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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

Former Member replied

Hi Hitul,

Ignore this reply and as said earlier and as confirm by you create following accounts

So I need to create 4 Accounts.

1. Creditors Opening Offset Account - For Supplier

2. Debtors Opening Offset Account - For Customer

3. Inventory Offset account for Stock

4. GL Offset account for GL Accounts.

Thanks,

Harshal

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