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Opening Balance Impot

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Hello Experts,

I have created an G/L Account (99999) as a balancing account for importing G/L Account, Customer , Vendor and Bank opening balances. Using Table 81 (General Journal Line) I have imported the said balances into BC. After the import there is a balance in the balancing account 999999, how can I eliminate the balance showing in the balancing account 99999? See the screen shots.

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Nitin Verma 21,698 Moderator on at

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RE: Opening Balance Impot

Hi,

You have already posted that data in that account and GL entries are created, you need to pass one more entry with minus of that total account to make that Balance Zero for that account.

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RE: Opening Balance Impot

Hi Nitin,

Thanks for the quick response.

For passing the entry with minus of that total account, should I make it by General Journal? If yes, what will be the balancing account for this entry?

Thanks,

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Nitin Verma 21,698 Moderator on at

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RE: Opening Balance Impot

Yes you are right, I forgot that, you need to have one more balance account to pass those entry, I think you keep that account as it is as I am sure you took this account to make the opening balances of your customers.

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RE: Opening Balance Impot

Yes, I have already imported opening balances of Customer, Vendor, G/L and Bank balances as using the same Balancing Account. Now the balance showing in this balance account (99999) is the consolidated balance of credit and debit from each. If I go for an entry with minus of that account using another balancing account, again that balancing account will be there with a balance...

Then, what to do eliminate this?

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Nitin Verma 21,698 Moderator on at

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RE: Opening Balance Impot

Its a double entry system, you have already debit and credit against all the balances, but I would suggest leave that account as it is as I am sure you are not going to use this 99999 account any more in the future.

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RE: Opening Balance Impot

Yes, not wanted to use this 99999 account any more in the future. But this account balance will reflect in the financial reports for the current period. So, I want to confirm whether it is a good practice to keep it as according to Financial standards.

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Nitin Verma 21,698 Moderator on at

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RE: Opening Balance Impot

Just filter out this account no. when running the report.

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Ben Baxter 6,448 Super User 2025 Season 2 on at

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RE: Opening Balance Impot

It sounds like you need some financial guidance on this. Your opening entries should not have all used a random GL Account. Customer Entries should have been offset by AR, Vendor Entries offset by AP, etc. You need to get your GL in balance in the right accounts. I would strongly recommend you get some financial guidance from accounting.

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Dallefeld 211 User Group Leader on at

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RE: Opening Balance Impot

No one can fully answer your question without additional information. Ben is right, you need help so you should reach out to your partner. And as Nitin said, never use a balancing account such as 99999 again.

Are your balances in your general ledger other than 99999 correct? They cannot be if you did your entries correctly. My first thought is your AR, AP and Banks are wrong.

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RE: Opening Balance Impot

Thank you all for sharing your thoughts.

Kim Dallefeld , FYI. See the below screen shot. This is the way I have imported opening balance for G/L Accounts, Vendor, Customer and Bank by posting General Journal. The balances are correct in the AP, AR, GL and Bank accounts when I checked the posted ledger entries and in the consolidated trial balance report. My question is, as you can see in the image I have used G/L Account 99999 as the Balancing Account in the Journal Lines and after posting there is a balance in this account, as mentioned by Nitin this account won't use no more in future but it is there in the system with a balance. And I can filter out this account when running the Financial Reports, But I'd like to confirm: is this the proper way to import opening balance?

[quote user="Dallefeld"]
No one can fully answer your question without additional information. Ben is right, you need help so you should reach out to your partner. And as Nitin said, never use a balancing account such as 99999 again.

Are your balances in your general ledger other than 99999 correct? They cannot be if you did your entries correctly. My first thought is your AR, AP and Banks are wrong.
[/quote]

Thanks & Regards,

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