Also, note that if there are more than 300 ledgers, the system will crash. Thus to avoid such a situation, you can open accounts by using temporary accounts.
A nice way to simplify opening is to use a temporary account just for opening. These accounts will become zero once all your old invoices and opening balances of bank, debt stock etc are entered. In the standard chart of accounts, a **Temporary Opening** account is created under assets
Temporary Asset and Liability account is used for balancing purpose. When you update opening balance in Liability Account, you can use Temporary Asset Account for balancing.
This way, you can update opening balance in Asset and Liability accounts.
* For all assets (excluding Accounts Receivables): This entry will contain all your assets except the amounts you are expecting from your Customers against outstanding Sales Invoices. You will have to update your receivables by making an individual entry for each Invoice (this is because, the system will help you track the invoices which are yet to be paid). You can credit the sum of all these debits against the **Temporary Opening** account.
* For all liabilities: Similarly you need to pass a Journal Entry for your Opening Liabilities (except for the bills you have to pay) against **Temporary Opening** account.
Since you have already booked the income or expense on these invoices in the previous period, select the temp opening account **Temporary Opening** in the “Income” and “Expense” accounts.
If you don’t care what items are in that invoice, just make a dummy item entry in the Invoice. Item code in the Invoice is not necessary, so it should not be such a problem.
