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Entering supplier opening balances and historical purchases

Not available in AccountRight Basics

When setting up your company file, you might need to enter supplier opening balances and historical purchases. This lets you enter supplier payments against purchases that were made prior to the date you started using AccountRight (your conversion date). The purchases you made for which you haven't yet paid are called pre-conversion purchases.

This article explains how to enter:

  • the opening balance of your Trade Creditors account - this represents the total of what you owe your suppliers.

  • historical (pre-conversion) purchases - these are the individual purchases, the total of which should equal the

     

    opening balance of your Trade Creditors account.

Historical purchases will not generate BASlink (Australia) or GST return (New Zealand) figures, so your BAS/GST return must be done manually for these periods.

1. Enter the opening balance of your Trade Creditors account
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This account represents the amount you owe your suppliers.

To enter this opening balance:

  1. Go to the Setup menu and choose Balances then choose Account Opening Balances. The Account Opening Balances window is displayed.

  2. Locate the Trade Creditors account, then in the Opening Balance column enter the sum total of what you owe your suppliers as at the time you began to keep your records using AccountRight.

  3. Click OK. 

2. Enter historical purchases
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Entering the purchases you haven't yet paid for will allow you to record payments against them in AccountRight.

To do this:

  1. Go to the Setup menu and choose Balances then choose Supplier Balances. The Supplier Balances window is displayed. Notice there is an Out of Balance Amount as you need to enter your historical purchases to match the value of your Trade Creditors account.

  2. Click Add Purchase. The Historical Purchase window is displayed.

  3. Select the applicable supplier and enter the details of the purchase.

  4. Click Record.

  5. (Australia only) Click OK to the alert regarding cash reporting.

  6. Repeat steps 2 - 5 for all your pre-conversion purchases. When the total of your outstanding bills equals the balance of your Trade Creditors account, you're done!