New Functionality In Microsoft Dynamics 365 Business Central 2023 Wave 2: Complete Bank Account Reconciliation Faster With Copilot

This post is part of the New Functionality In Microsoft Dynamics 365 Business Central 2023 Wave 2 series in which I am taking a look at the new functionality introduced in Microsoft Dynamics 365 Business Central 2023 Wave 2.

The first of the new functionality in the Copilot and AI innovation section is complete bank account reconciliation faster with Copilot.

Bookkeepers in SMB organizations need to import bank statements and reconcile transactions with their bank ledger entries, making sure customer payments, refunds, and purchases are all accounted for. While Business Central already reduces effort through automated transaction matching, the residual work to process the unmatched transactions every week remains cumbersome and quickly accrues to lost workdays. Copilot reduces bookkeeping effort through improved transaction matching and natural language explanation of any proposed matches.

Enabled for: Users by admins, makers, or analysts
Public Preview: Oct 2023
General Availability: Jan 1900

Feature Details

The bank account reconciliation feature in Business Central has been enhanced with:

• AI-powered transaction matching that further improves automation and reduces the remaining unmatched transactions that require human oversight.
• AI-generated explanations for how remaining transactions could be matched, making it easier for bookkeepers to complete the account reconciliation task by simply reviewing and approving matches.

My Opinion

There was an announcement about Copilot in Business Central a while ago, but I’ve not seen any further details. This may be the first feature to use it? It will be interesting to see how useful an accurate it is in reconciling transactions.