Hello Community,
I wanted to clarify if we can record the opening balance for a particular year manually by creating a GL transaction instead of importing them (in case if someone doesn’t have the previous records to be imported). If yes, then what would be GL entry. Also the same scenario for a closing balance.
Thanks in advance.
Solved
Recording Opening & Closing Balances
Best answer by Laura02
Hello
We can’t import directly to a beginning balance field: the ending balance from a prior field naturally becomes the beginning balance of the next.
We can import ending balances to each period using Trial Balance screen of Finance module. When you import Trial Balances using ending balances for every period in sequence, Acumatica calculates the period debit/credit and creates a GL batch for each period. The beginning balance is also calculated for you. There is a related setting in GL Preferences that allows you to choose Normal balances or Reversed, depending on how your client provided their ending balances. I think Finance - Transactions - Trial Balances the easiest way to migrate GL.
HTH,
Laura
+19Hello
We can’t import directly to a beginning balance field: the ending balance from a prior field naturally becomes the beginning balance of the next.
We can import ending balances to each period using Trial Balance screen of Finance module. When you import Trial Balances using ending balances for every period in sequence, Acumatica calculates the period debit/credit and creates a GL batch for each period. The beginning balance is also calculated for you. There is a related setting in GL Preferences that allows you to choose Normal balances or Reversed, depending on how your client provided their ending balances. I think Finance - Transactions - Trial Balances the easiest way to migrate GL.
HTH,
Laura
Laura ~ Klear Systems, Inc. Irvine, CA. ~ Click my logo to Follow me ~
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