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Microsoft Dynamics GP (Archived)

How can I enter opening balances into GP?

Posted on 10 Feb 2012 13:13:01 by 90

Hi There,

Could you please advise how to enter opening balances in GP 10?

Thanks

*This post is locked for comments

  • Suggested answer
    L Vail Profile Picture
    L Vail 65,271 on 12 Feb 2012 at 00:59:15
    Re: How can I enter opening balances into GP?

    Ece,

    I am presuming you are working with a brand new implementation of GP. I recommend you get the help of a qualified consultant/partner and not try to do this on your own.

    Your question screams of the need for help. While each of the answers you received are correct, if you do not know how to implement this software, your implementation will most likely fail.  Additionally, module settings and lifetime decision options are also in peril.

    Save yourself some time and misery and at least go to a training class on setup and implementation.

    Kind regards,

    Leslie

  • Community Member Profile Picture
    Community Member Microsoft Employee on 10 Feb 2012 at 14:54:58
    Re: How can I enter opening balances into GP?

    Whatever kind of opening balances you want to enter - GL, AR, AP, Inventory etc...you can import them using:

    1. Integration Manager (available for a limited time with new installs even if you haven't licenced it)

    2. eConnect (If you own eConnect and the opening balances files are very large).

    3. Create an import Macro.

    4. Manually enter the data.

    If you are importing / inputting sub ledger data (AR, AP and Inventory) you will want to close the GL periods (or temporarily switch off the Sub Ledger to GL integration in Posting Setup) that the opening balances relate to. This is to make sure that the sub ledger postings don't create and post a GL journal. The GL Trial Balance would be posted seperately.

    Best regards,

    Ian.

  • Community Member Profile Picture
    Community Member Microsoft Employee on 10 Feb 2012 at 14:15:26
    Re: How can I enter opening balances into GP?

    Assume you are referring to GL opening balances.  

    Example:

    1) Desire opening balance for 1/1/12.

    2) Create fiscal year for 2011 and 2012

    3) Make journal entry dated 12/31/11 that reflects opening balances for 1/1/12.

    4) Close year 2011.  This will make opening balance for 2012

    Warren

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