Overview

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

Should you find that your Creditors 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 Creditors value or if you prefer you can enter your opening balances directly to the nominal account using the “Opening Balances” option.

Enter Your Supplier Opening Balances

To enter your Customer Opening Balances do the following:

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