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Hello Guys i want to set new opening balance for fiscal year,means while starting a business i have cash amount 50000,building 40000, with these entires i want to these entries in opening/Closing balance journals in indian accounting system ,& i want to know what we set in default debit & credit account
Thanks Regards Ashish Singh
Dear Ashish, 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
Thanks for reply Farook, But my Problem is ,while creating opening journals suppose i have cash- 50000(Dr),Building-30000(Dr),Land-50000(Dr) and in credit side capital-130000(Cr),then i have to create these account in my chart of account ,then why we chose default debit & credit account & we had never pass entries in default debit & credit account....Pls reply
Opening Balance
Dear Rawish, in your above case you don't need the default debit and default credit account at all. They are required only in those cases where sum of debits don't match sum of credits while entering the opening entries. In such scenarios the unbalanced amount is moved to the default debit/credit account by openerp automatically. In your above case since both credit and debits are matching, you don't need the default debit and credit accounts
Hello,
Go to accounting --> Periodic processing -> end of period menu select Generate Fiscal Year Opening Entries wizard, define new fiscal year. This wizard will generate the end of year journal entries of selected fiscal year. Note that you can run this wizard many times for the same fiscal year: it will simply replace the old opening entries with the new ones.
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