I was told to report all business startup expenses. I have all records of expenses and want to record these records in ERPNext. According to your guide about opening account, it is based on accounts and stock balance. I am not sure what is the proper way to create opening expense accounts to record all startup expenses. Any advice?
Hello,
Please check following help link to create ledger for booking startup expense. Chart of Account master has flexible structure where you can add new ledgers as per your requirement.
https://erpnext.com/user-guide/accounts/chart-of-accounts
Following is the help on creating Journal Vouchers for updating opening balance in the accounting ledgers. Process explained in the help page won’t have affect on the stock, but only on the opening balance of specific accounting ledger.
@wildwestislander
A quick chat with your (an) accountant will also help you decide on which expense account to keep, delete, create, etc.
Your expenses accounts will depend on the type of business you are in.
From the tree view, it is quite practical to add “child account” from any group account.
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