that the opening balance of the account is correct.

  2. If the beginning balance is different from the balance on the current paper statement, the source of the discrepancy must be determined before reconciliation can occur.

  3. Review the account's statement for any finance charges or services charges and enter them into Microsoft Dynamics Marketing.

Your financial records are maintained by you and by your bank and other financial institutions. Each transaction that you enter in your account - checks, deposits, withdrawals, bank charges, interest payments, etc. - should match the records of your account's financial institution. This matching process is called reconciliation. Reconciling accounts is a key step to ensuring the accuracy of accounting records.

To reconcile and account:

  1. On the Chart of Accounts page, select the account you want to reconcile.

  2. Choose the Reconciliation tab.

  3. Choose New Reconciliation New button button.

  4. Microsoft Dynamics Marketing opens the new Reconciliation page. Enter the required information.

  5. Choose Submit.

  6. In the Statement Date field, enter the date on the statement from the financial institution.

  7. Compare the opening balance from your statement from the financial institution with the Starting Balance field. If the starting balance in Microsoft Dynamics Marketing doesn't match the starting balance shown on the statement:

    • If this is the first time reconciling this account time the opening balance may have been entered incorrectly. Check that the opening balance is correct, and change it if necessary.

    • If this account has been reconciled previously and the beginning balance in Microsoft Dynamics Marketing is different from the beginning balance on the statement, the cause of the discrepancy must be found. Typically this is caused when a previously reconciled transaction is changed or updated. To fix this, the previous reconciliation must be undone, and the account must be reconciled again with the correct transactions.

  8. Select transactions that appear in both the Reconcile window and on your statement to mark these transactions as cleared.

  9. If an amount doesn't match or a transaction contains an error, correct the transaction.

  10. If a transaction on your statement that is missing from the Reconcile Account page, enter the transaction now.

  11. When you've finished marking transactions, look at the Difference.

  12. If the Difference is 0.00, you've reconciled the account with your statement.

    Choose Reconcile.

    Microsoft Dynamics Marketing saves your reconciliation and marks it completed.

  13. If the Difference is not zero, the account isn't reconciled. Microsoft Dynamics Marketing doesn't match the statement.

    Continue to work on the reconciliation, or if you want to continue later, choose Submit.

    Microsoft Dynamics Marketing will save your reconciliation but not mark it complete. You can continue at a later date.

If the Microsoft Dynamics Marketing account doesn't balance with the statement, here are some tips for resolving the differences.

  • Are you trying to reconcile the wrong account? If you are trying to match the wrong account, switch to the correct one and start again.

  • Does the beginning balance on the statement match the beginning balance on the Reconcile Account page?

  • Check to see if the initial state of the account is correct. Has a user inadvertently made changes to previous reconciliations, changed the amount, changed the account, deleted a transaction, or changed the cleared state?  These must be corrected to continue.

  • Are all transactions on the statement marked with a check mark in the Reconcile Account page? Look for missing transactions and correct them. Also, enter and clear any transactions that don't yet appear in Microsoft Dynamics Marketing.

  • Does the ending balance on the Reconcile Account page match the one on the statement? Correct the ending balance so that it matches.

  • Are there check marks on transactions on the Reconcile Account page that don't appear on the statement? Clear the check marks on any transactions that don't appear on the statement.

  • Look for the following typing or data entry errors: Transposed numbers and incorrectly categorized transactions (deposits should be added, checks should be subtracted).

  • Count the number of transactions on the account statement and compare the total against the number of transactions that are marked as cleared in the Reconcile window. If the number of transactions marked is different from the number of transactions on the statement, it indicates that transactions are missing and need to be found. If the number of transactions match, compare the amounts shown in the Reconciliation window against the amounts on the statement. Then, if there is a difference, adjust the transaction in Microsoft Dynamics Marketing, or contact the financial institution.

Certain transactions can be edited during reconciliation while others cannot.

  1. On the Reconcile Account page, choose the incorrect transaction.

  2. If the transaction is editable, correct the error.

  3. Save the change.

  4. Return to the Reconcile Account page.

  5. Refresh the page.

  6. Mark the corrected transaction as cleared.

Certain transactions cannot be edited during reconciliation. For example, one expense of several paid using a single check might be incorrect. It might be easiest to delete the check, change any incorrect expenses, and then recreate the bill payment from the Accounts Payable page.

Similarly a deposit that includes multiple items may be incorrect. Again, one of the line items may have been entered incorrectly.   It may be easiest to delete the deposit, then make any necessary changes to payments, sales receipts, etc. and then recreate the deposit from scratch.

You should separately reconcile each month that you've skipped, starting with the earliest statement. If an existing account in Microsoft Dynamics Marketing has never been reconciled before, start as far back as possible. The farther back you start, the more likely you are to uncover errors and discrepancies that might exist in your statements or Microsoft Dynamics Marketing.

Microsoft Dynamics Marketing enables you to transfer funds from one account to another.

To view funds, go to Budgeting. > Reconciliation > Transfer Funds.

  1. Choose the New button.New button

    Microsoft Dynamics Marketing opens the New Transfer page.

  2. Enter the information.

  3. Choose Submit.

  1. Choose the Email button Email button.

    Microsoft Dynamics Marketing displays the fund transfers, ready to be sent via email.

  2. Choose Submit. More information: Manage emails

Financial and general ledger accounts are designed for marketing budget management only. Financial features are restricted to the limits stated in the Security and Financial Disclaimer. Microsoft Dynamics Marketing is not designed to comply with country/region-specific laws, regulations, or common business practices.

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