Project beginning balances in Microsoft Dynamics 365 for Finance and Operations

Project beginning balances in Microsoft Dynamics 365 for Finance and Operations

When you want to load beginning/opening transactions in a project without affecting financials/general ledger, then one should use the feature known as beginning balances in "Project management and accounting" module in Microsoft Dynamics 365 for Operations (AX)

1. Enable beginning balances setup for the project type and project stage in "project management and accounting parameters"

1. Setup project beginning balance type journal
2. Create a beginning balance journal header and in lines specify the opening transactions with details
   1. The types allowed for beginning balance journal are:
      1. hour
      2. Expense
      3. Item
      4. Fee
      5. On account
   2. If needed enable a flag in "project management and accounting parameters" under journals and ledger section viz. "Automatically set accounting date to open period"
   3. Recommend to create dedicated categories for loading opening balances.
   4. After the beginning balance journal is posted, verify the posted transaction against the project and also verify that there is no financial voucher posted.
      1. Ensure the line property being chosen has the WIP posting for capitalize cost set to Yes/enable.