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Previous year closing balance in this year opening

Sourav (Student) (75 Points)

27 January 2012

Please tell me whether previous year opening balance for all segemnt like, Fixed Assets, Indirect Expenses,Indirect Income along with other balance sheet items are need to be put in as opening balance of this year in Tally ERP 9?? Please tell us as it is very urgent.

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6 Replies

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 27 January 2012

It should not be the previous year opening balance, but the closing balance of the previous year should be put in tally as opening balance of the current year.

The opening balance is required to put only in respect of balance sheet items such as Fixed ASsets, debtors, creditor's, investments etc...

Balances in respect of expenses & incomes need not be shown seeprately, as the Net profit as per P&L account is shown on the liability side under Reserves & Surplus, whihc is after considering all the revenue & expenses. So only the closing balance of the Proft & Loss acount of teh previous year, should be put as Opening Balance for the current eyar.

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CA Suraj Lakhotia (IndigoLearn) (4898 Points)
Replied 28 January 2012

The easiest option would be to split the company using the split company option available in Tally. You do not have to update individual accounts. All accounts and balances would automatically be updaed.

CA Suraj Lakhotia (IndigoLearn) (4898 Points)
Replied 28 January 2012

sivachidambaram.s (Internal Auditor) (26 Points)
Replied 31 May 2013

Sir,

i have Rs. -3,00,000/- minus amount in sundry creditors at 31st march 2013 due to wrong GRN posting, with the same balance i used split and taken opening balances for 1st April 2013, now that same differnce is show in balance sheet asset side as difference in opening balance Rs. 3,00,000/- to clear the difference, each and every amount of closing balances verified with opening balances for 1st April 13, still i have not find any differences.

Kindly advise, how to clear the difference in opening balance OR

HOW TO TAKE ALONE CLOSING BALANCE OF 31ST MARCH 13 FROM TALLY ( WITHOUT EXPENSES, SALES & PURCHASE ) TO COMPARE WITH OPENING BALANCES OF 1ST APRIL 13

I WOULD BE VERY THANKFUL FOR YOURS IMMEDIATE REPLY FOR THE SAME

R.senthilkumar (working) (52 Points)
Replied 01 November 2014

i want to differ from closing balance to closing balance. pls tell how to do

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muhammed shanid (Accountant) (35 Points)
Replied 20 March 2019

Sir

I have started working on a company in abroad

They have been operating the business from last June 2018 and no accounts or bookkeeping methods have been used till now.

I calculated opening stock with available Purchase and Sales of January to March and comparing with closing stock. And I also found the Current Liabilities, Current Assets, Payable, Receivables, Fixed Assets and Depreciation etc. Currently i am using Tally ERP 9. I have start the accounts from January and when i tried giving Opening balances of Stock in Hand, Cash in Hand,Bank Accounts, Current Assets, Fixed Assets , Current Liabilities etc it showed a difference in opening balances ( i haven't put the capital account amount as i dint got it,Its a sole proprietary , so the closing stocks and everything should automatically adjust with capital account right?)