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Bank Reconciliation - Business Central

Dynamics 365 Business Central Forum

Daniel Huntley asked a question on 13 Jun 2019 11:51 AM

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Hi, we are struggling to reconcile our bank account in Business Central. Unfortunately, we reconciled a couple of months of statements without entering a Bank Opening Balance.

We now have a difference on each Reconcile Report (test report) which is the value of the opening balance (see attachment).

Would someone be able to advise if a) we can add an opening balance after completing a series of reconciliations, if so how? b) How do you correctly enter a bank opening balance, we have created a CoA Ledger called 90000 Opening Balances and done a journal entry between this account and the CoA Bank Account 40100 however this does not make any difference to the bank rec test report.

If someone could help I would very much appreciate it as we are struggling :(

Thanks

Dan

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Teddy Herryanto responded on 13 Jun 2019 3:15 PM
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Suggested Answer

When you do the Bank opening balance, create a journal between Bank Account and GL Account. The GL Account will be the same one as your Bank Account Posting Group - GL Account. When you post that, it will create a plus and minus amount to the same GL account. Your Bank balance will increase, your GL balance stays the same.

You can then do bank rec to 'reconcile' that opening balance.

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Daniel Huntley responded on 13 Jun 2019 4:21 PM

Thank you for the quick response that’s really helpful. Could I just clarify that you mean create an O/B journal between the Bank (sub bank account of the G/L Bank Account) and the G/L Bank Account (top level CoA - 40100).

Also, do you think we have messed up by reconciling a few months statements before entering the O/B correctly?

Our accountant always sorted the opening balances in our Sage however he is not familiar with Business Central so we are taking more in house!

Thanks again

Dan

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Teddy Herryanto responded on 13 Jun 2019 4:35 PM
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Just do something like this:

Bank Account : 100

GL 40100 : - 100

Although it is better to do opening balance first, don't worry, you can still reconcile.

If you are worry, try do it in sandbox first and see the result.

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Daniel Huntley responded on 13 Jun 2019 5:18 PM

Fantastic, thank you so much.

At last...

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Daniel Huntley responded on 19 Jun 2019 12:45 PM

I'm really sorry but I am still struggling with the bank rec screen/process. I have added the journal above all ok, however, I now have an unmatched Opening Balance entry on the right-hand side of the bank rec. When I post the opening balance just appears unmatched on the next bank rec. If I create an entry on the statement side (right-hand side) and match I then get the message the Total Balance doesn't match the End Balance when posting?

Any ideas?

Thanks

Dan

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Teddy Herryanto responded on 19 Jun 2019 3:47 PM
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Just match the Ending Balance and the Total Balance for your opening balance, then post.

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Daniel Huntley responded on 20 Jun 2019 3:57 AM

Think that's sorted it. Done the next statement and both left and right match and total and end balance match with no warnings.

Thank you again.

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Teddy Herryanto responded on 13 Jun 2019 4:35 PM
My Badges
Verified Answer

Just do something like this:

Bank Account : 100

GL 40100 : - 100

Although it is better to do opening balance first, don't worry, you can still reconcile.

If you are worry, try do it in sandbox first and see the result.

Reply
Teddy Herryanto responded on 19 Jun 2019 3:47 PM
My Badges
Verified Answer

Just match the Ending Balance and the Total Balance for your opening balance, then post.

Reply
Teddy Herryanto responded on 13 Jun 2019 3:15 PM
My Badges
Suggested Answer

When you do the Bank opening balance, create a journal between Bank Account and GL Account. The GL Account will be the same one as your Bank Account Posting Group - GL Account. When you post that, it will create a plus and minus amount to the same GL account. Your Bank balance will increase, your GL balance stays the same.

You can then do bank rec to 'reconcile' that opening balance.

Reply

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