How to add an opening balance in the accounting app?
To add an opening balance in Metro ERP's Accounting App, follow these steps:
In Metro ERP, setting up an opening balance in the accounting module is crucial for ensuring that your financial data is accurate from the start. The process involves creating a journal entry that represents your opening balances. Here’s a step-by-step guide to help you set this up:
1) Prepare Your Opening Balance Data
Before you enter opening balances into Metro ERP, you need to gather your previous accounting period's closing balances. These should include all your asset, liability, and equity accounts.
2) Create an Opening Journal
Navigate to the Accounting Module: Go to the Accounting module in Metro ERP.
3) Create a New Journal:
Go to Configuration > Journals.
Click on the Create button.
Fill in the details:
Journal Name: Opening Journal
Type: Cash
Short Code: OP
Default Debit Account: (optional, but you can set a default if desired)
Default Credit Account: (optional, but you can set a default if desired)
Additional Settings (Optional)
Bank Account: Leave this field empty as it is not applicable for a cash journal.
Currency: If the journal is for a specific currency, select the currency here.
Miscellaneous: Configure any other settings as needed for your specific requirements.
Once all the required fields are filled out, click the Save button.
4) Enter the Opening Balances
Navigate to Journal Entries:
Go to Accounting > Accounting > Journal Entries.
Create a New Journal Entry: Click on Create.