Opening Entries

annie1234

Hi all the experts,

Right now we have to input the Opening Entries (no closing figures as the company is using Navision as a new system from April 2008), we find Cronus has some opening entries and the source code called "START". However, we are not able to locate which Journal we can do the OPENING ENTRIES.

Please kindly help.
Annie

philippegirod

To create opening all journals can be used. Just be carefull to be able to separate those entries from the others (with Document No. or Source Code for instance).

Usually, it's better to create "closing entries" in D-1 than opening entries in D, like that, your Fiscal year will still remains clean, all entries from previous year are in previous year all entries in new year are in new year.

alsol

Yes, the best procedure is to post the whole Closing balance from your old system as at 31.03.2008 to Navision. Or, if you need monthly figures to be able to compare all months from 2008 within Navision, you could post your closing balance as at 31.12.2007 and then for each month just the changes to the previous month.

If you just post the G/L balances, you can use the General Journal for the entries. If you also create opening balances for A/R and A/P I suggest to use Sales and Purchase journal as there are more fields such as Due Date or Vendor Bank available.

I hope this helps.

Alex_Chow

annie1234 wrote:

Hi all the experts,

Right now we have to input the Opening Entries (no closing figures as the company is using Navision as a new system from April 2008), we find Cronus has some opening entries and the source code called "START". However, we are not able to locate which Journal we can do the OPENING ENTRIES.

Please kindly help.
Annie

It's is a new company with Navision as their initial system, why do you need to enter opening entries? :?:

annie1234

Thx all,

The company means the actual client not the company in the database.
I am a purely an accountant and try to advice my client how to input the Opening Entries as the client's fiscal year is from 1 Jan08 to 31 Dec08.

I have an understanding how to do the Entries, it is from the General Jounral.

However, one more enquiry I would like to clarify.
In Cronus, Chart of Accounts item 2920
click Account
click Ledger Entries
The first line saying C31-12-06 which means the fiscal year closing figure and G/L Account no is pointing to 2920
click Navigate
click show
The screen shows all the Opening Entry

Can I choose the actual bank A/C (as the client has 2 bank accounts for the same currenecy) in the "G/L Account no." rather than pointing direct to 2920?

philippegirod

Of course you can, and you have to.
And it is the same for all accounted linked to a "card": Vendors, Customers and Bank Accounts.

annie1234

thx for the kind advice,

I am so glad you get my point as it seems the Microsoft manual does not mention how to do the Closing Entries manually in my client's situation right now.

They are starting using Navision in MAY08 so all the Closing Entries will be input into as C31/12/07, 31/1/08, 28/2/08, 31/3/08 and 30/4/08.

Would there be an easier way if my client has 100 cuctomer cards then I really have to choose "Customer" in the G/L Account no. column in the General Journal, then put in the closing figure for each of the customer

In the General Journal line, do I have to do 2 lines for the Bank A/C and 100 lines for the customer in order to have the figure to show on the individual bank and customer card?

In Cronus, it seems the Closing Entries only point to G/L in the Chart of Accounts direct.

Posting Date DOC No. Account Type Account No. Description Amount
C31/12/07 START Bank A/C Bank A/C01 HKD-001 10000
C31/12/07 START Bank A/C Bank A/C02 HKD-002 15000
C31/12/07 START Customer CUS001 ABC -1000
C31/12/07 START Customer CUS002 DEF -2000
C31/12/07 START Customer CUS003 GHI -3000
.
.
.
.
C31/12/07 START G/L Account 8230 Phone 5000
C31/12/07 START G/L Account 3120 R.earnings [/url]

annie1234

Hi all,

Since my client starts using Navision for transactions posting in MAY08, JAN to APR08 closing entries are the sum from the existing accounting package.

The fiscal year-end 2007 figure will be the same as the Opening Entry as the JAN08. We are not using (C12/31/2007) to key in the entry but (01/01/2008) instead. P.S. Accounting Period Closed has been ticked, in the Fiscal Year function.

Reason: When choosing "Bank Account" instead of "G/L Account", the program does not allow the posting.
See the link for the error image -
http://i31.tinypic.com/14tlx05.jpg

We need to key in the balance into the individual bank card, 3 different bank Account for the same currency (in the Chart of Acocunts, only currency shown not the individual bank Account.
So, only one Bank G/L Account in the Chart of Account but 3 bank cards point to the same bank posting group.

Please advice if the above is reasonable in Navision.