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Dynamics 365 Community / Forums / Microsoft Dynamics AX (Archived) / Opening Balance Dummy ...
Microsoft Dynamics AX (Archived)

Opening Balance Dummy Account

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Posted on by Community Member

The procedure we perform the opening balance is

1. post the journal in last year offset with dummy account

For example, 

    Dr main account

          Cr dummy account

or 

    Dr dummy account

          Cr main account

2. run closing balance

3. balance will bring forward to next year

 

However, we have question about the dummy account that we use to offset.

1. Is this dummy account will bring forward to next year ? Is it OK to let the dummy account bringing forward to next year ?

2. If we would like dummy account bringing forward balance to next year to be zero (0), how to do that ??

3. If 1) and 2) cannot, did my opening balance procedure correct ? Please elaborate the correct way of doing this.

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  • Community Member Profile Picture
    Community Member on at
    RE: Opening Balance Dummy Account

    Hi,

    dummy account balance should be 0, after importing Balance sheet balances and open cust and vend invoices (using the dummy account as an offset).

    If balance of dummy account is not 0, something is missing,

    Hope it helps

    Regards

  • Verified answer
    Community Member Profile Picture
    Community Member on at
    RE: Opening Balance Dummy Account

    One more detail:

    When you import cust and vend open invoices you use the dummy as an offset. When you import balances you need to use the dummy instead of AP and AR balance accounts.

  • Community Member Profile Picture
    Community Member on at
    RE: Opening Balance Dummy Account

    That means

    in General Journal, we post like this

    Dr dummy account

             Cr Vendor number

    Dr main account

             Cr dummy account

    to get the dummy account to be zero ??

  • Community Member Profile Picture
    Community Member on at
    RE: Opening Balance Dummy Account

    You book the journal to post vendor invoices like this:

    Vendor NR.    debit 0 credit 100   offset dummy

    Then you import balances and you should import the vendors AP balances that you have for all vendor open invoices But instead of using the AP Balance account you use the dummy account. So just as an example:

    Bank A Balance  100 debit

    Bank B Balance 400   debit

    Assets 200   debit

    Long term bank debits  300 credit

    Short term bank debits 50 credit

    Other debits 250  credit

    DUMMY (instead of AP balance account) 100 credit

    Hope it helps

    Regards

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