Hi there! I have few questions on bank accounts . 1. In Nav4, can we have several bank accounts for the same Gl account ? How does the bank reconciliation works when using several bank accounts for the same gl account. 2. How can the open balance at the beginning of the month should be entered?? Thanks
- Yes you can point several bank accounts to the same GL Account. This does not affect the reconciliation as this is against the Bank Account Ledger Entries and not the GL. 2. The opening balance on the reconcilation is taken from the previous reconciliation. First time it will be zero of course. If you mean when starting a new system then it is a bit more complicated as there will entries on the statement relating to transactions posted on the previous system. What you need to do is create an entry for all previously reconciled entries, reconcile that then add new entries for unreconciled items to bring the balance into line.
hI Paul! Please can you tell me step by step how the beginning balance will be entered in Navision ( We’re starting to use new system ). Thanks
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hI Paul! Please can you tell me step by step how the beginning balance will be entered in Navision ( We’re starting to use new system ). Thanks
Originally posted by shanna - 2005 Oct 11 : 14:03:33
Why isn’t your solution center helping you with this? My Link was Removed ->?
I think Shanna IS an NSC, or at least working for one. This is really what we started the beginiers forum for, to give people a chance to get started and learn the basics, no matter wher ethey work.
my bad [:I] the link above is still helpful [8D] If you search for “Opening Balance” you can find helpful posts as the one below.
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To give you some idea… you post your initial balance via the differente journals, account should be your vendor/customer/bank and the balance account should be the same G/L account that will be affected via the Posting Group of each vendor/customer bank. Therefore in G/L the effect will be zero, but you will have the respective entries in your subledger… Saludos Nils
Originally posted by nilsm - 2005 Jan 31 : 11:27:17
Well not your bad, I’m just guessing, I could be wrong.
So can someone can help me step by step please??
Ok, here goes: 1) when you set up the chart of accounts initially, include a suspense account. 2) when creating your opening balance journal for the system put the bank account balance into the suspense account (do not refer to the Bank Account). 3) post your opening balances 4) create and post a journal between the suspense account and the Navision Bank Account for the amount that is known to be reconciled, i.e. the brought forward figure from the original system. 5) carry out a navision bank reconciliation on the entry that was just posted. This will cause the Brought Forward figure on the Navision Bank Account to be set. 6) post a journal line from the suspense account to the Bank Account for each bank entry that has not yet been reconciled. These will be picked up when the reconciliation is next carried out. Hope that helps.
Thanks Paul. It was helpful for data entry but the problem is located on the bank recociliation. I’m not understand why the system gives me the balance of the GL account instead of the balance of the bank account? And it’s where that i’m asking myself if i want to balance , is it going to be possible if i have several bank accounts for the same GL account??? Thanks
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Hi Peter I am presuming to start with it is just a balance brought forward, so enter a General Journal for the amount with the account type set to Bank Account, which via the bank account posting groups will debit the relevant ledger bank account, and then the other side of the transaction, the balancing account type should be set to G/L Account and the account selected should be that which is posted to by the debit entry. This gives a net result of zero, but whilst the general journal from the trial balance gives us the balance of the account, this transaction pushes the entry through into the actual bank account sub ledger. The situation is a little more difficult if you are using the bank reconciliation function. For example The balance of £23,499.21 may have gone through the company’s books but the last bank statement may only show a closing balance of £18,164.37, meaning either a single receipt or many debits and credits make up the missing balance of £5,334.84. To handle this situation we would need to split the general journal into a reconciled balance and then enter the other un-reconciled entries individually. You will need the last bank reconciliation for each bank account to do this. You will also need to manage the statement numbers and reconcile off the £18,164.37 to the last statement number so that when the next reconciliation process is run it will only show the open entries. This process will have to be run for each individual bank account. If you have currency bank accounts the balance on the account will be in the relevant currency, but the value on the books will be in sterling, determined by a variety of transactions at different currency rates. In these instances an opening rate would be determined, but you would need to be aware of the exchange rates to ensure other entries are not put into the system at this defined rate. Alternatively the currency code could be brought forward onto the journal line, and the assist button used in the field to determine the rate for the individual entry. I hope this helps. [:D]
Originally posted by SBWEAVER - 2003 Jan 27 : 14:10:44