Hi Everyone,
I am stumped on doing the very first bank reconciliation after the implementation. The best I can tell, our opening account balance (from the bank register in our legacy system) was posted properly. I then performed the year end closing/opening and all seems ok. The problem I have is when I go to reconcile the first bank statement the opening balance (for the bank statement from the bank) in the AX Reconciliation form is zero – since this is the first time I am using it. Is there a way to set that balance in AX to begin a normal bank rec or is there another method to doing the first bank rec to accommodate this.
Thanks in advance for any help,
Jason
Hi Jason,
How did you post the opening balance of your bank account?
Did you generate a posting against an ordinary ledger account (account type ‘Ledger’) or did you post the opening balance against your bank account (account type ‘Bank’)?
To me it seems that you generated a posting with the account type ‘ledger’ and can thus not identify the opening balance in the bank module when reconciling your bank account.
Just check this.
Depending on your circumstances, a solution might be to reverse the opening posting for the bank account (I assume you posted it with account type ‘ledger’) and re-post it on the bank account with account type ‘bank’.
Hope it helps.
Ludwig
Hi Ludwid,
Thanks for taking the time to answer. To answer your question, I posted the initial balance to the “bank” account type account and the offset was the corresponding GL account setup in the banking module for that bank account. The effect was the balance was now correct in the bank account - but the GL summary account was zero - as this created a debit and credit against itself. This was intentional in order to get the bank balance loaded separately since all of the balance sheet accounts (which included the bank balances) were done separately in another GL entry which then had the balances matching. I’ve never done an implementation until then but it seemed to make sense and all of the results were consistent and bank balances were correct in both places. The problem is that when I do the first bank rec, the form asks for the closing balance on your statement from the bank. That figure is then pre-populated as the opening balance when you do the following month bank rec which you cannot change since it is from the previous months bank rec and it represents the figure from the actual bank, not AX . Since this is my first month’s bank rec, that figure is zero. Not sure where to go with this. Seems like I’m missing something simple?
Thanks,
Jason
Hi Jason,
I am not sure whether I understood your problem. The opening balance transfer seems to be ok from what you describe. Have you entered the closing balance in the ending balance field before you tried to reconcile the bank account? (bank account details → functions → account reconciliation → field 'ending balance). Maybe take a look at the standard AX training manuals again; seems that only some ‘tiny thing’ is missing.
Regards,
Ludwig
Hi Jason,
just try the below:
During your first bank reconciliation enter the ending balance as whatever the balance that is available in the bank and reconcile your opening balance transaction. So, for consecutive reconciliations your opening balance shows correctly and when you enter the closing balance system allows you to reconcile the correct transactions.
Ex: Assume you current bank balance is 5000 USD( which is uploaded into AX as opening balance)
Create first Reconcilation with ending balance “5000 USD”, system allows you to reconcile the opening balance.
Assume that you have posted an entry by debiting bank with 3000 USD.
In your second reconciliation, if you enter the ending balance as 8000, the opening balance will be shown as 5000 (which comes with prior statement closing balance) closing balance as 8000 which allows you to reconcile the transaction with 3000.
Let me know if it works or not…
Hi Ludwig,
Putting the ending balance in that field is exactly what I needed to do in order to create an opening balance in the next bank rec form to match the bank statement but since this is the first one I didn’t have the necessary transactions to reconcile. That however basically revealed my underlying issue - I hadn’t properly created the (open) un-cleared transactions from the previous fiscal period when we went originally went live. I had only created the opening register balance. I will explain my process in my reply to Santosh below if you are interested. Thanks again so much for your time.
Regards,
Jason
Hi Santosh,
What you described is exactly what I needed to do but in order to reconcile that opening balance transaction I also had to create an additional entry (the same way I created that opening entry) that would represent the total of the uncleared transactions from the previous period. That, along with my original opening register balance entry represented the opening balance on my first statement. Then I was able to reconcile just those 2 transactions (on Jan 1) with a closing balance that equaled the “required” opening balance on my first bank statement for the new period on Jan 31st. From there, is was normal bank rec proceedure in AX.
Note: In addition to the new entry that I described which enabled me to perform the above I had also created the individual uncleared transactions so I was able to clear them as usual in the subsequent bank rec’s you normally would need to do.
If you are interested, to make these transactions, I used a GJ entry to the “bank” account with the offset being the same “ledger” connected to that bank account in the bank module. The result was simultaneous reverse of itself in the ledger account but an open transaction in the bank account. Not sure if that is standard startup proceedure but it enable me to avoid using a “temporary” account to load the figures.
Thanks to you as well for your assistance with this.
Regards,
Jason
Hello Jason, in your last thread, you said “Not sure if that is standard startup proceedure but it enable me to avoid using a “temporary” account to load the figures.” So, have you figured out the standard way? If so, can you provide further resources to look into? Thanks!
Hi Kwen,
I didn’t pursue another approach (a standard way) of creating my opening transactions since they were already created and posted in the manner described above. Since the method we used had caused the issue with reconciliation I assumed there might have been a more appropriate (standard) way to have done it but I had to deal with what was already done so I never looked back. I’m sure some searching my might reveal a better way to create the opening bank transactions. Hopefully I’ll never need to worry about it again now that we are on AX 
Good Luck,
Jason