DIFFERENCE IN OPENING BALANCE SOLUTION

DIFFERENCE IN OPENING BALANCE

Hi friends , today we are going to discuss about problem relating to difference in opening balance, which came in the tally when your are finalizing your tentative balance sheet.

                        so hi friend I know that people who are working in tally  many time they face problem related to difference in opening balance -- difference in opening balance....so  what is this ,why its happen, how it  problem occurs , what to do with entries ,is it entries fault or any mistake done by us. so below there is solution for this problem.

No need to worry friends because it might be seem as big problem but solution is very simple. 

HOW TO SOLVE DIFFERENCE IN OPENING BALANCE

Solution 

                   

     when we start with new account or doing  accounting  of any new business ,then someone if put opening balance in ledger while creating the ledger from that point problem relating to DIFFERENCE IN OPENING BALANCE start occur.

For example 

DIFFERENCE IN OPENING BALANCE

I have to pass a entry of fixed asset or bank in which i want to show amount of Rs5000 and i put that Rs 5000 while creating ledger ,from there the problem relating to difference in opening balance start so what ever entries you going to do they will get wrong .so for avoiding this problem you just have to do a simple thing

FIRST --- when ever you want to opening balance of any new account just go for journal entry.

For example you have Rs 5000 material balance of last year and you want to show that balance as opening.

SO ENTRY IS SOMETHING LIKE THAT

Material a/c     dr... 5000

          To capital a/c   cr........5000

So that it, your problem is solve but keep in mind that every opening balance should come like that.

  
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