i create one opening balance it will enter as the credit and also the debit so my account is not balanced
Odoo is the world's easiest all-in-one management software.
It includes hundreds of business apps:
- CRM
- e-Commerce
- Accounting
- Inventory
- PoS
- Project management
- MRP
This question has been flagged
3
Replies
3912
Views
Opening balance is not supposed to balancing of all accounts. The total debit and credit will be same. Opening entry will create one journal entry with balance of all accounts in previous year. All the expenses and revenue will be zero on opening entries generated for a new fiscal year. Balnces in these accounts are getting transferred to Default Debit & Credit account selected in opening journal.
Opening balance is not supposed to balancing of all accounts. The total debit and credit will be same. Opening entry will create one journal entry with balance of all accounts in previous year. All the expenses and revenue will be zero on opening entries generated for a new fiscal year. Balnces in these accounts are getting transferred to Default Debit & Credit account selected in opening journal.
Enjoying the discussion? Don't just read, join in!
Create an account today to enjoy exclusive features and engage with our awesome community!
Sign up