How To Enter GL Opening Balance

The opening balance is the first entry in a firm's accounts, either when they are first starting up or at the start of a new financial year. 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.

How to Configure:

Step 1: Navigate to Accounting>>Chart of Accounts

Step 2: Click on +Add account

Step 3: Create GL accounts for Assets,Liabilities, Income,Expenses, Here I am adding it for "Assets"

Step 4: Similarly create GL accounts for Liabilities,Income,Expenses

Step 5: Create a GL account "Opening Balances Contra Account" with account type "Equity"

You can see this GL account in chart of accounts in below screen:

Step 6: Next go to Accounting>>Accounts Linked to Financial Activities

Step 7: Click on +Define New Mapping to define financial activity

Step 8: In Financial Activity Mapping screen set "Financial Activity" drop down as "Opening Balance Transfer Contra"  and set "Account" drop down as "Opening Balances ContraAccount (OB21)"

Step 9: Next navigate to Accounting>>Migrate Opening Balances

Step 10: Select the appropriate Branch  and Currency  from the drop down and click on 

Step 11: Next define the Opening balances , a sample entry is shown in below snapshot

Step 12: On submit Opening Balances are set.