opening entries - is it correct way


I am updating opening entries , please let me know is it correct way.

To update the Opening entries I created a new account = Opening

Inventory Opening :

  1. I need to update stock ( here G/L accouns effect should be zero)
  2. Inventory accounts should update .

Process :

Update stock :

I change the Inventory adjust ment account to Inventory account .

I created a Item journal and Posted Inventory value = 1000 so stock updated and Inventory account = 1000 , Inventory account = -1000

Update Inventory accounts :

I created General Voucher and Inventory account = debit , Opening aacount = Credit .

so My Inventory aacounts got Value.

Customer :

  1. Need to update the sub ledgers (customer ledger entries)
  2. Update the Debtors account In chart of Accounts

Update customer Ledger entries :

I created a General Journal Account No = Customer (debit)
Bal . Account No = Debtors(credit)

Now customer ledger entries created.

Update Debtors account :

I created General Journal Account No : = Debtors (Debit)
Bal . Account No = Opening (credit)

Now Debtors accounts effected.

Like this to vendor also .

Please share your experience about this is it correct method or not .

We usually do it like this.

1 - Complete set-up of G/L Accounts Customers, Vendorsd and Items and Locations and posting groups and dimensions.

2 - Create and Post Item Journal with all “stock” postings - all parts that you own = inventory.

3 - Post all Customer open items with Balance Account = Debtor Control account.

4 - Same as 3 for Vendors / Supplier.

5 - Create General Journal for G/L Accounts. Balance account = “Opening Balance” dedicated account.

Test your process before go-live and find the problems in the data that you are working with.

It is one of the approaches I have used - tell me do you have any problems with it?

When migrating from another Navision there are no probelms (usual errors from C/Side to SQL).

When migrating from another system there are always data errors or difficult to map transaction types.

There are always problem making sure the balances (inventory specifically) reconcile.

There are always problems with the reconciliation sign-off from finance.

Do you hav specific issues or ?