on 03-31-2016 10:46 AM
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
Hi Hitul,
Yes, You can change Opening Balance later on also.
You can create offset account for opening balance in equity drawer.You can also use suspense account as offset account.
Thanks,
Harshal
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Hi Harshal,
Thank you for your help
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.
in Equity drawers.
Please confirm that which field is use for these accounts in templates. (OINV, OPCH etc)
Thanks & Regards,
Hitul
Hello Harshal,
I got confuse with your following replay.
Hi,
These are the control accounts.
1. Inventory(Assets). This account reflects net of stock balances
2. Trade Debtors (Assets). This account reflects the net of customer balances
3. Trade Creditors (Liabilities). This account reflects the net of vendor balances
Thanks,
Harshal
Please help me with 1 final summery.
Thanks & Regards,
Hitul
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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