Enter Creditors Opening Balances

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An opening balance must also be entered in the general ledger Trade Creditors account and should match the total of the opening balances in the Creditors Opening Balances.

 

creditorsob1

 

To enter creditors opening balances, go to Tools > Creditors OB on the ribbon.

 

creditorsob

 

Once the Creditors Opening Balances screen is open, click Add at the bottom of the screen.

 

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Opening Balance Entry (Type: Purchase)

The Add Opening Balance entry form will appear.

 

obentry

1.Select Type Purchase or Credit.

2.Select the vendor card code by either entering the card code in the Vend# field or clicking the ellipsis [...] to choose a card code. The field next to this will populate with the vendor's name.

3.Use the drop down list in the Date field to select the date of the purchase. This date will be used in the aging of the creditor account.

4.Enter the amount of the purchase.

5.Add a comment so everyone is aware of what this is for.

6.Enter the Purchase #. If there is no purchase number, use the invoice number, as this is a required field.

7.Enter the vendor's invoice number. This is also a required field.

8.Choose the date this purchase is/was due.

9.Choose a discount date, if appropriate. The discount amount will be reflected from the terms in the vendor cardfile.

10.Click OK.

 

hmtoggle_arrow1Opening Balance Entry (Type: Credit)