Opening Entries for NAV, this how I do it, how about everyone else? comments?

Business Central/NAV User Forum
1

For starters, I am converting a client from an accounting package to NAV. We are not doing this at year end, we are just picking a cut off date, and doing the conversion. Let’s say the cut off date is today, Jan. 19.

For AP, I see what is in the AP account as of Jan. 19. All open AP entries should equal this amount. I use a dataport and and import in all the open AP entries into a purchase journal. The balancing account will be the AP account itself. An example.

vendor # 123 CR 200, balancing account would be DR 200 (to the AP account)

This way my journal balances, and I have my new opening entries.

I do the exact same thing on the AR side.

So my purchase and sales journals balance to zero, and then when i import in my Trial Balance (as of Jan. 19 ) into a general journal, and post it, Everything Balances.

One question i have is about inventory, and i may need help here. Now would i take an inventory valuation as of Jan. 19, let’s say it’s DR 20,000.

To bring in my opening item quantities, I would just do an item journal, tag all the lines as a ‘positive adjustment’ , enter in all my items, and the total of all my item journal lines should equal 20,000. But before I post, I would change the inventory adjustment account to the inventory account, so when i post the item journal, it would net my inventory account to zero, but then my opening cost would show up for my items.

That is how i think the inventory can be done. Anyone have any comments?

2

Exactly how I have done it for 10 years, see my answer to the stock query this afternoon. Its the easiest and simplest way, and sub ledgers are guaranteed reconciled.

3

Sorry Andrew, just making sure I understand, you will be updating this post later on this afternoon about how you do opening inventory?

4

Yes this is correct. Just for additional info if you wish to see you can check this as well (taking care of client’s exception)

http://www.mibuso.com/forum/viewtopic.php?f=23&t=36510&hilit=+Opening

5

Kapil, take a look at my other post about the proper way to bring in historical GL data, thanks.

6

I prefer not to alter the posting accounts, instead post the TB to the adjustment/data take on, this means all my entries are correctly posted to the asset account at the start. However I usually discuss this with the accountant and we do it how they want to do it and they prefer to see the entries in the system, I just give them the options and discount ones where they have not considered the wholistic system requirements.

7

For the inventory opening balance consider using Posting Type = Purchase against Posting Type = Positive Adjustment as different accounts can be updated.