How to enter opening balances for the General Ledger accounts, for the Customer accounts, for the Vendor accounts, for the Bank accounts, and for the Item accounts in Microsoft Dynamics NAV 4.0

Article ID: 944227 - View products that this article applies to.
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Microsoft Business Solutions-Navision 4.0 and Microsoft Navision 4.0 are now part of Microsoft Dynamics NAV 4.0. All references to Microsoft Business Solutions-Navision or to Microsoft Navision 4.0 relate to Microsoft Dynamics NAV.
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INTRODUCTION

This article describes how to enter opening balances for the following accounts in Microsoft Dynamics NAV 4.0:
  • General Ledger
  • Customer
  • Vendor
  • Bank
  • Item

More information

To enter opening balances for the General Ledger accounts, for the Customer accounts, for the Vendor accounts, and for the Bank accounts, you can use the General Ledger journals. To enter opening balances for the Item accounts, you can use the Item journals.

General Ledger accounts

To enter opening balances for the General Ledger accounts, follow these steps:
  1. Click Financial Management, expand General Ledger, and then click Chart of Accounts.
  2. In the Chart of Accounts dialog box, create the General Ledger accounts that you want to use.
  3. Click Financial Management, expand General Ledger, and then click General Journals.
  4. In the General Journal dialog box, create entries for the opening balances of the General Ledger accounts that you created in step 2.
  5. Post the entries that you created in step 4. To do this, click Post on the Posting menu.
  6. In the Chart of Accounts dialog box, verify that the open balances of the General Ledger accounts are entered.

Customer accounts

To enter opening balances for the Customer accounts, follow these steps:
  1. Click Financial Management, expand Receivables, and then click Customers.
  2. In the Customer Card dialog box, create the Customer accounts that you want to use.
  3. On the Invoicing tab, click the upper arrow button in the Customer Posting Group box.
  4. In the Customer Posting Groups dialog box, click the upper arrow button in the Receivables Account box.
  5. In the G/L Account List dialog box, click a General Ledger account that you want to use, click Account, and then click Card.
  6. In the G/L Account Card dialog box, click to select the Direct Posting check box to enable direct posting of entries to the General Ledger account.
  7. Close the G/L Account Card dialog box.
  8. Click OK two times.
  9. Click Financial Management, expand General Ledger, and then click General Journals.
  10. In the General Journal dialog box, create entries for the opening balances of the Customer accounts.

    Note For these entries, click Customer in the Account Type list, and then, in the Bal. Account No box, enter the General Ledger account that you specified in step 5.
  11. Post the entries that you created in step 10. To do this, click Post on the Posting menu.

Vendor accounts

To enter opening balances for the Vendor accounts, follow these steps:
  1. Click Financial Management, expand Payables, and then click Vendors.
  2. In the Vendor Card dialog box, create the Vendor accounts that you want to use.
  3. On the Invoicing tab, click the upper arrow button in the Vendor Posting Group box.
  4. In the Vendor Posting Groups dialog box, click the upper arrow button in the Payables Account box.
  5. In the G/L Account List dialog box, click a General Ledger account that you want to use, click Account, and then click Card.
  6. In the G/L Account Card dialog box, click to select the Direct Posting check box to enable direct posting of entries to the General Ledger account.
  7. Close the G/L Account Card dialog box.
  8. Click OK two times.
  9. Click Financial Management, expand General Ledger, and then click General Journals.
  10. In the General Journal dialog box, create entries for the opening balances of the Vendor accounts.

    Note For these entries, click Vendor in the Account Type list, and then, in the Bal. Account No box, enter the General Ledger account that you specified in step 5.
  11. Post the entries that you created in step 10. To do this, click Post on the Posting menu.

Bank accounts

To enter opening balances for the Bank accounts, follow these steps:
  1. Click Financial Management, expand Cash Management, and then click Bank Accounts.
  2. In the Bank Account Card dialog box, create the Bank accounts that you want to use.
  3. On the Posting tab, click the upper arrow button in the Bank Acc. Posting Group box.
  4. In the Bank Account Posting Groups dialog box, click the upper arrow button in the G/L Bank Account No box.
  5. In the G/L Account List dialog box, click a General Ledger account that you want to use, click Account, and then click Card.
  6. In the G/L Account Card dialog box, click to select the Direct Posting check box to enable direct posting of entries to the General Ledger account.
  7. Close the G/L Account Card dialog box.
  8. Click OK two times.
  9. Click Financial Management, expand General Ledger, and then click General Journals.
  10. In the General Journal dialog box, create entries for the opening balances of the Bank accounts.

    Note For these entries, click Bank in the Account Type list, and then, in the Bal. Account No box, enter the General Ledger account that you specified in step 5.
  11. Post the entries that you created in step 10. To do this, click Post on the Posting menu.

Item accounts

To enter opening balances for the Item accounts, follow these steps:
  1. Click Warehouse, expand Planning & Execution, and then click Item.
  2. In the Item Card dialog box, create the Item accounts that you want to use.
  3. Click Warehouse, expand Setup, and then click Inventory Setup.
  4. In the Inventory Setup dialog box, click to select the Automatic Cost Posting check box to enable automatic posting of entries to the General Ledger account.
  5. Click Financial Management, expand Setup, expand Posting Groups, and then click Inventory Setup.
  6. In the Inventory Posting Setup dialog box, click the upper arrow button in the Inventory Account box.
  7. In the G/L Account List dialog box, click the General Ledger account that you want to use, and then click OK.
  8. Click Financial Management, expand Setup, expand Posting Groups, expand General, and then click Posting Setup.
  9. In the General Posting Setup dialog box, note the General Ledger account in the Inventory Adjmt. Account box, and then click the upper arrow button in the Inventory Adjmt. Account box.
  10. In the G/L Account List dialog box, click the General Ledger account that you selected in step 7, and then click OK.
  11. Click Warehouse, expand Inventory, and then click Item Journals.
  12. In the Item Journal dialog box, create entries for the opening balances of the Item accounts.

    Note For these entries, click Positive Adjmt in the Entry Type list.
  13. Post the entries that you created in step 12. To do this, click Post on the Posting menu.
  14. Click Financial Management, expand Setup, expand Posting Groups, expand General, and then click Posting Setup.
  15. In the General Posting Setup dialog box, click the upper arrow button in the Inventory Adjmt. Account box.
  16. In the G/L Account List dialog box, click the account that you noted in step 9, and then click OK.
Notes
  • When you enter opening balances, the debit and the credit are posted to the same General Ledger account. Therefore, no balance change occurs in the General Ledger account. When the opening balances for the General Ledger accounts are posted, the balances of the General Ledger accounts are updated. Therefore, entering opening balances for accounts does not affect the balances of the General Ledger accounts.
  • You can click to clear the Direct Posting check box after you enter opening balances for accounts if you want to disable the direct posting of entries to the General Ledger account.
  • You can click to clear the Automatic Cost Posting check box if you do not want to process the automatic posting of Inventory accounts.

Properties

Article ID: 944227 - Last Review: November 2, 2013 - Revision: 3.0
Applies to
  • Microsoft Dynamics NAV 4.0
Keywords: 
kbnosurvey kbarchive kbmbsgeneralledger kbexpertisebeginner kbmbsmigrate kbhowto kbexpertiseinter KB944227

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