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- A newly started business will not have any closing balances for the previous accounting year that has to be carried forward.
- Instead, the investments and capital of the business will be entered as opening balance for the current accounting year.
- In other words, the closing balance of your previous year accounting period will become the opening balance for the new year accounting period.
- You can set ledger opening balance in “Opening Balance” field when you create ledger (Go to Master > Ledger. Then click on “new” button from toolbar).