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G/L Opening Balance

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Posted on by 60

Hello,

We are moving from QuickBooks to Business Central and for some reason i'm not really sure what are the G/L accounts to include for GL opening balance.

Appreciate your help.

Thanks,

Mohammad

  • Verified answer
    YUN ZHU Profile Picture
    YUN ZHU 74,036 Super User 2024 Season 2 on at
    RE: G/L Opening Balance

    Hi, Personally, I think that depending on the user and local policies, the imported results are also different.

    If you're looking for a standard solution, you can use the standard function below.

    pastedimage1669940075810v1.png

    pastedimage1669940085885v2.png

    Hope this helps.

    Thanks.

    ZHU

  • Suggested answer
    Dallefeld Profile Picture
    Dallefeld 11,425 User Group Leader on at
    RE: G/L Opening Balance

    So the best way that I can explain is with examples.

    Example 1 -Let's say you want all of 2022 monthly activity and you're going live 12/1/22. Start with the balance sheet ONLY at 12/31/21 (the day before the monthly data that you will bring in), then for each month of 2022 bring in the net change for ALL accounts.

    Example 2 - You are going live 12/1/22 and don't care about any monthly data before hand. Bring in entire chart of account values 11/30/22 (this assumes that QB only has 2022 in the income statement accounts) and begin processing 12/1/22 data.

  • Mohammad Altran Profile Picture
    Mohammad Altran 60 on at
    RE: G/L Opening Balance

    Thank you but i needed to understand what categories/accounts to include like do we include all the chart of account for opening balance or sales, liabilities and expenses. I hope this add further clarification to my inquiry.

  • Suggested answer
    DAnny3211 Profile Picture
    DAnny3211 9,272 Super User 2024 Season 1 on at
    RE: G/L Opening Balance

    hi

    look this

    www.youtube.com/watch

    DAniele

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