Home » Categories » 03. Shop Mgmt Enterprise

Entering Account Receivable Opening Balances

 

Entering Account Receivable Opening Balances

Discussion

Entries for Receivable Opening Balances can be entered at any time after your Go Live date. For best results, prepare a listing of current account balances using the date prior to your Go Live date. This list will need to include Receivable Account Name and Balance. Follow these steps to enter the Receivable Opening Balances.

1.From the General Ledger Manager, select "GL Adjustments" @ top left.

2.Set the Date prior to your Go Live date, and set the Time to End Of Day

3.On the Account line, select Assets > 1200 Account Receivable

4.On the Sub Account line, enter the Customer / Account Name.

5.In the description box, write "Opening Balance".

6.On the Adjustment line, enter the Receivable Opening Balance

7.Select Add.

Continue to enter all Receivable Balances.

8.When all Receivable Balances are entered, on the Account line select Equity > Opening Balance.

9.In the Description Box, write, "Opening Balance – Receivables".

10.In the Right Accounts column @ top right, enter the offsetting $ value to balance the Total line.

11.Select Add.

12.The Total line must be balanced to process a balanced entry and to keep your General Ledger in balance.

13.Double check all entries, select Save @ top left.

14.These values will be entered into the 1200 Account Receivable for the Customer / Account Name.

a.All entries will be displayed using the GL Adjustment Date, Description and Value as entered.

Printed copies will offer backup reference, if needed.

* Aged Monthly and/or individual invoice entries can be made but require the GL Adjustment Date to be set to the dated entry. This process can be used for each aged invoice or month. If entering aged invoices, use the invoice # in the description field. If entering aged balance by month, use the Opening Balance & Month in the description field. Using this process will be timely and offers many opportunities for errors in entry.

5 (1)
Article Rating (1 Votes)
Rate this article
  • Icon PDFExport to PDF
  • Icon MS-WordExport to MS Word
Attachments Attachments
There are no attachments for this article.
Comments Comments
Related Articles RSS Feed
SMTP Mail Server Setup
Viewed 4382 times since Mon, May 23, 2011
Go Live Checklist
Viewed 9744 times since Thu, Mar 24, 2011
Employee Pay Back
Viewed 2603 times since Wed, May 11, 2011
Entering Return Goods Opening Balances
Viewed 3627 times since Thu, Mar 24, 2011
Install Manager Enterprise 4.1.8
Viewed 5796 times since Wed, Dec 21, 2011
Eparts Expert Symbols
Viewed 2574 times since Tue, Aug 23, 2011
Ports
Viewed 3015 times since Wed, Jun 15, 2011
Enterprise Pro Reports
Viewed 1475 times since Tue, Feb 9, 2016
Entering Account Payable Opening Balances
Viewed 3333 times since Thu, Mar 24, 2011
Early Payment Discounts - Supplier discounts - 2/10 Net 30
Viewed 18308 times since Thu, May 12, 2011