Transfering of Opening balances

pranita
pranita Member Posts: 6
edited 2006-05-02 in Navision Financials
Hi All

I am in the learning stage of Navision

Could any one help me how to transfer the opening balances while implementation is done

Comments

  • themave
    themave Member Posts: 1,058
    The best way to handle it is to use a general journal, or sales journal and change your posting groups so that both the debit and the credit hit the same account, this way the customer, vendor, and bank ledger entries can get entered but don't change the g/l

    for the gl, best to use the general journal, what we did, because we wanted to have several years of comparision entries, we entered the month end balance for each account for two years, if your data is in a format you can import, then bring it into a journal and post the journal, otherwise hire a few people and do the data entry right into the journals
  • bteredesai
    bteredesai Member Posts: 129
    Which opening balances do you want to transfer? Opening Balances for inventory, vendor, customer and G/L accounts.
  • aarond
    aarond Member Posts: 16
    Hi all,

    I would like to know how to do an opening balance for a new bank account on a live Navision system?

    The bank account exists with a balance, but never entered onto Navision (for some reason!).

    Cheers
  • themave
    themave Member Posts: 1,058
    make general journal entries for all open items (items, not already cleared by a previous bank reconciliation)

    you make the entry to the bank account and the balancing entry to the same G/L account that the bank post to. This way there is a debit and credit to the same G/L account, and thus no effect on the G/L and the bank accounts gets the entries so they are now there for your reconciliation.
  • aarond
    aarond Member Posts: 16
    How do I get the balance to show on the G/L for the bank account? The balance is fine on the actual bank account, but because the debits and credits have balanced = 0 in the G/L.

    I think I am missing an obvious trick!!?? :(
  • niteshnav
    niteshnav Member Posts: 35
    you must map all accounts first. All debit balances & credit balances and then post it. Alternatively, you may also create a suspense account to match small balances, but is not a very advisable solution. Before posting, sensible is chart all debit & credit account balances on an excel sheet & then post the entries into navision(when debit & credit balances are nullified)

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