RE: Where to assign Openining Balance Account
when you enter the opening balance to any of the account , system automatically create one journal entry for that , so in that journal entry one account is for ‘opening balance account’ .. So my question is where to assign or set this opening balance account.
There are two places where you can assign an opening balance account in NetSuite:
1. On the account record
To assign an opening balance account to an account record, go to Lists > Accounting > Accounts. Then, click the Edit button next to the account record that you want to update. On the Basic Info tab, enter the opening balance account in the Opening Balance Account field.
2. On the journal entry record
To assign an opening balance account to a journal entry record, go to Transactions > Management > Journal Entries. Then, click the New button to create a new journal entry record. On the Lines tab, enter the opening balance account in the Account field for the opening balance line.
Which method you use to assign an opening balance account depends on your specific needs. If you are only assigning an opening balance account to a few accounts, you can assign the opening balance accounts directly on the account records. However, if you are assigning opening balance accounts to a large number of accounts, it is more efficient to assign the opening balance accounts in a journal entry.
