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uploading Opening Balances

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

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1 Answer

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    Former Member
    Mar 31, 2016 at 09:52 AM

    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

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