begining balance for the bank account AX 2012 - offset to a temporary account?

Hi, we brought the beginning balance for the bank account as GJ entry where I selected the Bank account type, Bank, debited 10,000 and offset to a temporary account “9999”

it showed the beginning balance for the bank but I didn’t realize that there was a balance remaining on the “9999”.

  1. how to reverse this entry?

  2. how to bring the begining balance for a bank. do i need to select the bank ledger account as an offset?

i reversed the original entries, now I entered the beginning balance where I selected the offset to be the bank ledger account and posted at the start of the month

Hi Patrick,

Seems when balance was migrated you updated the balance in ledger account for bank and not bank as account.

If that is so, reverse the entry. Post another entry such that bank in debited to ledger account for bank. I hope you did this only. Balance should be fine now.

After all the balances are migrated, suspend the account 9999 for any transaction and never ever use this account.

Pranav…

Hi Pranav, thanks for your feedback. What I did was - select the bank ledger account Type, select the name of the bank say “Chase Bank” , debit $10k and offset to “9999” suspense account. I reversed this transaction by debiting the “9999” and offset as “chase Bank” - Then I did the entry as below:

Select the Bank ledger account type, pick the “chase” bank and offset to the ledger account set up for that bank “say 110000” - I hope this is the correct way to do.

I didn’t realize that I had to choose the Bank ledger account instead of “suspense” account, otherwise, it left a balance.

you are correct that I should deactivate the suspense account.

Hi Patrick,

During opening balance migration, you must have posted the balance for bank account also. What was the approach that time, did you posted balance for bank ledger or bank account?

If you post an entry such that bank account is debited to bank ledger, then overall impact on ledger will be 0. Bank account will show 0 balance.

Pranav…

No need to worry about the 9999 account as balance of this account will become Zero when your all closing balances are migrated to AX. Then you can lock this account for further transactions so that no user can post transaction to it.

Bank Account, Vendors, Customer and Fixed Assets balances are migrated through their respective account types. These should not be posted directly to GL Accounts.

Hi Pranav - its been a while since I did the AX, just to make sure. what’s should be the correct approach while bringing in the opening balance for bank account.

Cr the Bank Account (3333) and offset to ledger Asset account 1100 (cash). The balance will be zero!. because the bank account uses the ledger main account 1100. So is that the correct approach?

I think you said it in one of the post - to use a suspense account. But the questions is - What if I want to start off with say 10k as an opening balance and whom should the Cr applied to say “Owner Cr Account”

I believe it would reflect as owners equity (as owner is putting $10k) to start off with in the bank a/c. So bank account and equity would be associated in the transactions.

Would it be Bank (Dr), owner equity (Cr). Is that so?