Hi guys,
Our company would like to update the G/L, BP and Inventory Balances.
We would like to enter the audited balance as of let's say 01/01/2011.
I used the Opening Balance modules, be it G/L or BP balance, it worked out fine.
However, I was wondering though what would happen to the let's say the open documents, would they be closed or would it still affect the trial balance or FS.
Like for the Customers, there are still either open A/R Invoices or Incoming Payments that is dated or posted before 01/01/2011, what would happen to those documents. Is there a need for the open documents to be reconciled? And if so, how is that done?
Hope you can shed some light on how it affects financially/accounting side.
Thank you very much.
Khristine