ERPNext Accounting
What is Opening Balance Entry?
- Opening Balance Entry
- An Opening Balance Entry in ERPNext is a one-time Journal Entry used during go-live to migrate existing account balances, stock values, and outstanding invoices.
Entering Opening Balances
Go to Accounting → Journal Entry → New, set the Entry Type to "Opening Entry". For each account, enter the balance as of the cut-over date. ERPNext provides a guided Opening Balance tool under Setup that simplifies this for new users.
Opening Stock and Receivables
Opening stock is entered via Stock Reconciliation with a valuation rate. Outstanding sales invoices are entered via Sales Invoice with "Is Opening Entry" checked. Outstanding purchase invoices follow the same pattern on the payables side.
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Related Terms
Journal Entry
A double-entry accounting document in ERPNext used to record financial transacti…
Stock Reconciliation
Stock Reconciliation in ERPNext adjusts physical stock counts to match actual in…
Sales Invoice
A Sales Invoice in ERPNext is the document sent to customers requesting payment,…
Fiscal Year
A Fiscal Year in ERPNext defines the annual accounting period (e.g., April 2024 …
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