Overwriting an account’s opening balance means replacing an incorrect amount with a new amount. This lets you update the account with the correct amount or close an existing account. When you overwrite an account’s opening balance, the required journal entries will be passed by Zoho Books automatically.
Let’s say, you have transactions in an account [For example, Expense Advance] with $1000 debit balance as on 28-02-2020. Your new opening balance date is 30-03-2020 and you want the account balance to be a a debit balance of $2500 instead of $ 1000 for the Expense Advance account as on that date. All you have to do is edit the opening balance with the updated amount and a journal entry will be passed automatically for $1500 to rectify the error and have the debit balance as $2500.
However, if you wish to close an opening balance account, you’ll have to empty the account by making it zero and ensure there are no corresponding transactions for that account.
Here’s how you can overwrite or close an account opening balance in Zoho Books:
To update the opening stock balance, you’ll have to enter an inventory adjustment. Here’s how:
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