Opening Balances

HOW TO ENTER OPENING BALANCES IN HISAAB ERP SOFTWARE?

Inventory Opening Balance:

Go to Inventory & Services -> Transaction -> Enter Opening Balances

  • Select Location,
  • Select Opening balance date
  • Set Details as Opening Balance
  • Set Type as Positive Adjustment
  • Enter items, quantity and cost one by one and click Add Item
  • Click Process Adjustment to save
  • Check the effect in the inventory reports to verify.

 

Customer Opening Balance:

Go to Customers -> Transactions -> Cash / Direct Invoice

  • Select Customer and opening balance date
  • Enter OB in item code and enter total opening balance amount of that customer in Price after Tax and click add item.
  • Click Place Invoice to save.
  • Check the ledger from Customers->Reports->Customer and Sales Report->Customer Balances to verify the balance

Supplier Opening Balance:

Go to Suppliers -> Transactions -> Direct Bill

  • Select Supplier and opening balance date
  • Enter OB in item code and enter total opening balance amount of that supplier in Price After Tax, click add item
  • Click Process Invoice to save.
  • Check the ledger from Suppliers->Reports->Supplier and Purchasing Report->Supplier Balances to verify the balance

Cash and Bank Opening Balance:

Go to General Ledger-> Transactions -> Journal Entry (J.V)

  1. Select opening balance date
  2. Select account name from Account Description
  3. Enter opening balance amount in Debit column (e.g 50,000)
  4. Enter Memo (e.g Opening balance of Bank Alfalah as at 1.7.2013)
  5. Click Add Item
  6. Now select any other cash or bank account if required and repeat  steps 3-5 above
  7. Select Account code 3351 – Opening Balance Equity
  8. Enter the accumulate balance in the Credit column and click Add Item
  9. Click Process Journal Entry to save
  10. Check View this Journal Entry to verify the transaction effect.