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Priya Shrivastava 2013-07-18 16:56:34 +05:30
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docs/docs.user.setup.opening.md
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@ -21,7 +21,7 @@ List of outstanding sales and purchase invoices (Payables and Receivables).
#### Temporary Accounts
A nice way to simplify opening is to create temporary accounts for assets and liability just for opening. These accounts will become zero once all your old invoices are entered. The two accounts you can create are (example):
A nice way to simplify opening is to create temporary accounts for assets and liability just for opening. These accounts will become zero once all your old invoices are entered. The two accounts which you can create are (example):
- Temp Opening Liabilities
- Temp Opening Assets
@ -34,7 +34,7 @@ Note: Make sure to set “Is Opening” as “Yes” in the More Info section.
You can make two Opening Journal Vouchers:
- 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 which Invoices are yet to be paid). Since all the entries in this voucher will be of type “Debit”, you can credit the sum of all these debits against the “Temp Opening Liabilities” account.
- 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). Since all the entries in this voucher will be of type “Debit”, you can credit the sum of all these debits against the “Temp Opening Liabilities” account.
- For all liabilities: Similarly you need to pass a Journal Voucher for your Opening Liabilities (except for the bills you have to pay). This can be made against the “Temp Opening Assets” account.
#### Outstanding Invoices