On which date should I post the Opening balance journal?

Hi guys,

I would like to know on which date should i post the opening balance journal, on 31st March (Last date of last financial year) or 1st April (First date of current financial year)?

If I post it on 31st March (Last date of last financial year) and run Closing>Opening periodic, closing balance of 31st march appears as opening balance on 1st April in the trial balance.

If I post it on 1st April (First date of current financial year), system consider it as a normal transaction.

Kindly give your suggestion.

Hi,

From my side, in most implementation i have seen and used opeining balance posting date as 31st March(depends on client) and perform the closing. This is because if you post it on 1 April, than their might be some issues related to reporting if you run it for April. You have both the option, to select.

Pranav…

I would agree with this approach.

Hi Pranav,

Thanks for you reply.

Even I also think this is the right approach but what’s creating the confusion is the Indian demo data in which OB is posted on 1st April.

There is an awful lot “wrong” with the demo data, but as Pranav states you have different approaches, talk to the customer and see how the accountant wants to approach it, this is not really a system question it is a process and control question for the business.

Hi Gaurav,

Adam is right… We had chance to design demo data for navision long back and there we posted the opening on 1 April as we were not at all concerned for the performance/reports or otherwise. Talk to your client and make the final decision.

Pranav