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Generic Chart Of Account

By
Aminuddin
on 4/16/13, 3:34 AM 2,121 views

What does it means of Opening Income Account and Opening Expense Account? What about the opening and closing stock, which account will it reflect to?

1

Mustufa Rangwala (mra)

--Mustufa Rangwala (mra)--
Tiny ERP Pvt Ltd
http://www.odoo.com
853
| 2 1 4
Ahmedabad, India
--Mustufa Rangwala (mra)--

- Around 7+ years of strong experience in Odoo (Formerly OpenERP) which is world's largest Open Source Business Applications driven by CEO Fabien Pinckaers. - Played key role in developing and maintaining various Odoo Product modules and integrating them on Open Source ERP Environment. - Experience on Scrum methodology for project management - Experience in Team Building - Quick Start Implementations. - Worked on almost all versions (4.0, 5.0, 6.0, 6.1, 7.0, SAAS, Trunk(8.0)...) of Odoo (Formerly OpenERP) . Specialities: Odoo Business Process And OpenERP Implementation. Odoo Application Support and Maintenance. Odoo Technical & Functional Training. Business Process Mapping & Gap Analysis (Functional and Technical Analysis)

Mustufa Rangwala (mra)
On 4/16/13, 5:03 AM

Hi,

Opening Income Account and Opening Expense Account are for Opening entries for your last financial year. In OpenERP if you are using account in previous year and try to close that year you need to select Opening Entries Journal (This journal have set Opening Income Account and Opening Expense Account) so all centralized counter part entries for opening year will be debited/credited on that accounts.

opening and closing stock should be go to Internal type=Regular.

Regards, Mustufa Rangwala

0
Jad Baz
On 12/30/13, 4:45 PM

The title of this question is so different than its content, any account needs an opening balance, which is logically the balance at which it was closed in its previous period

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Asked: 4/16/13, 3:34 AM
Seen: 2121 times
Last updated: 3/16/15, 8:10 AM