Entering Opening Balance for a newly created company

[Beatrice]

Hi!

I have created a new company on Navision and I wish to know how to enter its opening balances at 1 July 2006.

Thanks and Regards

Beatrice.

[thomasbrodkorb]

Basically you need to create a new account outside of your normal Account schedule and create General Journal Lines with the balances for each account (except warehouse, vendor and customer accounts), balancing with the new account you created. Then post it with a date of your choice.

If your financial year starts with 1st. of July, you might use the posting date 300606C (the “C” at the end is important as it is stating a “Closing” Date. This is comparable to a “13th. month” in other accounting systems.

Next step is to take over the open customer and vendor ledger entries.

Therefore you need a Open entries list from your old system (for vendors and customers) and generate one line per entry in the General Journal. The balancing account for this can be the account you created before.

Last step is to create a “Item Journal” with “Positive Adjustments” according to the warehouse list from your old system. Don’t forget to enter exact “Unit Cost” per item to make sure the balance sheet in the old and new system match.

[Beatrice]

Thanks for quick response Thomas.

I will perform make the entries in the General Journal and will refer back to you if I’ve got any questions.

Regards

Beatrice

[David_Singleton]

Basically you need to create a new account outside of your normal Account schedule and create General Journal Lines with the balances for each account (except warehouse, vendor and customer accounts), balancing with the new account you created. Then post it with a date of your choice.

If your financial year starts with 1st. of July, you might use the posting date 300606C (the “C” at the end is important as it is stating a “Closing” Date. This is comparable to a “13th. month” in other accounting systems.

Next step is to take over the open customer and vendor ledger entries.

Therefore you need a Open entries list from your old system (for vendors and customers) and generate one line per entry in the General Journal. The balancing account for this can be the account you created before.

Last step is to create a “Item Journal” with “Positive Adjustments” according to the warehouse list from your old system. Don’t forget to enter exact “Unit Cost” per item to make sure the balance sheet in the old and new system match.

RIM in five paragraphs [;)]