My company have recently purchased Navision SP1.
Now we are planning to enter opening balances of last fiscal year(01/04/2006…31/03/2007).
I have closing trial balance as on 31/03/2007.
I have created chart of accounts, in which I have mentioned all the accounts of Balance sheet and Income statement.
I have opened all the items also.
Also I have created two fiscal year
In this closing trial balance , I have entries of Balance sheet accounts and and as well as income statement account.
I am entering Opening balances through a Journal voucher(in General Journal) dated 31/03/07 and JV no. is Open/Bal/001 ( as suggested by our vendor of navision)
My querries are
Should I enter all the accounts of closing trial balance(including income statement account) and then close the fiscal year and run CLOSE INCOME STATEMENT , to transfer the Net profit to the retained earning account or should i enter the balances of Balance sheet accounts only and enter the profit of last year in retained earning a/c(which I have opened in chart of accounts) manually in the same JV i.e. OPen/Bal/001 dated 31/03/2007(rather then entering all the Income statement account and then running close income statement)
I have closing stock of items with values. I have two options , either I can pass the value of closing stock in the Same JV i.e. Open/Bal/001 in the STOCK ACCOUNT (which I have opened in chart of accounts) and then enter the opening stock of items(only qty) in item journal with positive adj. or I can enter opening stock of items and their values in item journal with Positive adj. this way also I can pass my closing stock value.
First way is easy as I have to just select the STOCK ACCOUNT in JV and have to enter the closing Value and then I can post the opening stock of items(only qty) through item journal(positive adj.)
Now suppose I follow the second step i.e. passing opening stock item entries through Item journal, positive adj. including (qty, rate, value), then how will be the OPENING STOCK ACCOUNT, will get affected, what is the way to transfer the closing stock value to OPENING STOCK ACCOUNT.
If my approach is wrong in entering opening balances of BALANCE SHEET, INCOME STATEMENT, ITEMS, CLOSING STOCK VALUE, then also please suggest me, as this approach is suggested to us by the vendor of Navision.
Please help me in this matter