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Hi All,
Can anyone please explain why 'Opening Entries Journal' must have Credit/Debit accounts mentioned while closing a Fiscal Year. I am not able to close a fiscal year and an error is thrown saying I must update Credit/Debit account fields in the Opening Entries Journal and I am not sure what accounts heads should I put there.
Please help.
Abdul Gafoor
Please paste error here, so we can give you the proper answer.
But, I think you have to set Credit and Debit account in Opening Entry Journal, Normally Here company's suspense account comes.
Because of after you close the fiscal year, your closing balance become opening balance for next year.
So, configure your Opening Entry Journal with Credit and Debit account.
As you know, accounting entries ALWAYS require that the sum of the debits equals the sum of the credits.
Thus, when you post entries in the Opening enties journal, this journal must be configured with the proper accounts.
As this journal is for recording opening entries, the accounts are only those accounts that belong to the balance sheet (no P/L accounts)
ex: Capital; debts; fixed assets; stock; customers; bank; petty cash
User Error!
The journal must have default credit and debit account.
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