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Procedure documentationSetting Opening Balances for G/L Accounts Locate this document in the navigation structure

 

During system initialization, the opening balances of G/L Accounts must be updated with legacy data.

To use SAP Business One from the start of the fiscal year, enter the balances from the previous year’s closing balance sheet. Enter the opening balances for the balance sheet accounts (assets, liabilities, and equity). The expense and revenue accounts are cleared with the balance sheet when they are created.

If the fiscal year does not start on January 1st, change the date in the G/L Accounts Opening Balance window. If the company's fiscal year starts in the middle of the year, for example, July 1st, to view the opening balances from January 1st and from the first quarter, April 1st, enter several balances for different dates on the same accounts. Enter the opening balances of the fiscal year for January 1st, and then, only open the delta for April 1st and July 1st.

To begin using the system during the fiscal year, enter the values from an existing trial balance sheet or interim balance sheet in the system. Create this trial/interim balance sheet on the day before the first use of SAP Business One. In this case, specify the balances of the expense and revenue accounts.

Procedure

  1. From the SAP Business One Main Menu, choose   Administration   System Initialization   Opening Balances   G/L Opening Balances  .

    The G/L Opening Balances – Selection Criteria window appears.

  2. Set the required G/L account range, and then, choose OK.

    The G/L Opening Balance window appears.

  3. If the fiscal year does not start on January 1st, change the Date value to the required date.

    Enter offsetting G/L account in the window header, and specify the relevant details.

  4. Enter opening balances in the local currency in column OB (LC) only if data is to be entered in the local currency.

    If the system currency is different from the local currency, the system automatically calculates the opening balances in the system currency and displays the values in column OB (SC).

  5. Enter the opening balance in the foreign currency.

    If a foreign currency has been defined for an account, the OB (FC) field is also active. The system then automatically calculates the amounts in the local and system currencies, using the valid exchange rate on the value date. Overwrite the calculated values if necessary.

  6. If the balance is in debit, insert a plus sign or no sign in front of the value. If the balance is in credit, insert a minus sign in front of the value.

  7. Choose Add when all the opening balances have been updated.

An opening balance for a multi-currency account can be entered only in local currency.

Result

SAP Business One creates the opening balance transactions for the accounts updated in the G/L Accounts Opening Balances window. The original type assigned to these transactions is OB.