Opening Balances - If new Fiscal year is not yet created:
Open previous Fiscal year of the Company
Go to “New fiscal year” or “Opening balances - Carry over to new fiscal year” from “Year end closing” section on the left side of the screen
Give Profit & Loss account number, previous year Profit/Loss will be carried forward to this account
“Create all missing accounts” – to be ticked to create all Accounts in new Fiscal year
Now click on “Execute” button.
New Fiscal year is created with all accounts from previous year along with their Opening balances.
Opening Balances - If new Fiscal year is already created:
Open newly created Fiscal year
Click on “Opening balances” tab from “Year end Closing” section on left side of the screen
Click on “Update from N-1” button to update opening balances from previous year
In the next screen, select Profit and loss account number to which previous year Profit/Loss to be carried forward
“Create all missing accounts” – to be ticked to create all missing accounts of previous year in new Fiscal year, else, only missing Balance sheet accounts will be created
Now please click on “Execute” button.
Accounts have been created and/or updated with Opening balances.
Opening Balances - Edit manually:
Open relevant Fiscal year
Click on “Opening balances” tab from “Year end Closing” section on left side of the screen
Double click on the balance and edit it manually, opening balance will be auto-saved.
