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As a Head Accountant, I wish to set the opening balances for GL (General Ledger) accounts for a branch or entire organization.

This makes it easier for an organization wanting to move to Mifos to transfer GL account balances (from their existing accounting application or manual system) to Mifos X Accounting.

On this page:

Step 1: Go to "Global configuration" (Admin>>System) 

Enable "office-opening-balances-contra-account"  


Step 2: Go to "Chart of accounts" (Admin>>Accounting) 

Create a Contra Account (for ex. Opening Balances Contra Account - which is usually an Equity account)


Step 3: Go to "Accounts linked to Financial Activities" (Admin>>Accounting)

a) Click on "Define New mapping" 

 

b) Select and update the mapping as mentioned below:- 

    Financial activity: Opening Balances Transfer Contra 

    Account: Opening Balances Contra Account

    Then click on Submit. 

Step 4: Go to Migrate opening Balances (Admin>>Accounting) 

 

a) Select the desired office from the drop down

 

b) Select "Date of Opening Balance" 

    Select "Currency" 

    Enter Debit balance - Amount in the field box, with respect to your GL account. 

    Enter Credit balance - Amount in the field box, with respect to your GL account. 

    Then click on Submit button to pass the opening balance entries. 

 

Key Error Messages

Note:

a) Prior to this no transactions should happened.

b) You should follow the below mentioned conditions before you pass the Opening balance entry:

>> Either debit or credit balance may be specified for a particular account

>> Both debit or credit balance may NOT be specified for a particular account

>> Total debits should equal to Total credits.

 

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