The opening balance is the balance that is brought forward at the beginning of an accounting period from the end of a previous accounting period or when starting out.
The opening balance is the amount of funds in a company's account at the beginning of a new financial period. It is the first entry in the accounts, either when a company is first starting up its accounts or after a year-end.
In an operating firm, the ending balance at the end of one month or year becomes the opening balance for the beginning of the next month or accounting year. The opening balance may be on the credit or debit side of the ledger.
- How to Create New Opening Balance?
- How to Edit Opening Balance?
- How to Delete Opening Balance?
How to Create New Opening Balance?
1. In the Master Information menu, select Opening Balance.
2. Click Grid Add (+ Button).
3. Select Ledger.
4. Type Dr. Amount or Cr. Amount.
5. If we have extra/blank ledger field then we remove it by clicking delete button.
6. Or if we need more ledger field then we add it by clicking + button.
7. Click Save.
How to Edit Opening Balance?
1. Click Inline Edit Button.
2. Update Ledger Name.
3. Type Update Dr. Amount or Cr. Amount.
4. Click Update.
How to Delete Opening Balance?
1. Click Delete button on the Opening Balance which you want to Delete.
2. Click OK.