Enter Your Customer Opening Balances

Zumzum Financials Knowledge Base

    Migrating Customer Opening Balances

    You can either enter your customer balances by posting the outstanding sales invoices to the ledger or by entering your customer opening balances. If you use the VAT Cash Accounting scheme and a customer has more than one outstanding transactions, you will need to add each of these transactions separately. Entering the transactions separately or by posting the sales invoices to the ledger will be particularly useful if you want to use ageing to work out when to chase the customer payment. 

    If you plan to use the Standard VAT accounting scheme and you do not wish to use ageing with your transactions, then you can enter the total amount owed to you by a customer as a lump sum.

    Should you find that your Debtors figure does not match the figure in your previous accounting application you can clear the opening balance with a journal entry. Then you can either enter a new journal to enter the correct Debtors value or if you prefer you can enter your opening balances directly to the nominal account using the “Opening Balances” option above.

    Enter Your Customer Opening Balances

    To enter your Customer Opening Balances do the following:

     

      1. Navigate to the Setup tab, 
      2. Select Customer Opening Balances  
      3. Select the Account Name you wish to update
      4. Enter the required details and hit Save to create your Customer Opening Balance.
      5. Repeat the process for every customer you wish to update