The procedure we perform the opening balance is
- post the journal in last year offset with dummy account
Dr main account
Cr dummy account
Dr dummy account
Cr main account
run closing balance
balance will bring forward to next year
However, we have question about the dummy account that we use to offset.
Is this dummy account will bring forward to next year ? Is it OK to let the dummy account bringing forward to next year ?
If we would like dummy account bringing forward balance to next year to be zero (0), how to do that ??
If 1) and 2) cannot, did my opening balance procedure correct ? Please elaborate the correct way of doing this.