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First Post!ali  

First Post!ali  

Hi Folks,

Hope you all are doing great.

We all know that everything happens for a reason. Trust me after reading this article you will get some perfect sense and all those reasons for opening balance migration.

This blog series will cover the strategy to migrate the opening balances from the legacy system to Microsoft Dynamics D365FO. Kindly note that this is Part 1 for the blog post 'Opening Balance Migration'.

Overview

Whenever we want to move from the legacy system to the new system, we also need to move the opening balances as well. There are a couple of methodologies available to upload and migrate the opening balances. However, here I would like to share my experience to migrate the opening balances.

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Master Data

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The first step is to upload all the master data in the system. Make sure the respective department head and Finance needs to verify and approve all the following masters

  1. Chart of account
  2. Financial dimensions
  3. Vendor master
  4. Customer master
  5. Fixed asset master
  6. Bank master

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Notes for Business

  • All opening balances will be posted on a cutoff date let's say 1st July 2019.
  • We will use a unique journal and voucher series to upload and post the opening balances so that we can easily identify and verify these transactions.
  • Bank, vendor invoices, vendor advances, and fixed asset acquisition and depreciation will be posted through sub-ledger(Module)
  • Asset account(Debit balance) - As we know that asset account will have a debit balance, so when we migrate balances for asset, bank, AR and inventory we will offset 9999XX account.
  • Liability account(Credit balance) - For liability accounts AP, loans, accumulated depreciation and equity we need to offset 999999 account

Vendor balance (999901 for vendor OB)

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We will use the General Journal to upload the vendor balances. Below will be the entry.

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  • Credit – Vendor
  • Debit - 999901

To upload the vendor advances, I would suggest creating the new vendor invoice journal.

Make sure to record the description, sales tax group, item sales tax group, invoice number, due date, document, and document date. Below is the SS for your reference

Bank balances (999902 for bank balance)

We will use the General Journal to upload the bank balances.

  • Debit – Bank
  • Credit – 999902

Fixed assets (999903 for fixed assets)

Acquisition

All assets will be acquired by using the fixed asset acquisition journal in the fixed asset module. All the asset will be acquired on the cutoff date that is 1st July 2019. Make sure that in the asset master acquisition date will be set up to 1st July 2019. Also, the status of fixed asset acquisition will be not yet acquired.

Here will be the entry for the fixed asset acquisition

  • Debit – Asset acquisition account
  • Credit - 999903

Once the acquisition journal has been posted business user can view the voucher

Depreciation

We will use the fixed asset depreciation journal to run the depreciation for the fixed asset. Make sure that the status of all the asset must be 'Open'. The open status means that the fixed asset is already acquired in the system.

First

Also, in the depreciation fast tab, 'Calculate depreciation' checkmark must be enabled. The system will start calculating the depreciation based on Placed in Service and Depreciation Run date.

Use the depreciation proposal to run the depreciation for all the asset on the 1st July 2019. The system will propose the below entry for the depreciation.

  • Debit – 999903
  • Credit – Accumulated depreciation

Once the fixed asset depreciation has been posted, check the Voucher

Fixed Asset Books Status

Once the fixed asset acquisition and depreciation has been posted we can see that the status of the fixed asset is 'Closed' in the below Screenshot.


Ledger balance (999904 for ledger balance)

In order to upload the opening balances in the Live/production environment, we will create one account 999904. Use the General journal to upload and record the ledger balances. Below is the screenshot for your information.

Reports

For verification purposes following reports are available in the system.

  1. Trial balance
  2. Vendor invoice transactions
  3. Customer invoice transitions
  4. Fixed asset balance report
  5. Bank transactions

Conclusion

  • Once we complete our migration process and post all the Opening balance the net balance of account 9999XX will be zero. Also, we need to suspend this account for future transactions.
  • We also need to suspend the Opening balance journals as well as the voucher series for the opening balance.

If you have any feedback or concern please feel free to share.


Cheers (Y)

Ali Danish

Microsoft Dynamics D365FO Consultant