New! Dynamics 365 Finance Feature Release - Reconciliation Agent

In the fast-paced world of finance, reconciling data between subledgers and the general ledger can be a time-consuming and often deferred task. However, with the upcoming release of Dynamics 365 Finance, this process is set to become more proactive and efficient, thanks to the new subledger to general ledger reconciliation feature.

What Value Does the D365 Subledger to General Ledger Reconciliation Tool Have for Businesses?

The process of reconciling data is essential, yet it is frequently postponed, usually saved for the conclusion of a financial cycle. This postponement can introduce unnecessary time and stress to tasks that occur at the end of the period. The newly introduced subledger to general ledger reconciliation tool seeks to change this approach from being reactive to proactive. By detecting inconsistencies at an early stage, it facilitates prompt resolutions, guaranteeing that reconciliation remains in a constant state of preparedness.

Tool Details

• The initial phase of reconciliation copilot automations focuses on aligning subledgers with general ledger balances.
• Conventional SSRS reports will be replaced with a near-real-time process that proactively alerts the finance team to any reconciliation discrepancies.
• When a discrepancy is detected, Copilot:
  • Pinpoints the mismatched transactions.
  • Suggests a remedy, which could involve:
    • Altering a setting on the primary account (e.g., turning off manual entry).
    • Recognizing when a change in the posting profile has resulted in a different balance sheet account being used for reconciliation.
• A record will be kept for all identified discrepancies and their corresponding solutions.
• Copilot will learn from past remedies, progressing towards automatic resolution of reconciliation discrepancies in the future.
• The functionality will initially focus on a select group of subledgers, including:
  • Accounts payable.
  • Accounts receivable.
  • Tax.
  • Bank.
• More subledgers, such as fixed assets and inventory, will be incorporated in upcoming updates.

Conclusion

The subledger to general ledger reconciliation feature in Dynamics 365 Finance is set to revolutionize the way financial data is reconciled. By making the process proactive and continuous, it reduces the burden on finance teams and ensures that reconciliation is no longer a bottleneck. With Copilot's assistance, finance professionals can look forward to a more streamlined and efficient reconciliation process.