Create Initial Balance – A summary of the activity
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This activity allows you to enter the initial balance of all the asset accounts for the various finance books. Initial balance entries for the assets are made once when the installation is done for the first time. The financial year and period, account codes and finance books must be defined before the initial balances are entered. Transactions can be posted in the books of accounts even before the initial balance entries are posted. However, you cannot close the finance book at the end of the period without completing the initial balance entries. You can also freeze the initial balance entries by using the “Complete Initial Balance Entry” page.
Getting familiar with the pages inside
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To carry out the task |
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Create Initial Balance |
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Complete Initial Balance Entry |
What you can do in this activity
Create initial balances for various depreciation books
Initial asset balances can be entered for a finance book till the “Complete” is executed. Transactions can be posted in a finance book even before the initial balance entries have been created for the finance books. However, a finance book cannot be closed without entering the initial balances.
Go to “Create Initial Balance” page.
Enter the necessary information.
Create initial balances for various depreciation books
Initial balances can be entered for various depreciation books. Based on every depreciation book selected, initial asset balances can be entered, these balances are saved temporarily until the “Complete” is executed.
Go to “Create Initial Balance” page.
Select the finance book.
Balances entered for the accounts are saved temporarily till the “Complete” is executed. Initial balances can be modified or new account balances can be added any number of times until then.
Go to “Create Initial Balance” page.
Enter the necessary information
Save it temporarily.