Hi,
I am updating opening entries , please let me know is it correct way.
To update the Opening entries I created a new account = Opening
Inventory Opening :
- I need to update stock ( here G/L accouns effect should be zero)
- Inventory accounts should update .
Process :
Update stock :
I change the Inventory adjust ment account to Inventory account .
I created a Item journal and Posted Inventory value = 1000 so stock updated and Inventory account = 1000 , Inventory account = -1000
Update Inventory accounts :
I created General Voucher and Inventory account = debit , Opening aacount = Credit .
so My Inventory aacounts got Value.
Customer :
- Need to update the sub ledgers (customer ledger entries)
- Update the Debtors account In chart of Accounts
Update customer Ledger entries :
I created a General Journal Account No = Customer (debit)
Bal . Account No = Debtors(credit)
Now customer ledger entries created.
Update Debtors account :
I created General Journal Account No : = Debtors (Debit)
Bal . Account No = Opening (credit)
Now Debtors accounts effected.
Like this to vendor also .
Please share your experience about this is it correct method or not .