Beginning at the main screen, click on Accounting. This will launch the Accounting menu.
Select Migrate Opening Balances
Create a Contra-account (for example. Opening Balances Contra-account, which would be an Equity account)
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.
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.
Note: a) Prior to this, no transactions should occur. b) You should follow the mentioned conditions below 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 be equal to Total credits. |
Be cautious that Opening balances are set before making any journal entry in accounting system. If you fail to do so, you won't be able to set the opening balance. Below are a few scenarios which should not be done before setting opening balance.
Related articles appear here based on the labels you select. Click to edit the macro and add or change labels.