As a Head Accountant, I wish to set the opening balances for GL (General Ledger) accounts for a branch or an entire organization. This makes it easier for an organization wanting to move to Phenix to transfer GL account balances (from their existing accounting application or manual system) to Phenix Accounting.
Opening balances must be set before entering any journal entries in accounting system.
Beginning at the main screen, click on Accounting. This will launch the Accounting menu. Select Migrate Opening Balances
Step 1: Go to “Global configuration” (Admin>>System)
Enable “office-opening-balances-contra-account”
Step 2: Go to “Chart of accounts” (Accounting>>Chart of accounts)
Create a Contra-account (for example. Opening Balances Contra-account, which would be an Equity account)
Step 3: Go to “Accounts linked to Financial Activities” (Accounting>>Accounts linked to Financial Activities)
a) Click on “Define New mapping”
Financial activity: Opening Balances Transfer Contra
Account: Opening Balances Contra Account(Equity account type)
Then click on Submit.
Step 4: Go to Migrate opening Balances (Accounting>>Migrate opening Balances)
a) Select the desired office from the drop down
