Opening Balance in tally prime

Hi I recently started using tally prime can someone help me with what will be the opening balance in the capital account as I have started in the middle of the financial year and the owner's capital is unknown
Replies (9)
Quick Summary
This discussion addresses how to determine the opening balance for a capital account in TallyPrime, particularly when starting a business mid-financial year or taking over an existing company. The consensus is to use the previous year's closing balances from the audit report or financial statements (Balance Sheet & P&L) as the opening balances for the current financial year. If it's a brand new business, all initial assets and liabilities must be calculated to establish the opening capital.

May I know what will be use of the account when it will not reflect actual financial statement for whole year?

BTW, you can choose the temporary figure balancing the remaining assets side!!

Is it the very first year of maintaining books of account ?? if yes ...........  then ....... you will have to calculate all the basic things that the owner adds to start his business ( basically assets including fixed assets like shop, furniture, electrical accessories, computer , stock, cash in hand  etc. ) that all including means the opening capital . Also you will have to check whether he is taking any loans from banks or others.    

 

No I'm in the middle of the financial year and existing company is 2 years old

take the previous year's audit report , their closing balances are the opening balances of this f.y. 

Yes, I agreed with Mr NARENDRA...

@ Arokiaraj,

Collect/ Take Last year financial statements like BALANCE SHEET (&PANDL) and Fill the balances as per balance sheet in the Ledgers...
@ Arokiya Raj,

Is it new business or you are new to the organisation?
Ok arrange for the same.

Opening balance has an disadvantage. If you have receivables since first year, you will see the opening balance in the fifth year even if you create a new ledger in later years. What will happen to new PPE which is a different class of assets per say

On a second thought, what you recognise in payments or purchases is the opening balance. I'll have to check the dates 

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