Understanding financial management in action
Here, we will understand the process of financial management through the opening balance and various daily transactions.
Opening balance
When a company migrates from a legacy ERP solution to Microsoft Dynamics AX, one of the important data migration tasks is creating opening balances in the new Dynamics AX system based on the closing balances of the previous closed period (often the fiscal year) from the legacy system.
In order to ensure the accuracy of your Dynamics AX's opening balances, it is important to take a systematic approach to the process of planning, designing, and executing the migration of data for trial balances and subledgers, as well as validation and reconciliation of these elements along with the general ledger, subledger, and financial dimensions. In this section, we will lay out the process and elements involved in creating new opening balances in Microsoft Dynamics AX from a legacy system.
Elements of opening balances are...
