Opening Balance
Opening Balances represent your company's financial position at the start of using YousrERP. You need to enter opening balances for your bank accounts, cash, receivables, payables, and other assets and liabilities.
How to Enter Opening Balances
- Go to Accounting > Opening Balance.
- Select the Company and set the Posting Date (typically your go-live date).
- For each account that has an opening balance, enter the Debit or Credit amount.
- The difference between total debits and credits is posted to the Temporary Opening account.
- Once all balances are entered, the total debits should equal total credits.
- Click Save and Submit.
Which Accounts Need Opening Balances?
| Account Category | Examples |
|---|---|
| Bank Accounts | Opening cash balance in each bank account |
| Cash | Petty cash on hand |
| Accounts Receivable | Outstanding amounts owed by each customer |
| Accounts Payable | Outstanding amounts owed to each supplier |
| Inventory | Value of stock on hand |
| Fixed Assets | Value of buildings, equipment, vehicles, etc. |
| Loans | Outstanding loan balances |
| Equity | Share capital and retained earnings |
Opening Invoice Creation Tool
For detailed Accounts Receivable and Payable opening balances, use the Opening Invoice Creation Tool to create individual invoices for each customer and supplier. This provides better tracking and aging.
Important Notes
- Opening balances should ideally be entered before any new transactions are recorded.
- The posting date should be the date from which you are going live with YousrERP.
- Double-check all figures against your previous system's trial balance.
- After entering opening balances, run a Trial Balance report to verify.