Opening balance:

Opening balance is the balance contact (customer or supplier) has at the beginning of the time.

Suppose you’re shifting the data from another software to iconicERP then the opening balance of the contact will be the balance amount which the contact has to pay to you have to pay to the contact.

Opening balance for customer = Amount the customer has to pay

Opening balance for supplier = Amount you have to pay to the supplier.

Adding Opening balance

You can add an opening balance when adding/editing the supplier or customer. In the add contact screen, you will find the opening balance field.

Pay or receive payment of opening Balance
This option will only be displayed if there is an outstanding amount to pay to the supplier.