To enter an opening balance in Pastel, navigate to the "General Ledger" module and select "Journal Entries." Create a new journal entry, ensuring you choose the appropriate date for the opening balance. Input the balances for each account as debit or credit entries, then save the journal entry. Finally, remember to post the entry to update the accounts with the opening balances.
Debit bank accountCredit cash
opening stock is the stock at the end of previous year which is being carried forward to next year. so it is treated as opening balance (asset) n the following journal entry will b passed opening stock Dr. to liabilities *if liabilities are not there then capital is to be credited
we should entry the opening balance to account for total balance ,That adjustment is opening balance control
Journal entry for opening a bank account
To enter an opening balance in Pastel, navigate to the "General Ledger" module and select "Journal Entries." Create a new journal entry, ensuring you choose the appropriate date for the opening balance. Input the balances for each account as debit or credit entries, then save the journal entry. Finally, remember to post the entry to update the accounts with the opening balances.
Debit bank accountCredit cash
opning balance of sundry debtors
opening stock is the stock at the end of previous year which is being carried forward to next year. so it is treated as opening balance (asset) n the following journal entry will b passed opening stock Dr. to liabilities *if liabilities are not there then capital is to be credited
we should entry the opening balance to account for total balance ,That adjustment is opening balance control
Journal entry for opening a bank account
capital
don t known
To record a journal entry in QuickBooks, go to the Company menu, select Make General Journal Entries, enter the date and journal entry number, choose the accounts to debit and credit, input the amounts, and save the entry.
According to my understanding and my study in accounting, the reversal of journal entry merely is for the opening balances for a new year of accounting period
latter of cedit expenses is debit and cash credit
[Debit] cash / bank / goods [Credit] Owner's equity