Hi,

Even though the above subject was discussed previously but there is no proper guidance given anyway (OpenERP document or Forum) how to solve the issue. One would recommend to try his method and the other one would recommend another way. By using the certified accounting modules, can we enter opening balance for accounts? If can, please let us know how to do it. This is very important when we need to migrate from other accounting software and fiscal year closing.

Could someone with knowledge on this subject let us know how to resolve this matter would be very helpful indeed.

I sincerely hope to get some positive feedback on this subject and surely will help the others very greatly too.

Thank you in advance.

John

Well, I don't know what others suggestions are, but for me, I just do the simple line for opening balance, like:
Debit Asset - Credit Capital
(for migrating from other accounting softwares)

or do the "Generating opening balance entries and closing fiscal year" for closing old fiscal year and opening new one.

Hi Oradoe,

Thank you for your reply. Is it possible for you to give in detail?


Thank you.

Hi,

Please anybody, please help.

Hi,

This is what I get after series of trial & testing:

I followed as explained in the OpenERP documentation at the following page : http://doc.openerp.com/book/3/3_9/entri ... _year.html

I don't understand this : when we define the account type Deferral Method: ‘None’ for account type Equity, the balance for account Opening Balance Account has been b/f to the next year. As per document, the deferral method is used for those accounts which we don't want balance to be carried over when we do Fiscal Year Closing.

Please help.

To enter Openning Balance, I would do the same way like in Quickbook:
- create a suspense account named 'Opening Balance Equity', when the posting for OB is finished, the balance of this should be zero
- use Financial Management>Entries Encoding> Encoding by line or Encoding by Statement to post the entry
- the entry will have the status 'Draft' (red color) first, once you have reconciled this entry, it will turn to 'Open or Valid' status (black color)
- start to enter OB by debiting Asset accounts and crediting the 'Opening Balance Equity' account
- vice verse, crediting Resources accounts and debiting the 'Opening Balance Equity' account

More concretely:
-use Encoding by Statement to debit the Check account, t.ex. 1000 USD, this entry will have Draft status, select Bank account alias, create a new journal called Bank Journal, choose period 01/2010, choose Effective date and Creation Date Jan 1, 2010, enter the figure 1000 in the Debit cell
-click Encoding by Line, Choose Bank Journal, Choose the Period 01/2010, a list of all entries in Jan, 2010 will appear
-click New Entry, a new line will automatically appear with the amount 1000 USD on the Credit column, click to choose the suspense account 'Opening Balance Equity', then click save
-the status of the above 2 entries will turn to black color and to VALID
-continue to do these steps for other types of accounts
-Finally the suspense account balance will have a balance of zero
-click Chart of account to check the OB you have posted

Hope this helps.

Hi LinMat,

It will work for the initial balance setup but, when you want close for the following years, it will not work as we want. The reason being that, the centralized counter part account will have debit and credit balance b/f to the following year. I don't know...