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Balance Field in chart of account? how to give values

By
umer farooq
on 9/20/13, 9:19 AM 736 views

Hello, I am setting up accounts module for my office and have little knowledge of accouting.First I need to create Accounts and i want to give them some opening balance description is here:

CODE Name Debit Credit Balance cumpany currency Internal Type

10100 Capital 0.00 0.00 0.00 $ View

now sub account for capital.

CODE Name Debit Credit Balance cumpany currency Internal Type

101001 Director-1 0.00 0.00 0.00 $ Regular

CODE Name Debit Credit Balance cumpany currency Internal Type

101002 Director-2 0.00 0.00 0.00 $ Regular

now how can I define Opening balance of my company?? note: any value given in debit becomes 0 when i save it.?? please help me out in it.

1

michel Guénard

--michel Guénard--
1033
| 5 5 8
VIROFLAY, France
--michel Guénard--

VP operations & finance Social entrepreneur Certified Public Accountant Past Chief internal auditor

michel Guénard
On 9/21/13, 10:39 AM

I would recommend you to post accounting entries using the Miscelleanous journal:

one by one you debit or credit the various accounts with their initial/ opening balances

for instance, at the creation of the company

Capital 1000 on the credit

Bank account 1000 on the debit

can you please elaborate it. i have 0 knowledge of accoutning please thank you.

umer farooq
on 9/24/13, 12:34 PM

at the company creation time, the owner puts some cash in that cy, say 1000 $ to start operations; Thus the first accounting entry recognizes the initial capital as 1000 $ has been deposited at the cy's bank account. Credit side means cy's financial resources, and Debit side means how we employ the resources; in your case your initial capital is employed as a treasury position; which you will transform into say purchases etc...

AD LIBITOM, michel Guénard
on 11/8/13, 8:09 PM

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Asked: 9/20/13, 9:19 AM
Seen: 736 times
Last updated: 3/16/15, 8:10 AM