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Question about G/L account

Dear Experts,

I would like to know where I should place the account code for my

opening balance g/l account code, should I place in the P&L or balance sheet ?

Please help to solve this issue.

Thanks,

Steve

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4 Answers

  • Best Answer
    Posted on Aug 23, 2016 at 10:23 AM

    Hi,

    Opening balance should be reflected in the Equity..

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  • Posted on Aug 23, 2016 at 01:55 PM

    Hi,

    Better keep this account liability or equity. However it should be 0 at the end of year.

    Regards

    Halik

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  • Posted on Aug 23, 2016 at 02:51 PM

    Hi Steve,

    You should use an "Opening Balance" GL account of clearing nature under Equity Drawer and use this account for Opening Balance Transfer.If your all opening balances are uploaded correctly, the opening balance gl account should be cleared automatically.

    To use SAP Business One from the start of the fiscal year, enter the balances from the previous year’s closing balance sheet. Enter the opening balances for the balance sheet accounts (assets, liabilities, and equity). The expense and revenue accounts are cleared with the balance sheet when they are created.

    Rgds,

    Kamlesh Naware

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  • Posted on Aug 23, 2016 at 04:33 PM

    Dear all,

    Thank you very much for your response.

    So, I will place the opeing balance account code in the balance sheet --> equity drawer.

    I have every read sap note about this issue, but I forget its number. Please kindly tell me the note number.

    Thanks you

    Steve

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