Accounting Module: "Is Opening', what's different if checked or not?

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Y Y

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Sep 28, 2014, 4:07:06 AM9/28/14
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Dear Team,

Thanks,
Yang

Nabin Hait

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Sep 29, 2014, 12:04:47 AM9/29/14
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It is used for opening entry at the time of setting up your account for the first time. At the first time when you are migrating to erpnext,  in most cases you should have some outstanding invoices from the last year. To track those entries, you should enter those as opening entries. Posting date for those should be the migration date but to track the original invoice date for ageing you should enter ageing date.

On 28 Sep 2014 13:37, "Y Y" <yangy...@gmail.com> wrote:
Dear Team,

Thanks,
Yang

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Y Y

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Sep 29, 2014, 4:04:19 AM9/29/14
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If that so, how is Opening Entry bind with Debit and Credit?Is there any detail to explain this?

在 2014年9月29日星期一UTC+8下午12时04分47秒,Nabin Hait写道:

It is used for opening entry at the time of setting up your account for the first time. At the first time when you are migrating to erpnext,  in most cases you should have some outstanding invoices from the last year. To track those entries, you should enter those as opening entries. Posting date for those should be the migration date but to track the original invoice date for ageing you should enter ageing date.

On 28 Sep 2014 13:37, "Y Y" <yangy...@gmail.com> wrote:
Dear Team,

Thanks,
Yang

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Sarang Deshpande

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Sep 29, 2014, 6:28:07 AM9/29/14
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For every opening entry, you need to enter debit and credit entries. If you debit an asset account, make sure to credit the similar amount to the liability account. ERPNext recommends use of temporary asset and liability accounts when entering opening entries.

Similar is true for expense / profit accounts.

Sarang

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