Enter your supplier opening balances
This explains how to enter the opening balance of a customer's account. You need to do this when you’ve started with .
The opening balance is the total value of any outstanding invoices or credit notes. To do this, you can manually enter your customer opening balances or you can import them.
Before you start
- Check your VAT Scheme and Accounts Start Date is correct.
- Create your supplier records.
- Gather a list of any outstanding supplier invoices and credit notes.
Enter opening balances
Enter each outstanding invoice as a separate opening balance or enter as a single amount.
Entering them separately makes it easier to match to payments you receive later.
- From Settings, choose Business Settings.
- In the Opening Balances section, select Supplier.
- Check the Accounts Start Date is correct. and change it if required. This is the date you started using Accounting. All opening balances must be before this date.
- Select New Opening Balance, then complete the details
- Type
- For outstanding invoices, choose Inv.
- For outstanding credit notes, choose CRN.
- Date. Enter the date of the invoice or credit note. This date must be before the Accounts Start Date.
Total - the outstanding amount of the invoice or credit note.
If you use the
Net
VAT Rate
- Type
Outstanding payments
Enter any outstanding payments for this supplier as credit notes. Allocate these to the relevant invoice at a later date.
Multi-currency suppliers
If the supplier uses a different currency, enter the
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Total. Enter the amount in the customer’s currency.
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Exchange rate. Enter the rate used for the original transaction.
Check your balances are correct
Use the Aged Creditors report to check the total amount each supplier owes you.
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From Reporting, choose More.
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Choose Aged Debtors
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Enter your accounts start date, and select Calculate.
The report shows the total amount owed for each customer and the total.
