Opening balance should be input on 31st March or 1st April.

[Former Member]

Hi all:

Plz tell me when should we have to enter opening balance in SAP B1 system.Whether it should be entered on 31st March( system date) or 1st April of the financilal year.

How the system react to the two ways of entering opening balance.Is there additional Journal Entry created by entering it on 1st April( system date) and if so what are their drawbacks.

Message was edited by:

Khushwant Sansowa

[former_member583013]

Hello Khushwant,

Typically when you migrate from a legacy system to SAP, you would close books as of month end in your legacy system and bring the balances over as of that date. As it seems in your case Mar 31st.

If you are doing Financial Year end in the legacy system then you could bring in balances as Opening Balance for the new Financial year in SAP as of Apr 1st.

There are no additional Journal Entries that will be required.

Suda

[former_member186095]

Hello,

I suggest you set posting period first by daily and not monthly or yearly, when at the first time creating database or if currently you did not define posting period of 2007.

Rgds,