How to treat difference in opening balance in balance sheet
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 May 2015
Hello everybody,
I have prepared a balance sheet after putting in all the necessary purchase, sale, payment, receipts entry into the system. I have also created stock item with purchase and sale value, and after putting in all the entries correctly, I got a "Difference in opening balance" showing it on the liabilities side of my Balance sheet. Can anyone tell me, how to rectify it? and how it is caused? One solution given to me was increasing the capital account opening balance by the amount shown as difference in opening balance.
I have prepared a balance sheet after putting in all the necessary purchase, sale, payment, receipts entry into the system. I have also created stock item with purchase and sale value, and after putting in all the entries correctly, I got a "Difference in opening balance" showing it on the liabilities side of my Balance sheet. Can anyone tell me, how to rectify it? and how it is caused? One solution given to me was increasing the capital account opening balance by the amount shown as difference in opening balance.
CMA Ramesh Krishnan
(Expert)
10 May 2015
It will be caused because of put the opening balance mistakenly. check the opening balance and compare the difference between your opening balance and last year balance sheet and identify the difference and correct it
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