Concept over balance sheet, trail balance and opening balance

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Balance sheet, trial balance, and opening balance are key concepts in accounting for tracking financial transactions and preparing financial statements.

Balance sheet: A financial statement that shows a company's assets, liabilities, and equity at a specific point in time.
Trial balance: A list of all the general ledger accounts with their balances to ensure that debits equal credits.
Opening balance: The balance of an account at the beginning of a financial period, which is carried forward from the previous period.
These concepts are essential for accurate financial reporting and analysis in ERP systems like SAP or Oracle.
For example, in SAP, the balance sheet can be generated using transaction code FS10N, trial balance using transaction code FBL3N, and opening balance using transaction code F.07.

Concept over balance sheet, trail balance and opening balance

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