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Opening Entries - Is it correct

getegete Member Posts: 76
edited 2009-08-14 in NAV/Navision Classic Client
Hi,

I am updating opening entries , please let me know is it correct way.

To update the Opening entries I created a new account = Opening

Inventory Opening :
1. I need to update stock ( here G/L accouns effect should be zero)
2. Inventory accounts should update .

Process :

Update stock :

I change the Inventory adjust ment account to Inventory account .

I created a Item journal and Posted Inventory value = 1000 so stock updated and Inventory account = 1000 , Inventory account = -1000

Update Inventory accounts :

I created General Voucher and Inventory account = debit , Opening aacount (suspense account) = Credit .

so My Inventory aacounts got Value.


Customer :

3. Need to update the sub ledgers (customer ledger entries)
4. Update the Debtors account In chart of Accounts


Update customer Ledger entries :

I created a General Journal Account No = Customer (debit)
Bal . Account No = Debtors Account (credit)

Now customer ledger entries created.

Update Debtors account :

I created General Journal Account No : = Debtors Account (Debit)
Bal . Account No = Opening account (credit)( susepnse account )

Now Debtors accounts effected.


Like this to vendor also .

Please share your experience about this is it correct method or not .

Comments

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    matttraxmatttrax Member Posts: 2,309
    I think a physical inventory journal will take care of all of that.
    Matt Traxinger - ArcherPoint
    My Blog - nav.education
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    kapil4dynamicskapil4dynamics Member Posts: 591
    matttrax wrote:
    I think a physical inventory journal will take care of all of that.
    ?????????

    @mattrax, Have u posted somewhere else :lol:

    @gete: Yes process is correct. I assume u know why u r using suspense account.
    Kapil Khanna
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    getegete Member Posts: 76
    kapil4dynamics wrote:

    @gete: Yes process is correct. I assume u know why u r using suspense account.


    Thanks Kapil,

    to be frank i dont know the use of the suspense account , i gone through the forums everybody suggested create one suspense account that 's y i created that suspense account.

    it could be very helpful if you explain about the suspense account.

    I will be waiting for response ....hopefully soon
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    kapil4dynamicskapil4dynamics Member Posts: 591
    U will use suspense account if the old system of ur client is broken (as some of them might be using single entry systems), this is basically used to catch the differences. As u don't want to display the difference in two systems u will keep the difference in this account and later can make the appropriate adjustments (but with justifications) , as clients at the time of Go-Live are not always ready with the adjustments.

    If not u will just port and post in there Trial balance. Else u would use this.

    I think it would be nice if u ask ur senior in ur organization with good fin background he/she may explain u by giving some examples as well.
    Kapil Khanna
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    Alex_ChowAlex_Chow Member Posts: 5,063
    Loading new inventory:
    http://mibuso.com/blogs/alexchow/2007/1 ... y-balance/

    Regarding suspense accounts for A/R and A/P. Like Kapil said, you only need suspense account if the sub ledger and the general ledger does not match. You should force the client to balance out A/R and A/P before you load them into NAV.
    Confessions of a Dynamics NAV Consultant = my blog
    AP Commerce, Inc. = where I work

    Getting Started with Dynamics NAV 2013 Application Development = my book
    Implementing Microsoft Dynamics NAV - 3rd Edition = my 2nd book
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