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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.
Hi All,
I have imported the Fixed Asset balances and used the same clearing account 99999 as balancing account. Now the balance is zero for the clearing account 99999.
Now all is clear and the balances are fine.
Thank you all for sharing your thoughts and ideas.
Best Regards,
Ranjith
I would advise You to re-check the Opening balances and signs for the amount.
If You have entered everything, then the Balance should come out 0 in the 99999 account.
For example You add a Balance to customer card 1000 and -1000 in 9999 account.
Then you should also have the Receivables GL account opening balance -1000 and 1000 in the 99999 account - so all should even out.
Either You have forgot to add some opening balances (maybe Fixed Assets?) or for some OB the signs are wrong.
Hi Valentin Castravet,
Thanks for the advice. Will check like wise.
Hi Valentin Castravet,
Thank you for sharing your thought. But it is not clear for me that you have mentioned as "The trial balance entries should not have a balancing account (the bal. account no," since it is a double entry accounting system how we can post post an entry without a balancing account? In my screen shot Account 290000 is a trial balance G/L account.
[/quote]a trial balance is just a list of credit entries and debit entries in your company/business/system, it contains both sides of a double entry transaction. In a trial balance the credits should equal the debits, for example, a transaction will debit a balance sheet account and credit an income statement account, and the trial balance will contain both of these entries. For this reason you dont need a balancing account when posting a trial balance
Hi Ranjith,
If you are imported your open balances correctly then this account Balance should get NULL. Please check you imported it correctly. Because at the your ASSETS = Liabilities.
Hi Valentin Castravet,
Thank you for sharing your thought. But it is not clear for me that you have mentioned as "The trial balance entries should not have a balancing account (the bal. account no," since it is a double entry accounting system how we can post post an entry without a balancing account? In my screen shot Account 290000 is a trial balance G/L account.
There is nothing wrong with using a suspense account such 99999 for opening balances, and its certainly not something that should absolutely never be done. Its another option, and a viable strategy for opening balances; and one that many prefer as its 'cleaner' in terms of an audit trail for opening balances because by using a suspense account you only have one entry going to the subledger control account for AP/AR/Banks/etc. Of course, there are more pros/cons to using this method that I wont go into.
The issue is that you have done it incorrectly. Based on the screenshot, your subledger entries look correct (customer, bank, vendor lines), but the entries for the trial balance look wrong. The trial balance entries should not have a balancing account (the bal. account no. field should be empty instead of having 99999 here), and instead of posting to the G/L account for AP/AR/Bank/etc. you would post to the 99999 account (in your screenshot if 290000 is an AP account you should use 99999 instead). To fix, I would reverse the entire posted journal, fix the entry, and re-post. But as it has been said before, I would review this with someone that is familiar with opening balances as we dont have a view of all your entries.
So I would not have done what you did. I prefer to let each ledger stand on its own.
General Ledger - import the balances at your go live date. If at the beginning of a year, just import balance sheet
Vendor Ledger - import each open invoice, credit memo and payment into a journal, enter one offset entry for each vendor posting group to the gl account in the vendor posting group. This will post all the entries and the offset(s) to the same gl account.
Customer Ledger - same as Vendor Ledger
Bank Account - enter all outstanding deposit and checks to Bank Account, offset to associate general ledger account.
With your status, you must clear what is in account 99999, just eliminating it from reporting means that something will be out of balance.
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?
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,
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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