Some Time we find a difference in the trial balance due to Opening Balance Difference in Accounts. When a total of Debit & Credit Balances of opening balances of all accounts is not equal then an account “Opening Balance Difference" is auto-created in Master & shows Difference amount in this Account. Basically, opening balances are last year's balance sheets and you can simply generate a balance sheet for last year in the current year to check the same. This means, for the current year 1 Apr 2018 to 31 March 2019, you can generate a balance sheet in the current year as on 31 March 2018 and in last year also as on 31 March 2018 and both should match. If it does not match, Please check the following for the reasons.  

1. If you do not create Journal Voucher Entry for Profit & Loss to transfer in Capital A/c in Last Year, then first please create this entry in Last Year. After that when you Import Account Balances in the Current Year from Last Year then this difference is resolved. You can also transfer Profit & Loss by increase and decrease the opening balance of the Capital Account in the Current Year. You may transfer Profit and Loss to Reserves and Surplus account as well.

Example: -          Profit & Loss A/C   Dr.

                                                                 To Capital A/C   or Reserves and Surplus A/c   Cr.

 

 2. Please Check Opening Stock Value in Opening Stock Account opening balance. You need to enter opening Stock Value (Debit Value) by modifying Opening Stock Accounts (single or multiple)  through Account -> Master Data -> Accounts menu.

3. Please check all Accounts Opening Balances with Last Year Closing Balances. For this you can check through the following options :

a. If your Last Year Closing Balances is proper, then you can Import Balance as Opening through Accounts -> System -> Import - Import opening balance. Image as per below:

b. You can check Account Opening Balance Differences through Account-> System-> Check Op. Balance Difference option. You can check & correct these Accounts Opening Balances with Last Year Closing Balances.  Image as per below :

c. To correct the above account balances and use the “Update” option for updating opening balances in the current year. Please note that you must check last year's balances properly before importing into the current year. You can repeat this process if required.

d. Add Account in the current year with same account code as in last year, if it shows“account does not exist” on the above screen.

4. After that Run Balance Validation and check the Opening Balance Difference account. This account should be zero.

 If you require support please read

Thanks

  

SWIL Team