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ReportIs there a window where you can update GP with opening balances?
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Is there a window where you can update GP with opening balances?
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Hi, you will need to enter a GL general journal of the opening trial balace. If you are converting to GP at year end, this is straighforward. Enter a journal dated the end of the financial year. If this is a short journal - 50 accounts or so, you are best entering it manually - however if it is a lengthy journal, you are probably better off taking the time to create an integration using integration manager - If this is a new install of GP, you will have Integration Manager available for about 90 days, even if you have not purchased it (it is available to help with opening balances import, but expires after about 90 days).
Depending on your reporting requirements, If you need data for previous years you could always just create budgets in GP called say, Actual2007, Actual2008 etc. You can import data into these budgets direct from XL - and it can be updated at any time. The beauty of this is that you can run reports in FRx that compare historical GL data. (Its just that in this case, the data won't actually be in the GL...it will be in a budget, but FRx doesn't care where the data comes from.)
This approach saves you having to enter a GL journal for the closing trial balace for 2007, then closing the year - with its attendant balances updates, then figuring out the journal required to get you to the 2008 year end trial balance that you have on file, then closing this year and figuring out 2009 etc.
Hope this helps. If you need to set up opening balances for your creditors / debtors / inventory subledgers, post again.
Best regards,
Not really a dedicated 'opening balances' window as such.
What opening balances do you want to bring in? Receivables, Payables, General Ledger, Inventory?
There are a number of considerations / methods to consider.
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