How do I check my Opening Balance is correct or not?

How do I check my Opening Balance is correct or not?

Scenario

I had use another system about 2 years, recently i just change to use OCi Accounting System. How can i check my opening balance is correct or not?

Solution

- You have to use your Trial Balance's figures from your previous system to key into the Opening GL except Debtors, Creditors and Stock figures.

- For Debtors, Creditors and Stock you need to key in to the Opening Invoice, Opening Supplier Invoice and Opening Stock to keep track of your current outstanding transaction.

- Once you have keyed in all the opening balances you need to use the Opening Adj Check module to check that you have keyed in your Opening entries correctly. 

Steps

  1. We need to select Adjustment module to key in the Opening entries from Accounting System.
  2. Once you have finished keying in everything, you need to check the Opening Balance to ensure that it is correctly entered.
  3. Click ADJUSTMENT -> OPENING - > OPENING ADJ.CHECK
  4. From the following screen shot you need to check whether the amount entered is correct and you must ensure that the below Total and the Opening Adjustment must be 0 which mean you have keyed in the entries correctly.
    If your Total amount and Opening Adjustment is not equal to 0, Kindly check back your opening GL, Opening Invoice, Opening Supplier Invoice and Opening Stock to make sure it was correct.


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