Balancing Difference in Opening Balances

There may be some differences in opening balances in the Trial Balance report due to the following reasons: 

1. When you create a new company in a new financial year, there may be a mismatch in the total of debit and credit opening balances. This can be due to one of the following reasons:
   • Error while manually entering the opening balance.
   • Impact of data from the previous company.
   • Removal of opening balance from one or more ledgers. 
2. When the data is split, and you have tried to change the carried forward opening balances. 
3. Importing or sync of ledger opening balances which will overwrite the existing balances. 

In order to nullify the difference, you must verify the Opening Balance of each ledger from the previous year’s balance sheet and fix any data entry error.

To verify the opening balances of the ledgers in the company data,

1. Press Alt+G (Go To)> type or select Trial Balance> press Enter.
   Alternatively, Gateway of Tally > Display More Reports > Trial Balance.
2. Press F12 (Configure) > set Show Opening Balance as Yes.
   The Difference in opening balances field appears in the report, if any.
   
3. Specify the opening balances in ledgers, if missing, or correct the incorrect opening balances in ledgers, if any.
   1. Alter the required ledger: press Alt+G (Go To) > Alter Master > select the ledger that you want to alter. 
   2. In the Opening Balance field, update the opening balance value and save the ledger. 
4. Once you correct the ledger balance, check and tally the Trial Balance report.
   
   

By adjusting these imbalances, you can ensure the accuracy of financial reports like Balance Sheet, and balance the debit and credit values in these reports as well. 

Receipt Notes in Trial Balance

Let’s suppose you purchased goods from a party, and they seemed fine when you received them. As an acceptance of the goods, you issue a Receipt Note. But when the Receipt Note is entered with a tracking number, it affects the Trial Balance. To see how this affects the Trial Balance, 

1. Press Alt+G (Go To)> type or select Trial Balance> press Enter. 
   Alternatively, Gateway of Tally > Display More Reports > Trial Balance.
2. Press F5 (Ledger-wise) to view the ledger-wise report.
   
   

The value of the Purchase Accounts (Bills to Come) is displayed in the Debit field. The receipt note transaction does not affect the books of accounts when it is entered with a tracking number since it is an inventory transaction and not an accounting entry. There will be an increase only in the stock quantity and stock value. The Purchase Bills to Come (under Credit) represents the stock for which a receipt note is entered, but the purchase voucher is not yet accounted.

Similarly, you might have sold some goods to a party and sent it along with the Delivery Note. In this case, the value of the goods will appear under Sales Bill to Make as the sales bill was not issued at that time. 

Group/Ledger-Wise Trial Balance

You might want to cross-verify the opening balance ledgers to adjust the difference in Opening Balance. By default, a group-wise view of the Trial Balance appears. You can view Trial Balance in TallyPrime according to the groups or the ledgers in your books by converting it into a ledger-wise report or back into a group-wise report. To do so, 

1. Press Alt+G (Go To)> type or select Trial Balance> press Enter. 
   Alternatively, Gateway of Tally > Display More Reports > Trial Balance. 
   
2. Press F5 (Ledger-wise) to view the ledger-wise report. To return back to the Group-wise report, press F5 again. 
3. For a detailed format of the Trial Balance, press Alt+F5 (Detailed). 
   
   
4. Press F12 (Configure) > set Expand all levels in Detailed format to Yes. The group-wise Trial Balance appears in the expanded format. This configuration will expand even those groups, for which Group behaves like a Sub-ledger is set to Yes.

By default, the option Group behaves like a sub-ledger is set to Yes for Sundry Debtors/Sundry Creditors. However, if you want the Sundry Creditors/Sundry Debtors groups to be expanded, go to Group Alteration and set Group behaves like a sub-ledger to No.

To know more about Group behaves like a sub-ledger, go to Groups in TallyPrime