Opening Balance
Opening balance is the balance brought forward from the end of a financial year to the start of a financial year, or the number of funds in a company’s account at the beginning of a financial year.
If you are changing from another accounting system to Output Books, it is important to record all your opening balances.
Before entering opening balance,
- Add all your bank accounts in Bank / Cash
- Add all your items with their stock details
Accounts Opening Balance
- Go to Accounting > Opening Balances > Accounts Tab.
- Opening balance date is April 1 of the fiscal year you installed Output Books by default.
- Click Add Account button to start entering the accounts.
- Provide the Credit or Debit value and hit Save.
How to add previous year transactions in the new financial year’s account?
If there are transactions in the previous year, click the financial year from which you want to import the transaction from the drop-down. Then select the Reimport button in the top right corner and click on it. It will import last year transactions to Current year opening balance.
Stock Opening Balance
Stock opening balances refer to the quantities of your inventory at the beginning of a new financial period.
You can set up the stock opening balance in either of two ways.
1. When you switch over your accounting system to Output Books, you should record all the stock balance as opening stock in Output Books in Item Master (Manage > Items > Add Item)
2. Another way to provide Opening Stock in Accounting > Opening Balance. Click Stock tab and Add Stock
