Date

17 Sep 2014

Attendees

Alexandera Morales
Ailene Ramos

Goals

Configuration Session | AR Opening Balance Import

Update

ü Vendor has been imported.

ü Customers are for import

ü Ailene to confirm with Abigael regarding the hosting of the web site of Homeocare Laboratories

ü GL Balances are for checking, another session on Friday will be scheduled for this topic

AR Opening Balance

1. Temporary inventory item for the Customer Opening Balance is created.

a. Go to List > Accounting > Items > New

b. Choose Other Charge, type is For Sale

c. In the Item Name / Number, enter ‘Customer Opening Balance Item’, and repeat this in Sales Description field

d. In the Income Account field, choose the ‘Opening Balance’ account. If this does not display as an option, it means that you have restricted the lists to only show expense account. Go to Setup > Accounting > Accounting Preferences. In general sub-tab, check the Expand Account Lists and click Save. Return to step a.

e. In the Tax Code, select the zero-rated tax amount so that the tax is not charged on this item.

f. Click Save. You may change the Expand Account Lists preference and set it back to uncheck.

2. You may now enter the invoice for each customer or import them through CSV file. Make sure that the item defined is the one that we have just created

3. Go to Reports > Customer/Receivables > A/R Register and run the report. Compare the total value of the AR with the one in you GL for Customer’s Control Account (Accounts Receivable)

4. Reverse the effect of the opening balance in the General Ledger, go to Transactions > Financial > Make Journal Entries.

DR Opening Balance Account XXX

CR Customer Control Account XXX

5. Go to Lists > Accounting > Accounts and ensure that the Opening Balance is 0 and the Customer’s Control Account is the actual value of the AR as per books.

6. If you have a customer with credit balance as the opening balance, Credit Note should be created or imported instead of invoice. The steps are the same except that when you opt to enter them manually, the page to be used is Transactions > Customers > Issue Credit Memos.

Action Items:

ü Alex will import the Customers

ü Alex will clean the Open Invoices list.

ü Alex will populate the csv template for the AR Opening Balances.

ü Ailene will create the CSV files to be imported for both Inventory and Non-Inventory items. Files will be imported tomorrow afternoon.

ü Alex to clean the GL Opening Balances

Other Information:

WebEx Invite for Thursday 9/18/2014 from 2:30PM to 4:30PM EST

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