Tuesday, December 6, 2016

AX 2012 | Process Opening Balances Part 2

In  part 1 (Process Opening Balances Part 1) we were discussed how to process the opening balances for new implementation.

In this part we will discuss how to transfer previous year ending balances to the new year as opening balances.

Within the following steps we will illustrate how to do it.

1- First, we will create a new fiscal year. Go to GL-> Setup -> Fiscal Calendars -> Click New fiscal year -> enter the details and click create.

2- New Fiscal year was created successfully.

3- Next, let's check the Fiscal "Fiscal year Close" parameters. Go to GL-> Setup - > General Ledger Parameters -> ledger Tab ->"Fiscal year Close".

For the sake of this demo i will only select "Voucher number must be filled in".

If you need to under stand the differences between this checkbox's i strongly recommend to read Ludwig Reinhard post in this regards.

4- Before transfer the balances let's check the trial balance for the new year. In our case 2017 . Go to GL-> Common-> Trial Balance -> Click Parameters button select the new year dates then click OK.

5- Note that there is no balances for this year.

6- Now we are ready to transfer. Go to GL- Periodic -> Fiscal Year Close -> Opening transactions. enter the previous year end date in our case "31/12/2016"
in the balance account make sure to select "Closing -> Opening" then select the end Year result account. finally enter the "Voucher Number". Then Click Ok.

7- Transfer Done.

8- Now Go back to the trial balance screen. make sure to select the new fiscal year dates. then Click update.

9- Note that all previous year ending balances was transferred to new year as opening balances.

10- To check the Opening balance voucher. Go to GL-> Inquires -> Voucher transactions -> enter the voucher number was used in step 6. Then Click OK.

11- Note that the open balance transfer voucher was created in "period 0" and the period type is "Opening".

That's all for today. see you in part 3

See Also