I have the Trial Balance from the legacy system after closing the fiscal year there. Now, I want to do opening entry in the ERPNext system. Everything is fine except Income and Expenses. System says that “Profit and Loss” account type is not possible to input as opening entry.
What should I do?
Before migrating to ERPNext, who must close financial statement in the legacy system. It means what you should update the difference of Income and Loss in the liability, so that Asset and Liability will tally. As per this approach, you will only have Balance Sheets account in which opening balance will be updated.
Else, you will have to create back-dated Journal Entry of income and expense to update balance in the Profit and Loss account.