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Former Member

Opening Balance ( Urgent )

Hello

Please tell me where we want to put opening balance account ( means which drawer like assets r liabillities ).

after this if i put the opening balance for the G/L accounts through this account, then this acc. will go in negative value and when it will come to zero. also i want to put the opening balance for customers, vendors, and for other respective G/l accounts so whether i want to create the openning balance account in each drawer r one for all assets , liabillities, exp., reve..

pls tell me the full flow of opening balances in B1. I am new to the B1.

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3 Answers

  • Best Answer
    Posted on Jul 05, 2008 at 10:14 AM

    Hi Giri,

    The fundamental of Openening balances is that once you enter the opening balances for the respective G/L accounts you should be able to pull out a Balance Sheet and this balance sheet has to tally if the balances you have entered are correct.

    Secondly you will never have opening balances for Revenues and Expenditure accounnts. You will have opening Balances for Assets and labilities only.

    There will be opening balances fro 3 Master Data:

    1. Customers /Vendors: entered thru Administration - System Initialization - Opening Balances - Business partners opening balances

    2. G/L Accounts: entered thru Administration - System Initialization - Opening Balances - entered thru Administration - System Initialization - Opening Balances - G/L accounts opening balances

    3. Inventory: Entered thru inventory transactions - Intial Quantities ,Intial Tracking and stock posting

    Now please remember that in SBO the opening balances are entered using a transit Offsetting) account. In assets you need to create G/L ccounts by the name opening balances assets which needs to be entered as the transit account in the G/L accounts opening balances window - in the opening balance account field while entering the opening balances for assets. Similarly you need to create opening balances liabilities for Liabilities , opening balances Trade debtors (Customers) and Opening balances trade creditors (Vendors) as transit accounts for entering opening balances Customers/Vendors. In the same way you have to define an account for Opening balances - Inevntory.

    Always remember that the balance sheet will appear according to the template you have created/chosen in the Finanacial Report Templates in the financial modules. Now here you can either add or remove certain G/L accounts as per your need by right clicking on the particular G/L account in the Template. So ance you have entered all the opening balances of all the G/L accounts , BP's and Inventories you will have to go to the template you have used in the Financial Report Templates and remove these Transit accounts like Opening balances Assets etc so that the Balance Sheet gets balanced.

    Hope this helps.

    Nagesh

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  • Posted on Jul 05, 2008 at 09:52 AM

    Giri Venkat,

    Create opening balance account in Asset.

    Enter opening balance for g/l,customer,vendor

    Administration>System Intilization>Opening Balances-->

    G/L account opening balance/BP opening balance.

    Jeyakanthan

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    • Former Member

      HI

      From ur answer, i got like from one opening balance acc. i can put the opening balances for all assets/liabiliteis/equity/exp./revenue . am i correct right.

      still my doughts r not full filled,for ex:

      For vendors : we want to pay

      A my ob is 20000

      B-15850

      c-9800

      d-5620

      For Customers:He has to pay

      x-50000

      y-25000

      z-3500

      My other g/l acc.

      ab-25682

      bc-3500

      if i put all the thing form my opening balance acc. finally wat will hapen to opening balance acc.

  • author's profile photo Former Member
    Former Member
    Posted on Jul 07, 2008 at 06:28 AM

    Hi Giri

    Please take care at the time of entering OB, that if you selected at the Company Details -> Initializaton Tab

    Display Credit Balance with Negative sign enter the credit amount with - sign . Otherwise system will pass wrong journel entery

    Regards

    Rashid

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