Adjusting entry for opening balance

ERPNext Accounting
1

I am not an accountant so maybe I’m overthinking this:

My company is migrating from another accounting software and I need to add opening balances on the accounts. The problem is the balances I have to enter at the start of the fiscal year are only close approximations. Once the accountants have looked them over and make any changes they will be given to me as the final closing balances for that fiscal year. This could potentially take weeks but we need to start recording new entries right away in ERPNext to stay current.

Once I have the final closing balances can I make an adjusting entry in ERPNext? Would I make it as a journal entry dated the day BEFORE the start of the fiscal year (the day before the approximate opening balances were input)? Can you even enter journal entries from past dates?

Any help on this would be appreciated!

2

Hello,

You can update Accounts Opening Balance at later date as well. For now, if you have all the Accounts correctly available in your Chart of Accounts master, you should be able to create new transactions.

When you have accurate opening balances available, create post dated Journal Entry for updating Opening Balance in your ERPNext account.

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