Opening balance is entered at time of business operations and year after opening balance is carried on from one accounting period to new accounting period. The opening balance can be found on the credit or debit side of the ledger, depending on whether or not the firm has a positive or negative balance. To add Opening Balance. Follow below mentioned steps:
- Click on setting, finance and then Opening Balance.
- Enter date and reference number in General Opening Balance details.
- Type the Account Name, description and amount in debit field in opening balance item Details.
- If needed enter additional account name, description and amount in another field.
- Click on add more to enter more accounts.
- Press save to save the opening balance.