What is the opening balance?
The opening balance is the amount of funds in a company’s account at the beginning of a new financial period. Opening balances are most important when a company finishes an accounting year and ends up with a closing balance – the last balance in the accounts. This balance is carried forward to the new financial year accounts and then becomes the opening balance – the first entry in the new accounting period.
Besides, opening balances are important if you transfer your accounts from one accounting system to another System. In this case, the last entry in the old accounts is the opening balance in the new accounts.
How to bring the closing balance from your old system :
Close all your previous balances in your old system. Hand over the closing balance to our Fresa Support team member to validate it as the new opening balance in the new system.
Don’t pass any entries in the old system after handing it over to the support team member. The new entry you can make it in Fresa Gold.
To upload opening balance for Fresa gold kindly contact your customer service coordinator. He/she will provide you opening balance template. Kindly fill up the template and send it to your coordinator. He/she update the same and confirm it to you. (Fig -1).
Kindly follow the column details.
|1||Posted date||voucher posted date.|
|2||Voucher number||voucher specific number.|
|3||Voucher type||voucher type (ex: INV, PI).|
|4||Coa code||ledger code (SD001).|
|5||COA name||ledger name (sundry debtor).|
|6||Subledger code||client/ vendor code (AAA001).|
|7||Subledger name||client/ vendor name (AAA forwarders).|
|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||Your base currency debit amount (Dr).|
|14||Local amount credit||Your base currency credit amount (Cr).|
|15||Remarks||Voucher related information.|
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