Creating opening balance from Trial Balance (Merged threads)

Business Central/NAV User Forum
1

My client gave me trial balance report of last year to me with amounts my doubt is how to enter that trial balance report with figures in navision g/l account

I had made the groupings of custome,vendors and all the setups it is the place i struck plz help me

Also iam new to navision and iam onsite with customer plz help me

Also i want to mention u that this trial balance is for last accounting period that is upto 31st march so do i need to change the work date to update those figures

2

Create a general journal for March 31st for the opening balances.

Depending upon how you are approaching other areas these will also impact on the COA and therefore TB, so you need to consider these - items, open customer/vendor transactions, opening bank entries etc etc.

3

thanks adam so using general journal i update opening balance so after that will i need to update the amounts of other ledgers like loans liabilities etc for the previous year

or simply can i update the amount as on 31st march as you said and start posting from april first

Thank u

4

It depends what the client wants. An opening balance for loans would be fine, but they may want the details of the liabilities, and therefore you would enter these individually as a different journal, all with a posting date of March 31st but appropriate document dates to get the aging correct. This means the liabilities balance as of March 31st is made up of the detail and therefore you go not enter the total to the liabilities account from the TB otherwise you would double this figure.

You probably need to talk to someone who has done this and plan out the approach coupled with the requirements for the business.

5

Hi experts ,

We r implementing navision for the first time for a company what is my issue is My client gave me trial balance till march 31st . and our agreement is to start new financial year from april 1st so how should i proceed now and where to start is my problem

I have setup customer,vendor and all posting groups needed but confused where to start with that trial balance so that i can start posting the entries from april 1st

Plz help me thank u in advance for great great experts.

6

Hi ,

iam setting up accounts for a company in nav they gave me trial balance for last fiscal year so how do i take opening balance for the current year

Thank u

7

If your Income Statement Accounts contain a balance, you need to reverse the total of all your income statements so that they each have a zero balance and transfer the result to the retained earnings account in the balance sheet.

There is a routine to do this in NAV for you that would allow you to load the previous years TB and it would automatically calculate the reversing entries and put them in a journal or you (look in help for year end), but if you are simply opening the accounts with the position at the start of the year, you should just load the balance sheet with the correct value in the retained earnings.

Typically companies would want to transfer some history across and so they would want to post some income statement period movements to allow for some historical reporting. It sounds like you are not going to do this.

8

Hi Mitra,

Is your question, how to take in opening balances into G/L? if it’s a new company setup then, Entries in Trial Balance from your client Accounting system should be take in via Navision GJ (General Journals) ,the Debit should always equal to Credit which means the Trial Balance is correct.

For Year end Closing (Just an Info) You have to close the Accounting period and run the Close in come statement Batch Job so that Navision will calculate and transfer all entries to GJ. Then post the entries, system will automatically calculate and post retained earning a/c (Balance sheet Item)

Hope I answered your question.

9

but i dont want to close the year end coz my client may have some entries to be posted with previous dates also so i just want to start the new year with balance of previous year so help me in that way

10

This was asked yesterday

http://dynamicsuser.net/forums/t/26646.aspx

Please use the search function, the database of knowledge contained within the forum is one of its great strengths. [:D]

11

Hi Micheal

You will use a general journal with a posting date of March 31st to create the opening entries for April 1st.

Anything you did not understand when I answered you yesterday? http://dynamicsuser.net/forums/t/26646.aspx

12

Hello Veda Vyas, I would then suggest pls speak to some one from your NSC who has already done this. Do not take this as a Trial & Error basis as it has lot of process for Opening Balances: G/L, Customers, Vendors, Banks, Fixeds Assets, Inventory and other depending on the Clients need.

Accounts in G/L are control accounts and thus will have an Impact to Subledgers (For Instance: All Customer G/L Account Value = Balance in Customer Subledger Cards)

Support from Dynamic User Group is only Ad hoc Issues not Implementation Process. If you are not sure on how to Implement, Please take help from your NSC. Else, it can lead to many problems.

This is my Sincere Suggestion. All the best!!

13

I have just merged the three threads above, so the sequence may look a bit funny. Use the Threaded View button ** to see the logical sequence of replies.

**Erik where has the Threaded View Button gone?

14

This thread has become very confusing [:D]

Veda - closing the year is irrelevant, you can still back post entries - how do you believe NAV handles audit adjustments after the year close??? Anyway you back post them and re-run teh routine so this argument is not really relevant.

15

Yes sorry, only after I merged it did I reallize that the threaded view button is gone. Without that its hard to follow.