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.
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|Asked: 8/18/14, 5:21 AM|
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|Last updated: 3/16/15, 8:10 AM|