I am working on setting up our first SAP B1 client and I have challenges setting up the opening balances. I have reviewed many materials on the partner portal and also searched the forum for answers with no luck.
Based on the resources reviewed and studies carried out, I have identified that we need to set up the following opening balances
1. GL Balances: - We have gotten the last trial balance from the customer and we would be picking the GL balances for balance sheet items from the trial balance. We also have set up the opening balances account and specified this in GL Determination. If the figures are okay, the opening balances account should be 0 once we specify all balances.
2. Business Partner Balances: - I noticed that the opening account specified in the GL account determination is automatically selected. But posting the BP balances leaves a balance in the opening balances account. How do I resolve the figures in this account since the account should be 0.
3. Inventory Balances: - The Inventory Opening balance screen requires an inventory open account which does not exist under GL determination and the opening balances account created is not automatically selected. I selected the account and also experienced the same scenario with the BP opening balances.
My questions are;
1. Which accounts should be specified as the opening balances account for BP and Inventory?
2. How do I ensure that the balances are 0 after posting BP and Inventory balances?
3. How do I reconcile the figures created in the opening balances account after posting BP or inventory balances?
There is no how to guide on opening balances and I would appreciate any guide or answers that can be recommended.