Opening balances

Dear all,

I am starting my financial year from 01/04/07 in Navision. I have balance sheet of 31/03/07. I want to enter opening balances of all accounts, also i want to enter the opening balance of Net profit i.e. profit as on 31/03/07. So, I want to know , how and where to enter the opening balances and what should be the date .

In short how to enter the opening balances of followings

  1. customer

  2. vendor

  3. items

4 assets

  1. liabilities

  2. net profit

  3. opening stock

regards

prakash

There have been a lot of these questions recently! [:D]

Customers - use a sales journal, post the open transactions, balance to a suspense account.
Vendors - use a purchase journal, post the open transactions, balance to a suspense account.
Items/Opening Stock - use an item journal. No idea what you mean by splitting these, the opening stock figures will have costs making up the opening value.
Assets - Do you want depreciation etc, just key in the assets and then the opening balances can define the financial position, you need to concern yourself with the remaining depreciation.
Liabilities - apart from the vendors you would create these as the balance of your GL using a general journal. Obviously anything you create through another entry like the vendors should not be posted to the correct account (creditors) but instead the suspense account, as your creditors position has already been created.
Net Profit - well it will be keyed against the account as part of the opening GL balance journal, otherwise it will not balance.

Date everything 31/03/07. Theoretically if you match this at your year end your P&L accounts will be clear anyway with the balance sheet accounts requiring creation.