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What is new in AX 2012 : The beginning balances for projects in microsoft dynamics AX 2012

Written by

Sandeep Chaudhury

in

, ,

Hi Friends,

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 :)

Comments

12 responses to “What is new in AX 2012 : The beginning balances for projects in microsoft dynamics AX 2012”

  1. Deep Avatar
    Deep

    Hi Sandeep,

    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.

    Cheers,
    Deep

    Reply
    1. Sandeep Chaudhury Avatar
      Sandeep Chaudhury

      Hi Deep,

      You need to check the Project Stage rules for the Internal Project and must enable the Beginning balances to be allowed for internal projects.

      Regards,
      Sandeep

      Reply
  2. pradeep itnal Avatar
    pradeep itnal

    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?

    Reply
    1. Sandeep Chaudhury Avatar
      Sandeep Chaudhury

      Hi Pradeep,

      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.

      Reply
  3. sudhakar Avatar
    sudhakar

    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 .

    Regards

    Reply
    1. Sandeep Chaudhury Avatar
      Sandeep Chaudhury

      What transaction status did you post the onaccounts into the system ?

      Reply
  4. Kari Wari Avatar
    Kari Wari

    Hi ,
    Great Post. Do you know how to upload the transactions into the beginning balance ledger using excel?

    Reply
    1. Sandeep Chaudhury Avatar
      Sandeep Chaudhury

      Hi Kari,

      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.

      Regards
      Sandeep

      Reply
  5. Junaid Idrees - Microsoft Dynamics AX Avatar
    Junaid Idrees – Microsoft Dynamics AX

    Dear Sandeep,

    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.

    Thank you.

    Reply
    1. Sandeep Chaudhury Avatar
      Sandeep Chaudhury

      Hi Junaid,

      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.

      Thanks
      Sandeep

      Reply
  6. nihar Avatar
    nihar

    nice article. Good to know that opening balances can be uploaded for Project driven clients.

    Reply
  7. Having troubles in migrating your projects from legacy/old ERP systems to microsoft dynamics AX 2012 ? « Sandeep Chaudhury- Dynamics AX blog Avatar
    Having troubles in migrating your projects from legacy/old ERP systems to microsoft dynamics AX 2012 ? « Sandeep Chaudhury- Dynamics AX blog

    […] https://sandeepchaudhury.wordpress.com/2011/07/24/what-is-new-in-ax-2012-the-project-begining-balance… […]

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