I want to load opening balances in the BC and I think the best date to do so is the day before the start of the financial year (i.e. opening an year before the current year and putting the posting date for the opening balances transactions as the final day of the year i.e. 31st Dec 2023). Assume my current year is 2024. If this is the preferred way, do I need to close the year i.e.(2023) so that the balances can show up in the current financial year as opening balances or I don't have to close the year. what is the best way to do so? Is there another better way?
Yes that's typically how I would do it. I would bring December 31 2023 balances. Then monthly net changes for each month in 2024 until your go live date.
I would close 2023 prior to migrating the balances for 2023, reason being so you post all your adjusting entries for 2023 and fully close it in the old system. The only thing I would not do is close the income statement accounts by moving the balances to the retained earnings account. This is so you can still run an income statement for 2023 in Business Central.
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