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 AccountEdge (your conversion date). The purchases you made for which you haven't yet paid are called pre-conversion purchases.
This support note explains how to enter the opening balance of your Trade Creditors account - this will be the total of what you owe your suppliers. We'll also show you how to enter your historical (pre-conversion) purchases.
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.
This account represents the amount you owe your suppliers.
To enter this opening balance:
- Go to the Setup menu and choose Balances then choose Account Opening Balances. The Account Opening Balances window is displayed.
- 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 AccountEdge.
Here's our example:
- Click OK.
Entering the purchases you haven't yet paid for will allow you to record payments against them in AccountEdge.
To do this:
- 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.
- Click Add Purchase. The Historical Purchase window is displayed.
- Select the applicable supplier and enter the details of the purchase. Here's our example:
- Click Record.
- (Australia only) Click OK to the alert regarding cash reporting.
- 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!
There is no longer an out of balance.