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1

how to create the opening balance in accounts

By
Micheal Gan
on 4/11/13, 4:16 AM 12,719 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
1
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

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 4/11/13, 9:25 AM

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
0

ton123

--ton123--
1418
| 5 6 9
Lisse, Netherlands
--ton123--
End-User. Installed 6.1.1 on a DS412+, DS211+ and DS113J Synology NAS. Reference installation on Ubuntu 12.04/Samsung Notebook. 12-03-2013 In production for Suppliers and Customers, adresbook. 7 small companies. Testing accounting, document management, import and export. Too much showstoppers I haven't fixed at this moment. 06-05-2013 little progress. Migration to v7 impossible because of missing Dutch localisation modules. What I see working is nice, so further testing and asking. Start testing products and warehouse. Happy with this forum and the community.
ton123
On 4/11/13, 9:41 AM

thank you

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

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Asked: 4/11/13, 4:16 AM
Seen: 12719 times
Last updated: 9/21/16, 6:39 AM