Opening balance entry for ledger in retail POS accounts

The debit or credit balance of a ledger account brought forward from the old accounting period to the new accounting period is called opening balance. ie the last financial year’s closing balance is existing financial year’s opening balance.

Business rules

• There is Opening balance entry screen in Accounts under master, open that screen.
• User can select a ledger by searching of ledger name or code.
• Once the ledger is selected, user can enter ledger’s outstanding value under debit or credit.
• Amount which is asset to business is debit and the amount which is liability to business is credit.
• Example for debit is customer outstanding it will be paid later to business, so it is asset. Example for credit is supplier outstanding, business will be paying this amount to supplier later in future, so it is liability.
• System should allow to import opening balance for customers and suppliers by using the standard template.
• Import of opening balance will allow both summary and bill wise update. Summary means, only the ledger outstanding is updated. Bill wise means ledger outstanding will be uploaded by each bill wise.
• Bill wise import template should have columns for ledger code, ledger name, bill no, bill date, credit/debit and bill amount. Bill amount for unique ledger code should be accumulated as ledger outstanding.
• Ledger outstanding summary import template should have columns for ledger code, ledger name, debit/credit and ledger outstanding amount.

Opening balance entry for ledger in retail POS accounts steps in words

• Open Opening balance entry screen
• Select the ledger to update opening balance
• Enter debit or credit balance to the selected ledger
• Save opening balance.
• The entered opening balance will the current financial year’s opening balance of that specifc ledger.