One of the key functionality you are looking for in ERP is reconciling your bank transactions. There are two most popular extensions for banking in Business Central and we will explore the difference for choosing and setting up one of these two: Envestnet Yodlee and AMC Banking.
Envestnet Yodlee is the standard extension and it comes together with Business Central so you do not need to install anything. Before linking the account, you will have to activate it (no logins or signups needed). Once activated, you can link your account from the Bank Account Card page. Linking banks is fairly easy – you will be able to do it from Business Central by connecting to your bank account in a popup window. Once linked – you can start by importing a statement.
AMC Banking is an extension you can install from Appsource in just a few clicks. Once installed, you would have to register on their website before you can start using it. Before registering there, make sure to open your AMC setup window in Business Central and write down your license number. This number will have to be your username in registration. If you use a different username, you will have to start over the registration with the right username. Once your registered, you can put your logins to the setup page and start using the extension.
Banks available for connecting
Envestnet Yodlee covers almost any bank in USA.
AMC Banking covers up to 100 banks in USA as of writing, check if your bank is in this list
Bank statement import
Envestnet Yodlee bank statement import is easy – you select Import Bank Statement in Bank Acc. Reconciliation page and it is imported automatically.
AMC Banking requires exporting bank statement from your bank account and importing it to Business Central.
Vendor Batch Payments
Envestnet Yodlee does not have this feature.
AMC Banking provides you Vendor Batch Payments. You can export them from Business Central to a file, which you can then import to your bank account for batch payments.
Envestnet Yodlee is free.
AMC Banking has a Fundamentals Cloud plan which covers first bank account for free and additional bank accounts cost $50/month as of the moment of writing. More vendor payment features available for additional fees.
While both of these extensions can perform bank reconciliation, only AMC Banking has the batch vendor payment functionality, so if you need it – go for AMC Banking. If you do not plan on using batch payments then you should definitely use the standard Envestnet Yodlee extension because it’s easier to setup and you do not need to import-export files for getting bank transaction information in Business Central.