We have been asked multiple times how to treat a wallet or loan or just a simple cash balance within Business Central/NAV. Somehow the naming convention may confuse and limit our line of thought. And yet when using an ERP system we are compelled to make the best use of it...that would also mean stretching the definition of a bank, to include any item which represents a cash transaction.
Step-by-step guide
Some companies opt not to fully utilise the Bank functionalities offered by the system and limit the Bank Account features simply to bank accounts, as in the traditional sense. And yet in today's world this is very much a limiting view especially when considering the huge impact that challenger banks are having within our economy. This is all the more important when considering that the Bank functionality provide the user with the following features:
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In conclusion, our reply as to what constitutes a bank within Business Central/NAV our reply is a very simple one - anything which holds cash including, loans, overdrafts, wallets, director loans, savings and our very traditional cash drawer.
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