Create opening balances

There is now not so long to go until you can make the solution live.

Now that you’ve added the master data, you just need to post the opening balances, then you can start using the system.

At a minimum, you need to post an opening balance in your chart of accounts. If you already have business ongoing, though, you will probably want to post opening entries for your Customers and Vendors, too. And, if you have physical inventory that you want to manage, remember to carry out a positive adjustment of the inventory, too.

You should also watch a video showing how to copy the company, so that you can test the postings and flows before performing the actual conversion. Then, when you have created your journals for the openings, just take a copy of the company and try posting the journals in this copy. This way, you will be quite certain that everything is OK before you carry out the final posting in your live company.

Video How to copy a Company in Business Central »
Video A strategy for Opening Balances in Business Central »
Video How to create Opening Entries for the Customers »
Video How to create Opening Entries for the Vendors »
Video How to create Opening Entries for the Inventory with the Inventory Journal »
Video How to create Opening Entries for the VAT »
Video How to create Opening Entries for the Bank »
Video How to create an Opening Balance in the General Ledger »
Video The complete Final Opening flow with following reconciliations »
You should now open your customers and vendors, post an opening balance in the general ledger and open the inventory with an inventory adjustment. But remember to test in a copy of the company first time round.
CREATE OPENING BALANCES
Have you tested in a copy of the company?
Have you opened your inventory with an inventory adjustment?
Have you posted opening balances for customers and vendors?
Have you created an opening balance in the general ledger?

In the next step, you will add any open sales and purchase orders from your old system. Once you’ve done that, the solution will be ready for use.

CREATE OPENING BALANCES
Are you sure you have imported all relevant data?
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