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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Setting Up Opening Bal...
Microsoft Dynamics GP (Archived)

Setting Up Opening Balances

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Posted on by Clyde Hall 405

We have created a New Company and will have to setup the Opening Balances for Accounts Payable and Accounts Receivable as well as other non subledger Balance Sheet Accounts from an existing company we have.  I did this many years ago so I believe I have a procedure that will work but would like to hear some comments from others who have had similar experiences.

First I would do a General Journal entry to setup up the opening GL Account Balances.

Then for both the AP and AR I would enter the Invoices in the Subledger but would turn off the posting to the GL for these items to get the detail in the subledger that would then match the balances entered through the Journal entries.

Does anyone have a better solution or see some issues with what I am proposing.

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  • Suggested answer
    Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 46,625 Super User 2025 Season 2 on at

    That's one way, and a common way at that, to enter GL & subledger transactions.  However, be aware that by doing a separate import of GL & subledger transactions, there will be no link between the GL account and the underlying, supporting transactions.  If you need that link, then I would suggest importing the subledger transactions, posting them to GL, and then if necessary, reconcile the GL balances to the subledger.  More time-consuming, but you get a better result if you want drill-back capability.

    I'd be interested also to hear what others' experiences are.

  • Clyde Hall Profile Picture
    Clyde Hall 405 on at

    Thanks Frank,

    I understand your link/drill-back capability issue.  The problem is we just want to set up the Balance Sheet and not record any revenue or expense when posting the Sales or Purchasing invoices.  I guess I could create some sort of clearing account and put the distrubition for each Invoice posted to that account and then make a journal entry to clear out that account and balance the General Ledger that way ?

  • Warren R. Pease Profile Picture
    Warren R. Pease 730 on at

    Unless you want to identify and back out the Subledger generated transactions from youf GL balance import, there are really too many good ways to perserve the drill down.   Keep the old system running in corner or print out enough reports in case you need it.   After a year, no one is going to care anyway.   Unplug the old system at that point.

    Warren.

  • Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 46,625 Super User 2025 Season 2 on at

    That's the way I would do it if needing to preserve the drill-back Clyde.  I'd set up a clearing account and after posting all transactions, clear the clearing account to Retained Earnings, as that's where the net of the P&L accounts end up anyhow.  On the balance sheet accounts, I'd post the transactions from subledgers, then post an adjusting journal entry monthly to get the account balances tied out.  We're facing this with a client right now - they're afraid their old AS400 is going to take a dump any day now and would like to have the drill-back capability in their new GP system and not have to rely on the old one.

    Or, you could take Warren's suggestion, which is what I think most companies do anyhow.  I did this for a client a few years ago - consolidated nine company databases into one and changed the chart of accounts structure at the same time.  They maintain an 'archive' instance of GP when they need to refer back to prior years' history.

    Hope this helps,

  • Community Member Profile Picture
    Community Member on at

    Hi All,

    The account payable of MS GP is not showing opening balances. Any solution ?

  • Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 46,625 Super User 2025 Season 2 on at

    Have you imported your payables transactions?  Have they been posted?  Where are you not seeing the opening balances?  In the AP Trial Balance or the general ledger?

  • Community Member Profile Picture
    Community Member on at

    I am seeing the same problem.  I imported my AP opening balances with the distribution posting offset to the same AP account, i.e. DR AP control account, CR AP control account.

    Now the imported invoices (representing the beg balance) are showing as amount due 0.00.

    Any solution or reason why this happened?  From acctg perspective there's no payable bec. I net the amounts to the same payable account, but I thought  the system would allow me to do this.  Now I have a cheque payment that I cannot apply to the invoices.  

  • Suggested answer
    babubaskaran@outlook.com Profile Picture
    babubaskaran@outloo... 12 on at

    Hi,

    Did you try to run checklink against AP and run the report.

  • Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 46,625 Super User 2025 Season 2 on at

    The sub-ledger balance is not impacted in any way by the account distribution.  I would take Babu's recommendation and run Check Links on the Payables transaction tables.  What integration did you use to import the transactions?

  • Suggested answer
    Community Member Profile Picture
    Community Member on at

    That sounds great.  I was wondering if this would work as well.  If I did not turn off the posting to the GL and then entered the sub-ledger information this would double my balances in my GL. But then if I made a reversing JE to remove those balance after all journal entries do not post to the subledger. Let me know Thanks    

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