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uploading Opening Balances

former_member269992
Participant
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72

Hello All,

I have following questions in my mind, please help to clarify,

1. I am in a process of uploading Opening balances. After uploading openings, is it possible to make changes in the opening or is there any other option to do changes.

(Because client is providing me opening data and Trial balance will be prepared by 15th of April, So I can't verify the openings now).

2. Why we need to use opening balance Offset Account.?

3. To upload A/P and A/R Invoices, if we have to use Opening balance Offset Account.

In which drawer we have to create this account.?

Thanks & regards,

Hitul

Accepted Solutions (1)

Accepted Solutions (1)

Former Member
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Hi Hitul,

Yes, You can change Opening Balance later on also.

You can create offset account for opening balance in equity drawer.You can also use suspense account as offset account.

Thanks,

Harshal

former_member269992
Participant
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Hello Harshal,

1. For both (A/P Invoice and A/R Invoice), we have you use same Account right?

2. Do we need to use Offset account for any other openings?

Thanks

Hitul

former_member269992
Participant
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Hi

Please confirm ControlAccount

                       CtlAccount     

We have to use above column to select offset Account. Right?

Regards,

Hitul

Former Member
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Hi Hitul,

I suggest you to create two offset account for Supplier and Cutomer as below

Creditors Opening Offset Account - For Supplier

Debtors Opening Offset Account - For Customer

Other Offset account are Inventory Offset account for Stocks and GL Offset account for GL Accounts.

Thanks,

Harshal

Former Member
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Hi,

These are the control accounts.

1. Inventory(Assets). This account reflects net of stock balances

2. Trade Debtors (Assets). This account reflects the net of customer balances

3. Trade Creditors (Liabilities). This account reflects the net of vendor balances

Thanks,

Harshal

former_member269992
Participant
0 Kudos

Hi Harshal,

Thank you for your help

So I need to create 4 Accounts.

1. Creditors Opening Offset Account - For Supplier

2. Debtors Opening Offset Account - For Customer

3. Inventory Offset account for Stock

4. GL Offset account for GL Accounts.

in Equity drawers.

Please confirm that which field is use for these accounts in templates. (OINV, OPCH etc)

Thanks & Regards,

Hitul

former_member269992
Participant
0 Kudos

Hello Harshal,

I got confuse with your following replay.

Hi,

These are the control accounts.

1. Inventory(Assets). This account reflects net of stock balances

2. Trade Debtors (Assets). This account reflects the net of customer balances

3. Trade Creditors (Liabilities). This account reflects the net of vendor balances

Thanks,

Harshal

Please help me with 1 final summery.

Thanks & Regards,

Hitul

Former Member
0 Kudos

Hi Hitul,

Ignore this reply and as said earlier and as confirm by you create following accounts

So I need to create 4 Accounts.

1. Creditors Opening Offset Account - For Supplier

2. Debtors Opening Offset Account - For Customer

3. Inventory Offset account for Stock

4. GL Offset account for GL Accounts.

Thanks,

Harshal

former_member269992
Participant
0 Kudos

Hello Harshal,

Thank you so much.

Regards,

Hitul

Answers (0)