Entering Account Receivable Opening Balances
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.
- From the General Ledger Manager, select “GL Adjustments” @ top left.
- Set the Date prior to your Go Live date, and set the Time to End Of Day
- On the Account line, select Assets > 1200 Account Receivable
- On the Sub Account line, enter the Customer / Account Name.
- In the description box, write “Opening Balance”.
- On the Adjustment line, enter the Receivable Opening Balance
- Select Add.
- Continue to enter all Receivable Balances.
- When all Receivable Balances are entered, on the Account line select Equity > Opening Balance.
- In the Description Box, write, “Opening Balance – Receivables”.
- In the Right Accounts column @ top right, enter the offsetting $ value to balance the Total line.
- Select Add.
- The Total line must be balanced to process a balanced entry and to keep your General Ledger in balance.
- Double check all entries, select Save @ top left.
- These values will be entered into the 1200 Account Receivable for the Customer / Account Name.
- 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.