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1

how to create the opening balance in accounts

By
Micheal Gan
on 4/11/13, 4:16 AM 17,761 views

Now I use the OPENERP V7,but I don't know how to create the opening balance.Who can help me ?

7
Farook
On 2/15/14, 1:18 PM

Dear Michael 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

farook, can you please give your contact details surej@chemma.com

surej
on 10/1/14, 9:29 AM
2
John
On 3/13/15, 10:34 AM

Hello Farook,

I have, what I think is, a simple question regarding your answer which I hope you can help me with. 

 - I have followed your instructions step by step, the numbers in my opening entries (accounts) are correct, but I do not understand the amounts in the credit centralisation (opening expense account) and debit centralisation (opening income account). Can you explain how odoo comes up with these amounts and what the reason for them are?

Any help will be much appreciated as I am sure you too are busy.

I look forward to your response - Thanks!

1

Hi Micheal,

You can create opening entries in Invoicing/Journal Entries/Journal Entries menu. Hope it help let me know if you have any query.

Regards, Mustufa Rangwala

thank you

Micheal Gan
on 7/16/13, 11:56 PM

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Asked: 4/11/13, 4:16 AM
Seen: 17761 times
Last updated: 10/27/17, 4:07 AM