As a Head Accountant, I wish to set the opening balances for GL (General Ledger) accounts for a branch or entire organization.
This makes it easier for an organization wanting to move to Mifos to transfer GL account balances (from their existing accounting application or manual system) to Mifos X Accounting.
User selects the following:
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Head office or the branch (drop down)
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Contra Account (for ex. Opening Balances Contra Account - which is usually an Equity account) - drop down of all GL codes with GL Account Names.
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Opening Balance Date (date picker)
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A table is displayed below with the following 4 columns:
GL Code (display only) GL Name (display only) Debit Balance (text box, amount) Credit Balance (text box, amount)
Validations: a) Either debit or credit balance may be specified b) Both debit or credit balance may NOT be specified c) Both debit or credit balance may be null or zero
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When clicking on submit:
If at least 1 debit or credit balance is specified, then If Debit Balance specified, then pass the following journal entry manually: XYZ Account (whichever is the GL account in the table row) - Debit Opening Balances Contra Account - Credit
If Credit Balance, then, Opening Balances Contra Account - Debit XYZ Account (whichever is the GL account in the table row) – Credit
No need to provide list, view or edit screens.
A separate permission is needed for this functionality. This permission will be assigned to only a head accountant.
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