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Opening Balance Calculation

Solution

Opening Balance is calculated by adding up previous period balance, all bills and only received income in the current period. Therefore, any income that is not marked as received will not be included to the calculation. 

You can show/hide Opening Balance through Show Opening Balance flag at menu=>More=>Settings=>Period Settings screen.

Opening Balance calculation works as follow:

Let's say Opening Balance for the current period is 100.00 USD, there are 2 bills with the amount of 30 USD and 40 USD and there is an income with the amount of 50 USD which is not marked as received. In this case, the amount is carried forward (following period's opening balance) will be calculated as (100 USD - 30 USD - 40 USD) = 30 USD as the income hasn't been received. As soon as the income is received the calculation will be (100 USD + 50 USD - 30 USD - 40 USD) = 80 USD.

 
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Article details
Article ID: 29
Category: Getting started
Date added: 17-Jan-2013 18:32:22
Views: 316
Rating (Votes): Article rated 3.9/5.0 (11)

 
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