Creditors Opening Balances |
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For a new business setup (which has no money owing to vendors), creditors' balances will need to be brought across from the old accounting system to Jim2. The general ledger should already show the starting point total of the amount of money payable to creditors as a general ledger opening balance figure. How that figure is balanced is made by entering individual creditor opening balance purchases/invoices (money owed to vendors) and credits (money/credits owed to the business by a vendor). Entering these opening balance purchases/invoices/credits allows for reporting on and applying vendor payments correctly within Jim2.
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 there are three dollar value fields.
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 updating the opening balance in one place only.
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