Opening balance Part 1:- Microsoft Dynamics NAV/BC

There are lot of queries come my way from juniors or people who are starting their career in ERP field. 

What are opening balances?

Opening balances are generally the first entry which we enter from start of the financial period. 

Let us see the real ERP life example. Suppose there is company called ABC General Trading LLC. Company ABC is using a local ERP for last 5 years and want to move to new Business Central/Navision ERP beginning of year 2019. As they are already using some local ERP it will have closing balance at the end of year 2018. Suppose there is closing balance of Customer is USD 50,000. There are total 3 customers Active Distribution, Sintech Distribution, Infotech Distribution having balance of USD 25,000, USD 20,000 and USD 5,000 respectively. Let us import there opening balances in Business Central/Navision starting year 2019.

Opening balance format for Navision/Business Central for 3 customers.

Put the above opening balance format in General journal and post them.