When you start updating the accounting entries on ADDA, you can update the Last Year Financial Statement by creating journal entries:
For example, if you have a Balance Sheet for the Year 2019-20, you can enter the details as opening balance as of 01-04-2020 by following the below steps:
Step 1: Login to ADDA -->> Admin -->> General Ledger -->> Journal Entries.
Step 2: Click on the "Create Journal Entry" Tab.
Step 3: Enter the Journal Notes i.e. Narration.
Step 4: Enter the Journal date and Amount.
Step 5: Select the Debit Account And Credit Account respectively. In Incase of Asset Entry, Select the Asset Account as Debit and Opening Balance as Credit. In the case of Liability entry, Select the Liability entry as Credit and Opening Balance entry as Debit.
Note: Assets and Liability Accounts can be created by following the below link: