Data Migration is a task in the Designing Phase according to Microsoft Dynamics Sure Step 2010 Implementation Methodology one of data migration tasks is Opening balances which migrate closing balances of the previous fiscal year to be opening balances in MS Dynamics AX 2009 period.
Financial consultant from partner side and financial team from customer side working together to agree on the opening balances upload approach and mapping requirements in case there are changes in Chart of Accounts between legacy system and MS Dynamics AX.
There are two (2) approaches to upload opening balances into MS Dynamics AX 2009, and consultant can mix between the two approaches.
First approach; separate the upload of ledger accounts (Trial balance) and sub modules (Accounts Payable “vendors”, Accounts Receivables “Customers”, Bank, Inventory, and Fixed Assets) by using Error Account as offset account in sub modules
In this approach the balances upload of all GL Accounts opening balance it should be balanced, and for sub modules the Financial Consultant must create new posting profile for opening balances for each sub module in order to upload opening balances for sub module and the entry will be Dr. Error Account, Cr. Error Account.
This approach will take time from Financial Consultant and Customer financial team in order to ensure that the GL account and sub modules are reconciled, in addition to ensure the balance of Error account is zero.
Second approach; upload opening balances of GL account (trial balance), banks, vendors, and customers by GL entry by using account types (Ledger, customer, vendor, and bank) in General Journal vouchers in order to upload sub modules by breakdown, that will affect GL accounts of customers, vendors, banks by the posting profile, and that will be reconciled by breakdown (customer, vendor, and bank).
At this approach the opening balance template sheet should be broken down by sub module (vendor, customer, and bank) and specify of the used posting profile.
Regarding Fixed Assets, and Inventory it’s recommended to use the first approach by error account.
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