GL Opening Balance

Business Central/NAV
1

Hi team, hope you are all doing well.

Does my GL opening balance process make sense?

I want to:

  1. Create the General Journal batch
  2. Enter the lines for the opening balances ensuring I don’t put a balance account. I need to make sure the Total Balance = 0
  3. Post the journal

Is that it? Or am I missing something.

I know for items once you do the positive adjustment you need to create another journal and post a batch of opposite entries to make sure their $ amounts are 0 correct?

Thank you and Best Regards,

2

You got it, simple.

But also keep in mind the subledgers that tie to certain GL control accounts, such as Inventory (which you stated), Bank, AR, AP, and Fixed Asset. All the GL accounts will need Direct Posting turned ON. But once you load the subledger balances/entries, then turn OFF Direct Posting to those specific GL accounts so that the GL balance and the Subledger details will always equal.

1 Like
3

Hi Jimmy,

Yes sir I will have that noted. I will continue using my test environment and if I have further questions I’ll reach out. Thank you so much

Best Regards

4

Hi Jimmy,

Your comment about the subledgers, if I want to import opening GL balances is it mandatory to import the other subledgers you mentioned as well?

Best Regards,

5

It’s not necessary to load the subledger balances at the same time. This can be done separately but I would recommend doing it sooner rather than later. Just make sure you toggle the Direct Posting on/off to ensure proper system controls.

Normally, I would hit the Item Card and the Balancing GL Account would be the Inventory GL. The Item Card then gets loaded with the qty and cost, the GL will see an in/out for the cost.

Hope that helps.

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6

Hi Jimmy,

Yes this is what I understood. What I meant by subledgers is besides the item. Cause I plan I importing opening balances for both items and open transactions for the GL. It wouldn’t then force me to also do the opening balance for other subledgers not mentioned correct? VAT etc? Sorry if my questions are a bit confusing. You’re extremely helpful and responsive.

Best Regards,

7

No, you don’t get forced to load subledgers. It’s completely optional. Some companies that run multiple systems will just run the GL in BC and their subledger will be a completely different third party software that doesn’t integrate.