(A) Before you proceed to Set the GL Opening, please make sure you have gone through the checklist below :

Checklist

No	Tasks	How?	Done
1	Ensure opening stock Quantity and Amount are correct	Go to Inventory -> Stock Reports -> Historical Stock Balance Report. Generate the report for all locations under the specific PC Center as of 2008-05-31. Check if Total Quantity for each of the items is accurate. If is not accurate, you can either do GRN / Purchase Return to increase / decrease that item's quantity. Check if Total Cost(Txn) matches your Balance Sheet's Inventory as of 2008-05-31. If do not match, then please identify which items is causing the discrepancy and contact Support Team for further advise.
2	Ensure account payable opening balance is correct	Go to Supplier -> Historical AP Balance Generate the report for the specific PC Center as of 2008-05-31 Check if the Net Total amount matches your Balance Sheet's accPayable as of 2008-05-01. If do not match, please identify which Supplier is causing the discrepancy then you can create Credit Memo and back date it to 2008-05-31 to make the necessary adjustment.
3	Ensure account receivable opening balance is correct	Go to Customer -> Historical AR Balance Generate the report for the specific PC Center as of 2008-05-31 Check if the Net Total amount matches your Balance Sheet's accReceivable as of 2008-05-01. If do not match, please identify which Customer is causing the discrepancy then you can create Credit Memo and back date it to 2008-05-31 to make the necessary adjustment.
4	Ensure cashbook opening balance is correct	Go to Finance -> Cash Level Generate the report for the specific PC Center as of 2008-05-31 Check if the Balance for all the cashbooks match your Balance Sheet's gl as of 2008-05-01. If do not match, please make the necessary adjustments through Cash Adjustment
5	Configure Financial Year in EMP	Go to Accounting -> Configurations -> Financial Year -> Add Financial Year Select the specific PC Center Key in 2008-06-01 as the start date Key in 2008-12-31 as the end date Click create now
6	Delete all Journals in EMP created as a result of setting  stock, account receivable and account payable  openings	Go to Accounting -> Configurations -> General Ledger -> Set Opening Balance Here you will see all the journals dated before your financial year (these are the journals created as a result of stock, account receivable and account payable openings) Click "Yes, remove the transactions below" to wipe out these Journals from EMP

Now, you will probably be asking :

Why do I need to Delete all Journals in EMP created as a result of setting stock, account receivable and account payable openings?

In short, this step is performed to prevent recording the amount twice in your Balance Sheet.

You may refer to the example below to understand further :

• To set the Stock Opening in EMP, you have created GRN
• When GRN is created, EMP automatically creates the corresponding Journal in your account. The journal created for a GRN with amount RM100 is as below :
  

GL	Debit	Credit
Inventory	100
accPayable		100

• As you know, this GRN amount is already part of your Balance Sheet amount as of 2008-05-31. Thus, if you do not delete this Journal, your Inventory GL in your Balance Sheet as of 2008-06-01 will be as below :

            Inventory = Inventory_opening_balance + Opening GRN amount (which is wrong)

        By right, it should only be

            Inventory = Inventory_opening_balance


After deleting these journals, then what happen to my stock, account receivable and account payable openings?

No worries, the Deletion will only deletes the Journals. The previously created GRN, CM and Invoices to record stock, account payable and account receivable opening balance will still be intact.


(B) Now, you are ready to key in your GL Opening Balance.

To do so, you may refer to Set Opening Balances.

You will notice that the Set Opening Balance function does not allow user to key in P&L GL, for example, generalSales, salesReturn, expenses.

You will probably be asking :

Why?

Unlike P&L, Balance Sheet is generated on a accumulated basis, from the very beginning of time, thus, the idea here is that you will only migrate you Balance Sheet over to EMP. As for P&L, you will get to generate you very first P&L from EMP after 2008-06-01 with the actual GRN / Invoice / PR / SR etc key-ed in directly to EMP. To generate the P&L before 2008-06-01, you will do it on your old Accounting System.

Thus, when preparing your Balance Sheet as of 2008-05-31 to be keyed in to EMP, make sure you have closed your account as of 2008-05-31 :

What it simply mean is, please make sure you have transferred you profit / loss from your P&L as of 2008-05-31 to a retainedEarnings GL. So that it will be entered into EMP as part of your Balance Sheet Opening Balance.

Once you are done, all you need to do now is hold the Balance Sheet as of 2008-05-31 in your hand, key the Opening Amount for all the GL in the Sheet into EMP one by one.



(D) Additional Info :

Retained Earnings GL :

This GL is not one of the default GL in EMP. You will need to create this GL yourself from Accounting -> Configuration -> Chart of Accounts -> Add GL Code. Then, you can fill up the values in the form as below :