Opening balances are normally added at the beginning of the financial year. The Indian accounting System’s financial year start from April 1st.
To add opening balance:
- Go to Accounting-> Account Master
- On account master or account charter UI, you can see the option to add Opening Balance at the top. You can edit opening balance by clicking the button ‘Update Opening Balance’ against each account.
- On click of Opening Balance, You can see the UI where you see different groups.
- Select a particular account.
- Fill details like date, opening balance, debit or credit then save.