Tuesday, August 23, 2011

How to get beginning account balance when past year not closed yet?

If previous year is not closed Microsoft Dynamics GP does not displaying account balances for Balance Sheet accounts for New Year. This can give wrong account information to Financial users.

Suggestions:

1)   If you know your previous year balance i.e. Closing Balance pass one GL Entry for opening entry i.e.  on 01/01/2011 and then reverse it before you close the Year

This way you will see opening Balance for new year and once you ready to close previous year reverse the same entry.

2)  There is no issue to close Fiscal Year because transactions still be posted to closed Fiscal Year. With this solution no need to pass and reverse dummy entry to get opening balance.

I will recommend to go for second suggestion if you can close Fiscal Year.

Thanks
Sandip
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2 comments:

  1. AnonymousOctober 19, 2011 at 2:24 AM

    Question here is BB how you can suggest somthing like this ,unprofessional , passing an entry is like a transaction which cannot be transfer into Opening Balance Buccket anyway,
    look again at the Inquiry , finance , Summary after putting the transaction it will show in Period 1 not in Begining balanc???.

    ReplyDelete
  2. AnonymousOctober 19, 2011 at 6:34 AM

    Okay- Let me teach ABC of Dynamics GP to you "Dynamics GP Professional".
    1) Who told you that passing entry "like" transaction in General Journal will transfer in "Opening Balance" bucket?
    Your question shows how much you know about "Dynamics GP"
    2) I says suggesstion I am not forcing user to go for that option. I have other recommendation too..
    3) Learn first Dynamics GP and then talk about "Professionalis"..

    4) and Most Important are you from same "PIG" which I know from Bahrain? Why don't you put your name "Piggy"?

    I was thinking to publish or not publish your comment but need to show your place. If you have any problem call me : 210.440.9855 or email me on sandipdjadhav@hotmail.com.

    Thanks
    Sandip

    ReplyDelete

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