Opening Balance upload

Dear All,

 

can any one suggest me in the below issue,

 

i am uploading opening balances.

My bank  having  INR 10000 is credit balance. I am using General journal for uploading  the opening balance

in GJ lines i have selected bank account and i entered credit amount and i have given offset account is 99999 error account and i have posted.

up to here i am clear..

after posting the journal, how the error account 99999 balance will get ZERO.

 

kindly any one can explain me on this.

 

Thanks with regards

Ashk

 

  • Did you post any transactions to that opening account already ?

  • In reply to ameen:

    This is the first transaction i have posted

  • In reply to Heylin:

    Could you please give me one simple example for my scenario.

  • In reply to Ashok Reddy:

    Hi Ashok,

    Whenever you migrate opening balance, you have debit balances and credit balance which is always equal to each other.

    For opening transaction, we create a suspense account typicall as the last number in COA. First migrate the debit balances like cash, bank, inventory etc and offset to suspense account. Not the offset account will have some credit balance.

    Now migrate the credit balances like AP, loans etc and debit will be posted to suspense account.

    This way, after the opening balance migration the suspense account will have 0 balance.

    Lastly, lock the suspense account for any manual entry.

    In your case, you have posted balance of one bank only, ideally for opening balance you need to post balance for all the ledgers and sub ledgers.

    Pranav...

  • In reply to Pranav Kumar:

    Hello Pranav, I just want to confirm regarding the suspense account -  I am bringing in the customer, vendor and stock balances.  So I just created one suspense account only. say 88888 to offset for GJ entries as well as inventory movement journals and I noticed that it balancing to zero (close). I want to make sure if we need to create say Debit and Credit suspense accounts or just one suspense account to offset all. Appreciate your clarifications. 

    Also, what is the simple way to close the year 2012 (we are going to start using AX starting jan 2013 and so we have no transactions in AX currently). Could we just create year 2013 calender and enter the balances for that year? (off-course I have 2012 period created that could I need to close it?) 

    Thanks a lot 

  • In reply to Patrick Am:

    Hi Patrick,

    We need to create one account only. See when we get the balance from client, it will have debit balances and credit balances and debit will always be equal to credit.

    Ultimately, we import all the debit and credit balances through ledgers and subledgers, balances are migrated seperately and is offset to 888888. This way we bring the balance in AX from legacy system using 888888. After opening balance is migrated, we lock that account for any transactions. ) balance in that account ensures that our trial is perfect.

    Closing is not a simple process, you need to follow certain steps which are mandatory. In nutshell, we first close inventory (not applicable if costing method is standard) and then fiscal.

    In your case, since you are going live on jan, i will suggest you to upload the balance on Dec 31 and then run the closing process. This will create closing and opening transactions for ledger which helps in financial statement, however, posting opening as on Jan 1 will also serve same purpose.

    Pranav...

  • In reply to Pranav Kumar:

    Thanks Pranav for clarifying it. It works like a charm. All we needed was one suspense account. Since the closing is bit complicated, I am going to post the opening balance on Jan 1st (but would start entering on 31st December). Now I have created fiscal calender with period for 2013. I am going to attach this to the ledger. I suppose the fiscal year 2012 can be left as is without closing. is that correct? we don't have any transactions for this year 2012. i happend to install  the AX  in the month of December. we will book-close in the legacy ERP and plan to bring only the balances into AX starting Jan 1st.  It didn't allow me to delete the fiscal calender 2012. What is the implications if I leave that as is and continue with fiscal calender 2013. 

  • In reply to Patrick Am:

    Hi Patrick,

    Few important points you should consider here:

    1. There is no problem if you post opening balance on 1/1/13 or 12/31/12. There are some reporting requirement of balance sheet component which fetches opening balance of a ledger. Now if you post balance on 1/1, there will be no entry of type opening. This is country specific requirement, i know it was required in India, but not sure about US.

    2. If you are migrating opening on 1/1, then there is no need to create last fiscal, like 2012 in your case. You can start directly with 2013. But keep in mind when you create fiscal calendar. You have mentioned that you are not able to delete 2012 and that's because 2012 can't be deleted if 2013 exists to avoid any inconsistency. I will suggest you to modify the fiscal calendar so that it starts from 2013.

    Pranav... 

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