Generating Opening Balances from Year End Closing balances

gsbalasa · 2009-09-25

Dear Experts!!!

Here I'm having one issue, I'm closing the accounting period and run the close income statement batch job to close income statement account. How can i arrive the opening balance for the individual income statement accouts in next fiscal year.

Is it possible to arrive the opening balances of customers, vendors, banks etc., in the next fiscal year?

Please help to sought out the problem

Thanking you

Gowri Shanker

Alex_Chow · 2009-09-25

There's no need for you to enter beginning balance again in NAV.

themave · 2009-09-25

The opening balances in the new year for income statement accounts is zero. that is what the process of closing the income statement does, it takes the net of all the income statement accounts and post the balance to retained earning. It then resets all income accounts to zero, so you can start the process all over again.

Your customers and vendors, don't start over, they the have a whole history and their balance is not reset, it is a running balance representing all the activity that hits their accounts.

gsbalasa · 2009-09-30

Dear Team,

Thanks for your valuables inputs, if I want to know the opening balances, how to know that

Regards

Gowri Shanker

Generating Opening Balances from Year End Closing balances

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