1. Pre-setting
The Setting below must complete before post the Opening Journal
1.1 Accounting Period - Create Accounting Period
1.2 Exchange Rate - Setup Exchange Rate for each Currency
1.3 Chart of Account - Select Direct Posting for Bank, AR, AP accounts for post the entries for Opening
IMPORTANT: After Post the Opening Journal, un-select “Direct Posting” for Bank, AR and AP accounts
2. In General Journal - Create batch for GL account, AR, AP account respectively
If use separate no. series for opening journal, user can set up in no series table and fill-up the no. series code into the GJ Batch
3. Enter Opening Entries
3.1 Batch for G/L opening
- Account type in the batch should be G/L Account.
- If the opening amount for the G/L account by dimension, separate entry for each dimension
- NO need to breakdown AR or AP account into individual customer/vendor at the moment, just input the opening in TOTAL amount.
3.2 Batch for A/R opening
- This batch is to breakdown the TOTAL opening that we just input in the batch “GL-Opening” into individual customer invoice.
If the customer invoice is in foreign currency, ensure that the total amount of “Amount (LCY)” MUST BE THE SAME AS “GL-Opening” - IMPORTANT - The combination for Document No. and External Document MUST be unique for identify the sales invoice
- “Document no.” will be carry forward to Customer Ledger Entry, when Customer made payment to certain invoices, finance user can identify from “Apply to document no.”
3.3 Batch for A/P opening
- This batch is to breakdown the TOTAL opening that we just input in the batch “GL-Opening” into individual vendor invoice.
Again, if the vender invoice is in foreign currency, ensure that the total amount of “Amount (LCY)” MUST BE THE SAME AS “GL-Opening” - “Document no.” will be carry forward to Vendor Ledger Entry, when made payment to Vendor, finance user can identify from “Apply to document no.”
- IMPORTANT - The combination for Document No and External Document No MUST be unique for identify the vendor invoice