Meaning: Recording the opening balance
Beginning Balance is the recording of the opening balance that occurred from the previous accounting period. That can be set to bring forward balances to be made before or after recording the daily data.
recording the opening balance
1. Determine the date on which the balance will be brought forward.
2. Prepare information including
System information has 3 parts:
- Contact information, i.e. debtor or creditor
- Inventories
- balance in the payment field
Item information such as debtor invoice information and creditor invoice information.
Account information : Trial balance
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