Unless you are opening a new business (and consequently have no vendors that you owe money to), you will have to carry forward creditors balances from your old accounting system into Jim2. The general ledger should already show the starting point total of the amount of money payable by you to creditors as a GL opening balance figure. Just how that figure is balanced is made by entering individual creditor opening balance purchases/invoices (money owed by you) and credits (money/credits owed to you by a vendor). Entering these opening balance purchases/invoices/credits allows you to report on, and apply vendor payments correctly within Jim2.
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You have not created these opening balance purchases/credits from any Jim2 workflow (purchase information, stock information, and so on). These entries are a one-off reconciliation between your old system and Jim2. Therefore, it is very important that any out of balance amounts between the carry-forward GL creditors balance (from your old software) and the creditors opening balance purchases/credits are clarified. You don't necessarily have to enter the creditors opening balances in order to begin using Jim2, but it is recommended that they are entered as soon as possible to make processing vendor payments more accurate. |
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Once entered, opening balance creditors are then aged correctly. Once a payment is applied to an opening balance creditor's purchase or credit, the original entry in the creditors opening balance list will change to a grey shaded background, and can no longer be edited or deleted. |
On the ribbon, go to Tools > Creditors OB.
This will display the Creditors Opening Balances screen.
At the bottom of the Creditors Opening Balance screen you will see three dollar value fields. These are:
Field |
Explanation |
Creditors |
This is the general ledger creditors account opening balance. |
Opening Balance |
This is the calculated value from the entries in this list. |
Out of Balance |
This is the difference between the value entered into the general ledger creditors account as the opening balance and what has been entered here. This field should show 0.00 once all creditor opening balance entries are entered. |
The creditors general ledger account will also display its own opening balance, the calculated opening balance and any out of balance amounts, to minimise errors when used to update the opening balance in one place only.
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Whenever you update a creditors opening balance, you need to make sure that any changes are reflected in the general ledger creditors account opening balance value. This is not updated automatically, so you must update this value manually.
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Further information: