Set Opening Balances[MIGRATED]

MIGRATED TOhttp://wavelet.asia/customer-portal/2011/05/19/set-opening-balances/
  • Accounting > Maintenance > General Ledger > Set Opening Balances


  • Click on 'Set Opening Balance', the screen below will appear.
  • Select a PC Center from the drop down list and click 'Set PC Center' so that when user enter the opening balance later, it will be recorded in the selected PC Center. 

  • User will note that the field for PC Center will not appear in red after the PC Center is set. The fields to enter the opening balance will appear.
  • Type in the GL code in the field and this will automatically bring the drop-down list of the GL code that correspond to the keyword entered.

  • Then enter the opening balance in the debit or the credit side for the account. Click on 'Add Item' to add the account into the list.
  • User will need to enter the opening balance line by line referring to the balance sheet.
  • Note that if the opening date is 01-01-2009, when user enter the opening balance, user will need to refer to the balance sheet dated up to 2008-12-31.

  • When all accounts are entered and the opening balances is balanced, click 'Save Opening Balance'.
  • Please note that the 'Save Opening Balance' button will not appear if the debit and credit total is not equal.

  • When user click on 'Set Opening Balances', all the transactions dated before the opening date will be listed by the system.
  • In this case, since the opening date is 01-01-2009, so the transactions dated before 01-01-2009 will appear in the list.
  • User will be prompted to delete the transactions.
  • Click 'Yes, remove the transactions below'.
  • The system will only remove the journal transactions. The credit memo, GRN and invoice that is created will not be deleted, it will still appear in the respective listing.

  • The journal transactions are deleted because these transactions will be included in the balance sheet dated 31-12-2008. If these journal transactions are not deleted, then the transactions will be recorded twice in the system.