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The debit or credit balance of a ledger account brought forward from the old accounting period to the new accounting period is called opening balance. This will be the first entry in a ledger account at the beginning of an accounting period. The opening balance is being captured based on Department, fund, function etc are based on how system is configured.
If a an ULB is using another accounting software beforesystem, firstly ULB should close financial statements in that softwaresystem. The Then closing balance of the accounts should be updated as an opening balance in the new application.
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