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From where to enter opening balance entries?

By
murtaza
on 9/17/13, 10:40 AM 4,348 views

We want to implement OpenERP in a running business where for example we have about $4500 in bank and $200 in cash. How to make these entries and where?

Before posting these entries, you must know the credit counterparts; this can be Capital or any debt account (suppliers or a loan from bank etc...)

AD LIBITOM, michel Guénard
on 2/16/14, 5:06 PM
1
Gregoire Huet
On 9/17/13, 10:42 AM

Into Accounting > Journal Entries > Journal Entries

AJ

"You cannot validate a non-balanced entry. Make sure you have configured payment terms properly. The latest payment term line should be of the "Balance" type." I am getting above error while creating opening entry in Journal entries. In Journal Entries I clicked on "Create", Selected "Bank" in Journal, Selected "Opening Period 2013" in Period, Clicked on "Add an item" in Journal Items, Enter "Balance as of 1 Aug13" in Name, Selected "110402 Bank" in Account, "4500" in Debit. When I save this it shows Status "Unbalanced". I am confused that if it would remain unbalance or i am making mistake.

murtaza
on 9/17/13, 11:26 AM

I am getting above error while I click on red button "Post".

murtaza
on 9/17/13, 11:54 AM
1
Farook
On 2/15/14, 1:19 PM

Dear Murtaza, You can create Opening Entries as explained below

1) Create an Opening Entries Journal: In most of the Chart of Accounts this comes by default. If it's not present, create a journal "Opening Entries Journal" with Type="Opening/Closing Situation". Check the "Centralized Counterpart" option. 1a) create an Account "Opening Expense Account" of Internal Type="Regular" and Account Type="Expense" and set this as the Default Debit Account for the above journal 1b) create an Account "Opening Income Account" of Internal Type="Regular" and Account Type="Income" and set this as the Default Credit Account for the above journal

2) Now go to Accounting->Journal Entries-> Journal Entries and click "Create" to create the opening journal entry

3) Now select Journal="Opening Etnries Journal" and add all your Accounts here with their Opening balances. Make sure you enter the amount in credit or debit columns based on the opening balance type of respective accounts

4) Once all entries are made, save the journal entry and post it. If the opening entries you entered are unbalanced (means sum of credits are not equal to sum of debits), then automatically the balance amount will be posted to the Default Debit Account or Default Credit Account of the Journal created in the first step

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Asked: 9/17/13, 10:40 AM
Seen: 4348 times
Last updated: 3/16/15, 8:10 AM