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Microsoft Dynamics AX (Archived)

opening bank balance AX 2012 R3

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Posted on by ninzer 650

we are starting off fresh in AX 2012 R3. (believe it or not, we were using mostly excel to keep track of accounting and also MS accounting software that got discontinued).   So the question is how to bring the bank opening balance.   Should we use a suspense account to offset? here is our story 

1100 - Cash checking; 

1110 - Cash Savings' 

Bank accounts (cash and bank):  I have two bank accounts 

Summit Everest Bank a/c 50010  whose main ledger a/c is 1100

Lavender Leaf Bank a/c:   50020 whose main ledger a/c is 1110

Say i have some suspense a/c: 33333

Now I want to create a opening balance ($20000) for Bank and am using GL to make an entry. what should be the offset a/c? Starting date 1/1/2014;  Assuming the retaining earnings or net-profit is $20k as of 12/31/2014

1100  $10000 Dr

33333 $10000 Cr.

Is that how the entry should be?  Then how to balance the suspense a/c. 

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  • Matloob Profile Picture
    Matloob 781 on at
    RE: opening bank balance AX 2012 R3

    If you have go live date of 01/01/2015 post all balances on or before 31/12/2014 and run financial closing to bring opening balances in 2015, at the time of processing closing define retained earnings account system will automatically calculate and post profit/ loss for the year 2014.

  • Suggested answer
    Matloob Profile Picture
    Matloob 781 on at
    RE: opening bank balance AX 2012 R3

    Yes, ideally that should be retained earnings (current year profit / loss) account which will balance that amount which will be remaining in suspense account after you post all balances from all modules and GL at last.

    I know some cases where balances were left in suspense account after take on balances in AX so the tricky was is to take same account while posting balances from module and post TB balance separately.

    Means if you are posting bank balances through module with entry

    1100  $10000 Dr

    33333 $10000 Cr

    you will have 10000USD in your bank module and GL account (TB) both, in this case you will not post bank balances again when posting TB balances because you already have balance in 1100 account.

    If you follow the below entry, chances for the balance remaining after posting in suspense account would be zero then,

    1100  $10000 Dr

    1100  $10000 Cr

    this entry would be from module,bank module got balance but GL is zero. when you take GL balances dont consider that you have already taken balance in 1100 account and post full amount in TB in AX as you exported from previous system.

  • ninzer Profile Picture
    ninzer 650 on at
    RE: opening bank balance AX 2012 R3

    Yes, that's what have done in the past for another implementation (we are doing this internally).  But there is got to be some a/c that offset the bal.  Is that retained earnings or net-profit a/c from previous year

  • Suggested answer
    Matloob Profile Picture
    Matloob 781 on at
    RE: opening bank balance AX 2012 R3

    Hi ninzer,

    Its good you guys have moved to AX as it is now its road towards mostly asked ERP globally.

    Its not only about bank balances, if you look overall financial balances you will have bank, cash, debtors, vendors etc or i can call it a Trial balance.
    You have posted correct entry above for one bank,

    1100  $10000 Dr

    33333 $10000 Cr

    but if you look only bank balances suspense account 33333 wont balance, once you complete the activity of posting all balances through all modules and GL in AX your suspense account should ideally be at zero balance otherwise you would have missed something.

    Make sure when you post above entry through journal select bank in the type with suspense account in offset.

    Regards

    Mohammad Matloob

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