What is an Opening Balance?
The Opening balance is the amount of funds in a company’s account at the beginning of a new financial period. It is particularly important when a company completes an accounting year and arrives at a closing balance—the final balance of the period.
This closing balance is carried forward to the next financial year and becomes the opening balance, which serves as the first entry in the new accounting period.
Opening balances are also essential when switching from one accounting system to another. In such cases, the last entry in the old system becomes the opening balance in the new system.
How to Bring the Closing Balance from Your Old System.
1. Close all your previous balances in your old accounting system.
2. Provide the closing balance to our Fresa Support team.
We will validate and update it as the new opening balance in the Fresa system.
3. Do not pass any additional entries in the old system after sharing the closing balances with the support team.
4. All new entries should be created in Fresa Gold going forward.
To upload the opening balance in Fresa Gold, please contact the support team. They will provide you with the opening balance templates for AR (Accounts Receivables) AP (Accounts Payable). After completing the template, send it to your coordinator for validation.
Once the opening balance is uploaded, the team will notify you when the process is completed.
Kindly follow the column details.
[In the table below, the fields marked with an asterisk (*) are mandatory.]
| S. No | Column Name | Description |
|---|---|---|
| 1* | Posted Date | Voucher Posted Date. |
| 2* | Voucher Number | Voucher-Specific Number. |
| 3* | Voucher Type | Voucher type (Ex: INV, PI, CN, PCN…). |
| 4 | COA Code | Ledger Code (SD001). |
| 5* | COA Name | Ledger Name (Sundry Debtor/Sundry Creditors). |
| 6 | Subledger Code | Client/Vendor Code (AAA001). |
| 7* | Subledger Name | Client/Vendor Name (AAA Forwarders). |
| 8 | Narration | Additional Info. |
| 9* | Currency | Currency Code (INR, USD). |
| 10* | Ex. rate | Mentioned Currency Exchange Rate. |
| 11* | FCY Amount Debit | Foreign Currency Amount Debit (Dr). |
| 12* | FCY Amount Credit | Foreign Currency Amount Credit (Cr). |
| 13* | Local Amount Debit | Base Currency Debit Amount (Dr). |
| 14* | Local Amount Credit | Base Currency Credit Amount (Cr). |
| 15 | Remarks | Voucher-Related Information. |
Note:
1. The voucher number should not be duplicated.
2. If it is a foreign currency transaction, the exchange rate must be provided.
Who we are
Fresa Technologies Inc is an independent, neutral and professional software company that provides IT and IT enabled services with focus on providing solutions to Freight forwarding and shipping industries.Fresa Technologies also focus on developing cost effective and efficient Freight Forwarding Software Applications with a user friendly interface and back office solutions. It also focuses on infrastructure and hardware support such as developing & maintaining websites and Mail Services.
Our team comprises of highly skilled individuals, who are experienced architects in designing & developing Freight forwarding & logistics software for over 20 years. They are domain experts and specialize in providing customized, user friendly and cost effective solutions. They focus on enhancing user experience and satisfaction for a sustainable relationship.