Open The Year With Opening Balances

The New Year’s celebrations are already behind, and it’s time to get back to business. It is quite common that new year is perceived as an opportunity for “fresh start” or “clean slate”, however in business the new year does consider the past. To ensure continuity, SAP Business One lets you record opening balances for G/L accounts and business partners using dedicated forms:

Assign the offset account at the top of the form, and enter the opening balances for the various accounts and business partners in the “OB (LC)” , “OB (FC)”, and/or the “OB (SC)” columns. Alternatively, you can import the opening balances from Excel by choosing the “Import from Excel” button. By default, the date is set to the beginning of the year – you can change it if required.

After choosing the “Add” button, the respective transactions are created with the “OB” origin, indicating this is an opening balance transaction.

Available in SAP Business One, version for SAP HANA and SAP Business One. This tip and all the other tips are available on the Tip of the week community page. You can also visit the Implementation Arena for useful implementation tips.