Microsoft Dynamics AX / GP : Bank Opening Balances Upload

Bank Opening Balances

The main purpose for which you create opening transactions in Bank is so that you have the option to perform bank reconciliations. Bank reconciliations are the transactions or the documents that were previously issued and that were not automatically generated in the program.

Create opening transactions, and then perform bank reconciliations

To create opening transactions and then perform bank reconciliations for Bank in Microsoft Dynamics AX 3.0, follow these steps:

1. Create a specific daily journal name to use for opening transactions only. To do this, click General ledger, expand Setup, expandJournals, and then click Journal names.

2. Create a ledger account for the bank balances for account 11110. This ledger account should be the account that will be changed every time that the bank account is changed. To create a ledger account for the bank account, click General ledger, and then click Chart of accounts. Name the bank account in the ledger account “First Bank.”

3. Create the bank account in which you want the opening balances to be registered when you attach the ledger account that you created in step 2. To create the bank account, click Bank, and then click Bank accounts.

Note See the “Table 1: Bank account” section for the bank account information.

4. Create a temporary ledger account for the bank balances for account 11101. This temporary ledger account should be a one-time-use only account. To create the temporary ledger account, click General ledger, and then click Chart of accounts.

5. Create a new daily journal. To do this, click General ledger, expand Journals, click General journal, and then click Lines. Then, follow these steps.

Note See the “Table 2: Opening transactions” section for the opening transactions information.

1. Create a new line for each document or transaction to which you want to add a bank account balance. In the Account type field, click Bank. In the Account field, click the bank account that will be charged by the transaction. Select the First Bank bank account that you created in step 2.

2. On the Payment tab, specify the payment reference and the bank transaction type.

3. Do not specify an offset account.

4. In the last line of the general journal, click Ledger instead of Bank as the account type. In the Account field, click the temporary ledger account that you created in step 4 for account 11101. The amount on this line should balance with the previous entries in the journal.

5. Post the journal.

6. Create and then post another daily journal to create the trial balance for the opening balances for all accounts. This trial balance overrides the ledger account that is assigned to bank account 11110 and the temporary account 11101.

To do this, click General ledger, expand Journals, click General journal, and then click Lines.

Note See the “Table 3: Trial balances for the opening balances” section for the trial balance information.

7. Review the balances in the bank accounts and in the ledger accounts, as follows:

o To review the bank accounts, click Bank, and then click Bank accounts. Select the bank account, and then click Balance.

o To review the ledger accounts, click General ledger, click Chart of accounts, select the bank account, click Balance, and then click Balance.

Note See the “Table 4: Balances for the bank accounts and for the ledger accounts” section for the balances for the bank accounts and for the ledger accounts that you should receive in this step.

Print the Bank Statement report and the Reconciliation Bank/Ledger report, as follows:

o To print the Bank Statement report, click Bank, expand Reports, expand Transactions, and then click Bank statement.

o To print the Reconciliation Bank/Ledger report, click General ledger, expand Reports, expand Reconciliation, and then click Bank.

Perform the bank account reconciliations. To do this, click Bank, and then click Bank accounts. Select the bank account that you want to reconcile, click Functions, and then click Account reconciliation.

Note See the “Table 5: Bank account reconciliations” section for the bank account reconciliation information that you should receive in this step.

Sample data

The following tables show the transactional data that you can use to re-create the previous steps.

Table 1: Bank account

Use the information in this table to create the bank account in step 3.