• Registered: 09/21/2010
  • Posts: 5

Topic: How to add opening balance in GL Accounts

if we want to start accounting with your software in financial year 2010- 2011. 
How to add opening balance  in ledger (creditors, debtors, bank account, loan accounts, patty cash )

  • Registered: 12/25/2007
  • Posts: 2,446

Re: How to add opening balance in GL Accounts

You have detailed instruction on this  in FA Wiki

  • From: Canada, QC, Montreal
  • Registered: 05/16/2010
  • Posts: 167

Re: How to add opening balance in GL Accounts

Janusz

I have read the information in FA Wiki, but how can I setup the opening  balance for a bank account if the bank account is available in Journal Entry ?

I probably missunderstood something ?

Thanks,

Gaston

  • Registered: 12/25/2007
  • Posts: 2,446

Re: How to add opening balance in GL Accounts

I'm not sure I understand your question right, but bank accounts are available in journal when you are logged in as admin. Joe knows the details better, so I hope he can advice you more if you are still in doubt.
Janusz

  • From: Canada, QC, Montreal
  • Registered: 05/16/2010
  • Posts: 167

Re: How to add opening balance in GL Accounts

Janusz

In my case, the GL account attached to a bank account is not available in Journal Entry. Is-it ok, or not ?

Gaston

  • From: Canada, QC, Montreal
  • Registered: 05/16/2010
  • Posts: 167

Re: How to add opening balance in GL Accounts

As you and Joe said:

Look into the access setup in Setup tab. Select the System Administrator. Look under Banking & GL Transactions. Check the row:
Journal Entries to Bank Related Accounts.

That should allow it.

/Joe
PS. Also be sure you have created the GL Bank Accounts and also created the Bank Accounts in Bank Accounts and enter the relevant GL Bank Account.

  • From: Pakistan, Punjab, Dera Ghazi
  • Registered: 08/06/2015
  • Posts: 7

Re: How to add opening balance in GL Accounts

Dear FA Team.

I have finalized all the necessary setup of FA and ready to start for live transaction, I migrate from old system into FA.

Could you please teach me some item below:
1. How to input the opening balance of each account into ledger, do I have to make a journal entry of each account (I can not find a function to input the opening balance).

2. After input the opening balance of each account, how to make a detail outstanding AR and AP?. Is there any function on sales/purchase (AR/AP) but not posted to GL?.

I want to migrate my data on 1 july 2013.My Fiscal Years 1 July2013 to 30 June2014.

Thank you for your help.
Muzammal

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,089

Re: How to add opening balance in GL Accounts

1. Login as admin to your company and navigate to Journal Entry in Banking and General Ledger.
2. Set the date to 30th June 2014.
3. Make a single Journal entry with all line items from your Balance Sheet's closing balances.

They should balance out correctly.
Make sure all your Balance Sheet Account heads are available in your Chart of Accounts before doing so.

The Wiki is self-explanatory. If you do not understand the language in it, consult someone locally who does.

apmuthu's Website

  • From: Saudi Arabia
  • Registered: 01/21/2018
  • Posts: 32

Re: How to add opening balance in GL Accounts

Hi i am stuck with opening balance for 2018 but surprised to see there are no opening balances tab there and read out there are no way excepting manually punching and in case of AR/AP only invoices will create and the balances appears so means its a big exercise. Can somebody help me to resolve this matter for all forum people.

  • From: Nigeria
  • Registered: 09/08/2007
  • Posts: 124

Re: How to add opening balance in GL Accounts

Hello @ Joe & @apmuthu,

Thanks for all the support.

I have read through the wiki for importing Debtors and Creditor. But I dont understand the No. 4 which says "You will need to create a reverse GL journal entry for all these transactions (the sum of them)".
Kindly throw more light on this.

thanks

Popsicles12