The opening balance is the first entry in a firm's accounts, either when they are first starting up or at the start of a new financial year.
The opening balance can be found on the credit or debit side of the ledger, depending on whether or not the firm has a positive or negative balance.
How to Configure:
Step 1: Navigate to Accounting then select Chart of Accounts from the menu which looks like the one shown below;
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Sum of all the credits must be equal to sum of all debits. |
Step 12: On clicking submit Opening Balances are set.
