So to bring in the initial bank account balance for a company, we plan on making a journal entry (one side G/L Cash Account, the other the Bank Account) equal to the Cash Account balance PLUS the sum of any outstanding items (checks/deposits/transfers). Then we'll make the associated ledger entries to get the outstanding items in one by one, bringing the Bank Account balance equal with the G/L Cash Account.
As the outstanding items clear the bank, we'll clear them on the Bank Rec. My question is this: What is best practice for clearing that initial entry (the one equal to cash account plus sum of outstanding items)?
Thanks in advance!
"OMG ALL MY DATA IS GONE"
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Answers
Do people just leave that initial entry in there indefinitely and ignore it?
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Yes, this is the best practice to load in beginning bank balance. You would clear it when doing your first bank reconciliation.
Hmm.. This is a great topic that should be blogged..
AP Commerce, Inc. = where I work
Getting Started with Dynamics NAV 2013 Application Development = my book
Implementing Microsoft Dynamics NAV - 3rd Edition = my 2nd book
You could theoretically leave it in there forever, but that's not very tidy in my opinion.
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AP Commerce, Inc. = where I work
Getting Started with Dynamics NAV 2013 Application Development = my book
Implementing Microsoft Dynamics NAV - 3rd Edition = my 2nd book
That sound like it?
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"Oh..."
AP Commerce, Inc. = where I work
Getting Started with Dynamics NAV 2013 Application Development = my book
Implementing Microsoft Dynamics NAV - 3rd Edition = my 2nd book