We’re excited to announce that the latest information is now available on our new site, the Ginesys One Wiki!. Visit the site for up-to-date resources and insights. We look forward to continuing to support you there!
We’re excited to announce that the latest information is now available on our new site, the Ginesys One Wiki!. Visit the site for up-to-date resources and insights. We look forward to continuing to support you there!
Managing Ledger
- Debrupa Datta (Unlicensed)
- Aparajita Basu Roy
- Ginesys Knowledge Team
- Subhasree Banerjee (Unlicensed)
Opening Ledger: Building Blocks of Accounting
An Opening Ledger is the starting point of accounting for a new financial period. It consolidates previous balances from various accounts, providing continuity and accuracy in financial records. It helps with decision-making, budgeting, and compliance. In essence, the Opening Ledger is a fundamental tool that lays the groundwork for effective financial management.
Ledger Type and Their Applicability
Ledger Type | Sub-Ledger Applicable | Site Applicable | Reason |
Cash | NA | NA | Sub ledger and site is not applicable for Balance sheet items because it is mainly required for site/segment wise Profit and loss |
Bank | NA | NA | |
General | Yes | Yes | Site helps in segment-wise PL generation and sub-ledger helps in bifurcation of GLs |
No | Yes | ||
Yes | No | ||
No | No | ||
AR/AP | Yes | NA | Site is not applicable for vendors/customers type ledgers |
Where to Upload Opening Balance for Ledger
Note
Ledgers which are not sub ledger applicable will get uploaded from this window.
To know how to manage Opening Entries, check out Managing Opening Entries
To know how to enter Opening Sub-Ledger, check out Managing Sub-Ledger