In one of my earlier posts, i explained all the new exciting features that are added in the project management and accounting module in Microsoft dynamics AX 2012.
Here, in this post I will explain one of the features which is the project beginning balances.
This new feature will help organizations in transferring projects to Microsoft dynamics AX 2012 from legacy project management systems without affecting the general ledger.
For e.g. , if you have been tracking a project in an outside application but managing costs and revenue in AX , you can transfer the project to AX , specify a beginning balance and then track all information at once place only.
Let us learn how to create and post a beginning balance on a project. Below are the steps.
- The creation and posting of beginning balance transaction is allowed even when the project is in the Created state.
- Navigate to Project management and Accounting > Common > Projects > All Projects.
- Click on the New > Projects on the action pane to create the new project.
- Click Setup > beginning balances menu button on the action pane.
- Click New button the action pane.
- Select Begbal as the journal name for the newly created record.
- Click on Lines action pane button.
- Create the beginning balance journal lines which can be either Hour/Expense/Item/On Account and Fee type.
- Click the Post button on the action pane. This will post the beginning balances for the project.
Now verify that this posting of the beginning balance has affected the project statements where as the ledger remains unaffected.
Please let me know if you have any questions on this and i will be glad to answer further. ThanksSandeepKeep DAXING 🙂
12 thoughts on “What is new in AX 2012 : The beginning balances for projects in microsoft dynamics AX 2012”
Can you confirm that for internal projects also the process is same since Begining balance is disabled to me when i create a project of type Internal – Cost.
You need to check the Project Stage rules for the Internal Project and must enable the Beginning balances to be allowed for internal projects.
hi sandeep due you have any idea, if begging balances for projects can be reversed? we did migrated some begging balances, but there seem to some issues with migrated data so we want to reverse already posted beginning balances it it possible?
AX does not allow to reverse or adjust the beginning balance transactions.You could post negative beginning balance lines to nullify the project sub ledger impact.
Hi Sandeep, i am using these journal for migrating projects but the strange think found out on accounts posted through this are editable even after posting . is there any purpose for this .
What transaction status did you post the onaccounts into the system ?
Great Post. Do you know how to upload the transactions into the beginning balance ledger using excel?
Are you talking about the project beginning balances ? If Yes, the standard Excel-Add in feature does not support this yet. You will need to write custom script to have these loaded using excel. If you have less number of records, you could just post beginning balance journals manually.
I’ve a question related to Project closed transaction. I’m talking about hour journals which i want to migrate into AX 2012 from legacy system of 4 years. Means 12 batches in 1 year.
Can i use this beginning balances functionality to do the same?? Please suggest since these are closed transactions not open.
What’s ur feedback regarding the same & please share your suggestion in terms of financial impact & steps need to be followed.
First thing I would like to understand is, why do you need the closed hour journal transactions in the AX 2012 system.
If you want to achieve this, you can just select the “Never ledger” option when posting Beginning balances in AX 2012. This will not update your GL.
Let me know if you need more information.
nice article. Good to know that opening balances can be uploaded for Project driven clients.