How to set up Opening balance for Vendors/Customers?
Hi, I have successfully set up the opening balance for my Banks. What I did was:
1- Created a journal (Bank A).
2- Created an account head in my Chart of Accounts (Bank)
3- Imported Statement & reconciled.
The balance for this bank in General Ledger was adjusted/linked with the transactions.
Now, when I try to set up opening balances for my vendors/customers, that opening balance does not adjust/link up with the journal entries.
Please see these images for reference. For Eg: Vendor A had a balance of 15,000 on 31st December 2016.
Now when I create a journal entry on 1st January 2017, and make a 10,000 payment to Vendor A, the net balance should be 5,000.
Kindly help me asap. I have tried many different things, but the last year's balance does not affect this year's transactions/entries, like the Bank does.