Access the initial sales

Access the initial sales

Opening balances represent the amounts in asset and liability accounts at the beginning of an accounting period, also known as the opening balance sheet. They reflect the company's financial position at that precise moment. These balances also serve as a benchmark for comparing data from the previous fiscal year in the balance sheet and income statement.
  1. To access the initial sales page, you have three options:

    1. From the Chart of Accounts : Accounting menu, Financial Accounting, Chart of Accounts , right-click in the list of accounts, Opening and Previous Balances:


    2. From the Configuration menu: Configuration menu, Company and fiscal years , Beginning and previous balances .
    3. From the Entries page: If opening balance entries are already present in the list of entries, double-click on an Opening Balance entry. Opening balance entries are identified by the Opening Balance journal:



  2. The Initial and Previous Balances page appears and contains three tabs:

    1. Balance Sheet Tab: The Opening Balance column contains the amounts from the opening balance sheet. The Previous Balance column contains the closing balances from the previous fiscal year and allows for comparison within the balance sheet, as shown in the example below:



    2. Profit and Loss Statement tab: Previous balances allow comparison with the previous year in the Profit and Loss Statement.
    3. Options tab: Settings used when creating Opening Balance entries. For more information, refer to the article Setting up Opening Balance entries .

Info
To create the opening balance entries, refer to the article Creating opening balances in a new company .