The opening balance is the amount of funds in a company’s account at the beginning of a new financial period. It is the first entry in the accounts, either when a company is first starting up its accounts or after a year-end.
In an operating firm, the ending balance at the end of one month or year becomes the opening balance for the beginning of the next month or accounting year. The opening balance may be on the credit or debit side of the ledger.
To access Open Balance Feature, click on “Open Balance” Option available at left hand corner of Accounts interface.
When you click on this option, a new screen appears that facilitate you to set opening balance. To do this, you have to select the date for the opening balance and after this add the credit and debit details of your all accounts. Once you add the credit and debit amount, you can see the total of the amount at the bottom of the page.
After this, click on “Save” button to save the opening balance else click “cancel” button.