Opening Balance Setup

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Posted on by Krazzy4

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Hello!! I am trying to create opening balance for a bank account and I was suggested to use bank account reconciliations for the option. I am having some issues as follows while posting the bank account reconciliation option:

And when I select the applied amount it shows nothing for bank account ledger entries though I have posted earlier:

What I want is to make effect for the opening balance while posting journal regarding the specific bank accounts. Any suggestion would be appreciated.

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Suresh Kulla 50,243 Super User 2025 Season 2 on at

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I am not sure how you can use the Bank Reconcilation to enter opening balance, please check below blog

www.dynamicsnavconsultant.com/.../beginning-balance

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mmv 11,471 on at

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Hi,

Normally, the "General Journals" are used for importing the Opening Balances. I don't think that Bank Reconciliation is used for uploading Opening Balance.

Best Regards,

MMV

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Tharanga Chandrasekara 23,118 on at

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You should use journals to import OB. I really don't see a way of doing this by using Bank Reconciliation
Refer below links :
https://msdn.microsoft.com/en-us/library/jj543538%28v=nav.70%29.aspx?f=255&MSPPError=-2147217396

https://www.youtube.com/watch?v=O2sivt1AHBA

https://www.youtube.com/watch?v=R3rxKtTMTjg

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Krazzy4 1,710 on at

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Thanks everyone for the answers. Could someone write when we need bank account reconciliations?? As far I know it is used for keeping track the transactions between bank accounts and organization's financial statement. I think I am right in this regard. And the link I am provided by Suresh Kulla I had it by MMV too and in some other websites. But I am unable to open BANK1 1 - Bank Rec. Worksheet in Navision v4.0. I posted the opening balance using general journal but is there any way to open BANK1 1 - Bank Rec. Worksheet in Navision v4.0?? I tried to find the option but nothing found. What I have done so far as follows and hope doing the right thing: Again I appreciate your time to read my post and reply/answer to it.

Step 1: Posting opening balance as journals

Step 2: Then from Chart of Accounts checking the posts

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mmv 11,471 on at

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Hi,

Bank Account Reconciliation is a process of matching the balances in an entity's accounting records for a cash account / bank account to the corresponding information on a bank statement. The goal of this process is to ascertain the differences between the the bank / cash account and the statement maintained by the Bank, and to book changes to the accounting records accordingly.

If you have selected the Bank Account (in the above screen, it's not seen) in your Journal entries, you will be in a position to see them during Reconciliation.

What you could do is to open the respective bank account card and check the ledger entries.

Best Regards,

MMV

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Krazzy4 1,710 on at

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Thanks MMV again. Seems like I am having more issues while setting up so. I did not face any problem earlier while posting journal for opening balance. Now what happened just like to show you the images as follows:

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mmv 11,471 on at

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As you have set a value to "Bal. Gen. Bus. Posting Group", you need to enter the "Bal. Gen. Posting Type" as well. Once it's entered, it will allow you to post.

1. But why do you need the "Bal. Gen. Bus. Posting Group" and "Bal. Gen. Prod. Posting Group" ?

2. If your above entry is the Opening Balance, your there must be a G/L Account, which is the Opening Balance control account and the other must a bank account. Please check whether you Journal entry contains these two.

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Krazzy4 1,710 on at

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MMV It worked. Thanks a lot. Your and others post are helping me a out in this case. Now the funny thing is I got another issue as follows:

It is asking for negative value. I think the amount should be positive as it is an invoice and when I reconcile it effects the opening balance as follows: Opening Balance is 1,00,000.

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mmv 11,471 on at

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When you enter the value in Credit Amount or Debit Amount, it must be without any sign. Only in Amount column you can enter the sign.

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Krazzy4 1,710 on at

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If the (-) sign is put in amount field it adds the amount in opening balance like 1,20,000 after reconciliation (Opening Balance - 1,00,000 and Invoice - 20,000 but it should be vice-versa) as follows:

And as you said for putting (-) sign in amount field it alerts like this now:

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