when any person can start the business then many of the expenses are incurred in business. some of the opening expenses are incurred under the certain circumstances:- Any person can start the work initially (purchased the computer):
- Any person can start the work from middle (not end a year):
- Any person can start the work in next year which is already continued
· Many of the items which are necessary to be created in ledger like: direct expenses and incomes, indirect expenses and incomes.
Some of the assets and liabilities also created in ledger.
- Assets: sundry debtors, fixed assets, current assets, security and advances
- Liabilities: capital, loan, sundry creditors, outside expenses.
- Create a stock group and stock items (opening and closing stock).
- Godown location.
- Make entries in accounting voucher.
Any person can start the work from middle (not end a year): when any person can start the work from middle then there is no need to create any ledger, stock items, groups, godown location. It can directly start the work. Only make entry in accounting voucher which are receipt, payment, journal, contra, sales and purchased.
Any person can start the work in next year which is already continued: when any person can start the work which is already continued then opening balance of the previous period is transferred in current period with the help of change period (press ALT+F2).
There is no need to create any ledger, stock items, groups, godown location. It can directly start the work. Only make entry in accounting voucher which are receipt, payment, journal, contra, sales and purchased.