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?
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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
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
