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Our customer's new financial year 2015 starts on the 1st April 2014. From that day forward they will use Dynamics GP to store all accounting information for FY 2015 and beyond. They will continue to use their previous accounting system for FY 2014 and previous.
They require that
1. Opening balances for FY 2015 are correct in Dynamics GP.
2. Trial balance/ageing reports are correct at the start of FY 2015, i.e., they match with a trial balance/ageing report ran on their old accounting system on the 31st March 2014.
3. Bank reconciliation can be performed in Dynamics GP from 1st April 2014 onwards.
In order to provide this we have
1. Started with zero balances for all accounts in FY 2014.
2. Imported all open sales and purchase invoices in to Dynamics GP for FY 2014.
3. Posted the invoices from step 2 through to the General Ledger.
3. Manually entered an adjusting journal entry to the General Ledger on the 31st March 2014 to bring the balances in Dynamics GP in line with the balances in the previous accounting system. This adjusting journal entry uses a suspense account to balance the ledger entry.
We have two outstanding issues with this approach
1. The suspense account is a balance sheet account. Therefore at the start of FY 2015 it will report an incorrect balance.
2. Bank reconciliation cannot be performed in FY 2014 as it is out of balance to start with! (You have to have a Chequebook in place in Dynamics GP to use eConnect to import data).
So my questions are
1. What is the best approach to bring the balance of the suspense account in Dynamics GP in line with its balance in the old system?
2. How can I effectively start Bank Reconciliation for FY 2015 with a clean slate?
3. Are there any other issues you can see with this overall approach?
Thanks in advance for any advice or help you can provide,
Barry
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