You are in the middle or have completed implementation of Microsoft D365 for Finance.
You want to start doing Bank Reconciliations in D365;
you have data in the Trial Balance;
the Bank subledger has no activity.
Today we will show a strategy to perform a perfect data migration to populate your Bank Subledger synchronized with the Trial Balance.
You start with your manual or legacy system bank reconciliation.
For illustration we will assume you have
Trial Balance $100,000
Bank Balance $ 78,000
Outstanding Deps $ 35,000
Outstanding Chks $ 13,000
You balanced bank reconciliation before migration looks something like this:
1. Move to Clearing
Move the General Ledger Balance to a temporary clearing account, i.e. 109090, so that the bank account, i.e. 101010, has a zero balance as of your cut off date,
101010, Cash in Bank, Operating
109090, Clearing account
12/31/2022, Cut off date
Sample General Journal
General ledger > Journals > General journal
2. Move from Clearing
Prepare a General Journal to move transactions from the clearing acccount 109090 to the Bank Account "OPER" which is tied to the Main Account 101010.
Sample General Journal
General ledger > Journals > General journal
Your Bank Data Migration is now successful.
All values you need for your subsequent bank reconciliation are now populated in the bank sub ledger.
Bank Subledger Values
Note: The open lines match the orange values in the above bank reconciliation.
You have a detailed line to mark for the cleared value equal to the bank statement balance $78,000.
You have detailed lines for outstanding deposits, $35,000.
You have detailed lines for outstanding checks, $13,000.