Objective:
To key in opening balance for both trade debtors and creditors.
Scenario:
Actual start date (the date which you start using AutoCount) is within the financial period (not exactly begin at start date).
Method 1:
(i) Direct Key-In From Year-To-Date Maintenance (G/L --> Year-To-Date Maintenance)
(ii) The opening balance now can be seen in Account Maintenance.
However, since the opening amount you have keyed-in kept no record of entries. Therefore knock-off list won't appear when the users wish to knock off debtors/creditors outstanding invoices.
Method 2: Key-In Opening Balance Using A/R or A/P invoices.
(i) Point on A/R or A/P module, then select:
- A/R invoice to key-in the opening balance for trade debtors
- A/P invoice for key-in the opening balance for trade creditors
(ii) Select the debtor/creditor --> change the current date to previous date and start key in the (lump-sum) opening balance for trade debtors and trade creditors.
- Trade Debtors:
- Trade Creditors:
(iii) Then update trade debtors/trade creditors opening balance from Tools --> Manage Fiscal Years
Note:
- 'Update Debtor/Creditor Opening Balance from Past A/R and A/P Transactions' update only all the A/R and A/P past invoices amount.
- 'Update Last Month Year-To-Date Balance from A/R and A/P Transactions' update only all the A/R and A/P year-to-date invoices amount.
(iv) The opening balance for both trade debtors and trade creditors now have been updated in G/L Account Maintenance.
Summary:
1. Method 1
Pros:
Simple and easy to apply.
Cons:
Users cannot eliminate/knock-off outstanding amount directly from A/R or A/P payment as the balance key-in directly from Year-To-Date Balance contain no records of entries from A/R or A/P invoices.
2. Method 2
Pros:
As opening balance (record) is stated from A/R or A/P invoices. Therefore these will be reflected from invoices knock-off list in A/R or A/P payment that users can direct eliminate/knock-off the outstanding amount.
Cons:
Balance need to be updated manually by the users.