Hi,
I am updating opening entries , please let me know is it correct way.
To update the Opening entries I created a new account = Opening
Inventory Opening :
1. I need to update stock ( here G/L accouns effect should be zero)
2. Inventory accounts should update .
Process :
Update stock :
I change the Inventory adjust ment account to Inventory account .
I created a Item journal and Posted Inventory value = 1000 so stock updated and Inventory account = 1000 , Inventory account = -1000
Update Inventory accounts :
I created General Voucher and Inventory account = debit , Opening aacount (suspense account) = Credit .
so My Inventory aacounts got Value.
Customer :
3. Need to update the sub ledgers (customer ledger entries)
4. Update the Debtors account In chart of Accounts
Update customer Ledger entries :
I created a General Journal Account No = Customer (debit)
Bal . Account No = Debtors Account (credit)
Now customer ledger entries created.
Update Debtors account :
I created General Journal Account No : = Debtors Account (Debit)
Bal . Account No = Opening account (credit)( susepnse account )
Now Debtors accounts effected.
Like this to vendor also .
Please share your experience about this is it correct method or not .
0
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@mattrax, Have u posted somewhere else
@gete: Yes process is correct. I assume u know why u r using suspense account.
Thanks Kapil,
to be frank i dont know the use of the suspense account , i gone through the forums everybody suggested create one suspense account that 's y i created that suspense account.
it could be very helpful if you explain about the suspense account.
I will be waiting for response ....hopefully soon
If not u will just port and post in there Trial balance. Else u would use this.
I think it would be nice if u ask ur senior in ur organization with good fin background he/she may explain u by giving some examples as well.
http://mibuso.com/blogs/alexchow/2007/1 ... y-balance/
Regarding suspense accounts for A/R and A/P. Like Kapil said, you only need suspense account if the sub ledger and the general ledger does not match. You should force the client to balance out A/R and A/P before you load them into NAV.
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