When migrating to Borg Desk ERP, it is important to enter the Opening Balances of your Customers, Vendors, and Bank Accounts for accurate financial tracking. Follow these steps to update them easily:

Step 1: Navigate to Account Book
1️⃣ Login to Borg Desk ERP
2️⃣ Go to the "Accounts Module"
3️⃣ Click on "Finance/Opening Balance" in the Side Navigation Bar

Step 2: Update Opening Balance for Customers
1️⃣ Click on Plus (+) Icon under Finance/Opening Balance
2️⃣Select "Giver/Receiver OB"  → OB Sub-Type "Select Debtor(Dr)-(If customer owes money)" --> Select Debtor's Name (Select Customer Name from list) -->Amount
3️⃣Reference Date (Start of financial year)---> Remarks --> Account For (Any Other Remarks If Any)
4️⃣Click on "Add Transactions"
5️⃣Repeat this for all customers One by One

Step 3: Update Opening Balance for Vendors
1️⃣ Click on Plus (+) Icon under Finance/Opening Balance
2️⃣Select "Giver/Receiver OB"  → OB Sub-Type "Select Creditor(Cr)- If you owe money to Vendors" --> Select Creditor's Name(Select Vendor from list) -->Amount
3️⃣Reference Date (Start of financial year)---> Remarks --> Account For (Any Other Remarks If Any)
4️⃣Click on "Add Transactions"
5️⃣Repeat this for All Vendors One by One

Step 4: Update Opening Balance for Loans & Investment
1️⃣ Click on Plus (+) Icon under Finance/Opening Balance
2️⃣Select "Loan OB/Investment OB"  → OB Sub-Type "Select Creditor(Cr)- If you owe money to Someone" or "Select Debtor(Dr)-(If Someone owes money)"--> Select Creditor's / Debtor's Name(Select from list) -->Amount
3️⃣Reference Date (Start of financial year)---> Remarks --> Account For (Any Other Remarks If Any)
4️⃣Click on "Add Transactions"
5️⃣Repeat this for All Entries One by One

Step 5: Update Opening Balance for Bank Accounts
1️⃣ Click on Plus (+) Icon under Finance/Opening Balance
2️⃣Select "Bank OB"  → OB Sub-Type "Debit (if positive) or Credit (if negative)"--> Select Bank Account Type (Current Account / Cash or Cash Equivalent / Clients Trust Account / Money Markets / Other Embarks Bank Accounts / Rent Held in Trust / Saving Accounts /Over Draft Bank)-->Amount
3️⃣Reference Date (Start of financial year)---> Remarks --> Account For (Any Other Remarks If Any)
4️⃣Click on "Add Transactions"
5️⃣Repeat this for All Banks One by One

Step 5: Verify & Reconcile
✔Check Ledger Reports to ensure balances are correctly updated.
✔Use Trial Balance & Balance Sheet to confirm correctness.

Benefits of Updating Opening Balances in Borg Desk ERP
✅ Accurate financial records from day one
✅ Proper tracking of receivables & payables
✅ Seamless transition from old accounting systems
✅ Ensures correct financial reporting & tax compliance

Need help with your Trial Balance? Let us know!
 

Admin

May 23, 2024

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