Knowledge Base

1. Select Location,
2. Select Opening balance date
3. Set Details as Opening Balance
4. Enter items, quantity (+ or -) and cost one by one and click Add Item
5. Click Process Adjustment to save
6. Check the effect in the inventory reports to verify.

HOW TO ENTER OPENING BALANCES OF CUSTOMER AND SUPPLIERS VIA JOURNAL VOUCHER (JV)

1. Go to General Ledger->Transaction-> Journal Entry
2. Select Account Receivable or Account Payable from Account Description drop down
3. Set Details as Opening Balance
4. Select Customer/Supplier from Counter party drop down
5. Enter amount
6. Repeat the procedure for all the customers/suppliers
7. Now balance the entry by selecting the contra account – Opening Balance Equity, and enter the amount.
8. Enter amount
9. Save by clicking Process Journal Entry button

Customer Opening Balance(alternative method):

1. Select Customer and opening balance date
2. Enter OB in item code and enter total opening balance amount of that customer in Price after Tax and click add item.
3. Click Place Invoice to save
4. Check the ledger from Customers->Reports->Customer and Sales Report->Customer Balances to verify the Opening Balances in Accounting Software and Dynamic ERP

Supplier Opening Balance(alternative method):

1. Select Supplier and opening balance date
2. Enter OB in item code and enter total opening balance amount of that supplier in Price After Tax, click add item
3. Click Place Invoice to save
4. Check the ledger from Suppliers->Reports->Supplier and Purchasing Report->Supplier Balances to verify the balance

Cash and Bank Opening Balance:

1. Select opening balance date
2. Select account name from Account Description
3. Enter opening balance amount in Debit column (e.g 10,000)
4. Enter Memo (e.g Opening balance of Bank XYZ as at 1.7.2013)
5. Click Add Item
6. Now select any other cash or bank account if required and repeat steps 3-5 above
7. Select Account – Opening Balance Equity
8. Enter the accumulate balance in the Credit column and click Add Item
9. Enter the accumulate balance in the Credit column and click Add Item
10. Save by clicking Process Journal Entry button
11. Check View this Journal Entry to verify the transaction effect.