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I have a situation where we already have in our Live system manually posted Opening balances for previous years like 2011 and 2010.
We now want to reverse these opening balances before we proceed for Year-End closing using the option Closing -> Opening (where I suppose system will be automatically creating opening balances).
Can I reverse the already manually posted Opening balances for these previous years (2011 and 2010)?
Any help will be appreciated.
You would need to ensure the periods are open and you post a general journal reversing the monthly balances - why do you want to do this it negates any comparitve monthly financial reports you would run.
Thanks for your reply.
So you mean to say that there is no need to reverse any entry already there in the system and I can go ahead with closure of years 2009, 2010, 2011 with the option Closing -> Opening selected.
I just have one concern, wont this duplicate the Opening balances for years (since system will also be creating Opening entries for the next year?
Please let me know.
There is no need to reverse the opening balances of previous years to create the opening balance of the next year, but what I would recommend is you do this in a test environment and see the impact of what you are doing before you do it in live (where things are harder to undo)
Hi Thanks for your reply. What is worrying me is the presence of some apparently system/auto-generated transactions with following Vouchers:
Please see the snap shot below:
These Voucher transactions are not posted by any Journal since on Voucher transactions form at General tab, Journal field is empty.
Does anyone have any idea what these Voucher transactions may be related to?
To further aid on this, when I close year 2009 using the option Closing -> Opening system will also created opening transactions for year 2010. Is that right?
There maybe localisations for you but on the whole it will clear the profit and loss accounts to zero into a retained earnings account for the profit for the year, the closing position of the balance sheet accounts will naturally be the opening position for the next year.
As for the journals you should be able to navigate or find the source from the transaction.
Also I suggest you read the manuals on the inventory close procedure.
I am not a finance consultant and do not run these processes I am afraid for further assistance except to say read the manual and run it through in test.
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