How to setup GL Opening Balance

How to setup GL Opening Balance

Overview:

Part of the initial configuration of a new Company is entering the Opening Balance. By having an Opening Balance, the company can generate a complete report at the end of their Financial Period

For companies that will start with their 1st month of Accounting Period, Balance Sheet must be the basis of the GL Opening Balance. On the other hand, Trial Balance must be used if it will start in any month of the Accounting Period.

Procedure:

1. To settle the Opening Balance, In Navigation Pane, go to General Ledger > Opening Balances

2. Click the arrow to view sub accounts

3. Enter GL amount either in the Debit or Credit column.

4. Once done, click Save. Difference, Total Debit & Credit on the header will be updated.

Note: User can always repeat the process until the values are final.

Application:

Balance amount is not reflected in all financial reports

Note: There are disabled GL accounts in which values cannot be inputted thru GL Opening Balance. These accounts are considered Special Accounts e.g., Debtor Account (DAC), Creditor Control Account (CCAC), and Stock Account (SAC).

For further concerns regarding this matter, please contact support to assist you or create ticket thru this link https://support.qne.com.ph