What is the opening balance?
The opening balance is the amount of funds in a company’s account at the beginning of a new financial period. Opening balances are most important when a company finishes an accounting year and ends up with a closing balance – the last balance in the accounts. This balance is carried forward to the new financial year accounts and then becomes the opening balance – the first entry in the new accounting period.
Besides, opening balances are important if you transfer your accounts from one accounting system to another System. In this case, the last entry in the old accounts is the opening balance in the new accounts.
Step 1: Open the Accounts module and click on All vouchers.
Step 2: Select the Voucher type as Journal Voucher and Click Create(Single).
Step 3: Select the book as Opening Balance, Enter the Date and Click Save.
Step 4: Once Saved. Click add.
Step 5: Fill in the A/C Name, Narration, Amount, Dr/Cr, Exchange rate and Click Save and New to add other lines of charges.
Step 6: Add the final line item for the balance Credit/Debit as required to balance the previous line item and Save.
After this, the total summary should show the Credit amount and the Debit amount to be equal.
For further clarification, send your queries to Support@fresatechnologies.com because our motto is to help customers.
www.fresatechnologies.com – Your one-stop solution for freight software needs.