Entering Account Payable Opening Balances
Entries for Payable Opening Balances can be entered at any time after your Go Live date. Depending on the accuracy of your Payable account information, choose from the 2 options below for entries.
a. If your current Account Payable information is up to date and accurate, prepare a listing of current account balances using the date prior to your Go Live date and use this information for Payable Opening Balance entries.
b. If your current Account Payable information is not up to date and accurate, wait for the Payable Statements to arrive and use the statement balances for Payable Opening Balance entries.
Follow these steps to enter the Payable 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.