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Dynamics 365 Community / Forums / Small and medium business | Business Central, N... / Opening Balances durin...
Small and medium business | Business Central, N...
Suggested Answer

Opening Balances during the year (Migration from Legacy System)

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Posted on by PETERFL 101

Hi All, 

What is the best way to enter opening balances during the year ? I used  journals ( General Journal>>Actions>>Opening Balance to enter opening asset and liability accounts as at 31st May 2020 and that seemed to work but i did not enter any income and expenses (January-May 2020). June 2020 was the first month that I entered income and expenses in Business Central. 

However our external accountants are asking for year to date income statement figures ( January-June 2020) and now I have to create a spreadsheet with the ytd income statement figures from the legacy system and manually add the June income statement (Business Central ) in order to get year to date January-June 2020. 

Was my approach wrong. What should I have done. 

Thanks in Advance.

I have the same question (0)
  • Suggested answer
    Renni Profile Picture
    Renni 960 on at

    have you entered journals with batches for customer opening balances, vendor opening balances and bank opening balances ?

    Otherwise how would the system know if all the data is in the legacy system

  • PETERFL Profile Picture
    PETERFL 101 on at

    Hi,

    I have entered bank opening balances, customer, vendor, inventory and all other assets and liabilities accounts and they all match with what was in the legacy system

  • Suggested answer
    Renni Profile Picture
    Renni 960 on at

    But just as 1 line totals ? or did you add each transaction  like the below example ?

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  • PETERFL Profile Picture
    PETERFL 101 on at

    Hi,

    I entered the totals outstanding only for each customer, vendor etc and not the individual invoices

  • Suggested answer
    Renni Profile Picture
    Renni 960 on at

    That is the problem you have only entered the summary total not the individual transactions, all the history except 1 month is in the old system.

    Can you export them from your legacy system in excel ? you can then import them using rapid start (configuration packages)

    All this activity is normally done by the implementation consultant for you if you supply them the details.

    Here is some detail to get started using rapid start

    docs.microsoft.com/.../admin-set-up-a-company-with-rapidstart

  • PETERFL Profile Picture
    PETERFL 101 on at

    The implementation consultant  said that it was problematic to import individual transactions and entering the opening balances was the best solution.

  • Suggested answer
    Renni Profile Picture
    Renni 960 on at

    Should not be problematic that is his job.

    By problematic he actually means too much effort.

    This is quite standard you would only needs 3 months of historic data exported and imported

  • Anita75 Profile Picture
    Anita75 1,165 on at

    The implementation consultant is right but this depends on the definition of individual transactions.  Generally you would enter each open invoice for customers and vendors.  For monthly P&L, you would only enter movements as in net change from a opening full trial balance as at beginning of the year. This way you can run P&L reports (monthly figures) and aging reports for customers and suppliers.

  • PETERFL Profile Picture
    PETERFL 101 on at

    The consultant did not suggest an opening trial balance at the beginning of the year and the net change from month of month. Given my present circumstances based on what was done, What do you suggest.

  • Suggested answer
    Renni Profile Picture
    Renni 960 on at

    Take the 3 months from the legacy system take the 1 month from new system.

    Manipulate in excel and submit to the external accounts.

    The next one will be fine as it will all be in the new system.

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