How do I set up an opening balance for an Accounts Payable or Accounts Receivable account?

Legacy KB ID: 2105

Question

How do I set up an opening balance for an Accounts Payable or Accounts Receivable account?

Answer

Reckon Accounts automatically calculates the opening balances for your Accounts Payable and Accounts Receivable accounts, from the total outstanding balances of your customers and suppliers.

To create an opening balance for these accounts, you need to enter the opening balances for each of your customers or suppliers. For example, rather than entering a value for the entire accounts receivable balance, it is necessary to set up the opening balances for each individual customer and job. Once these amounts are set up, the accounts receivable balance will be correct.

The same principle applies to Accounts Payable and Supplier balances. If you want to keep track of each sale or bill that make up your customer and supplier opening balances, enter each unpaid invoice and unpaid bill instead of entering a balance for your customers and suppliers.

The unpaid transactions will automatically result in open balances for customers and suppliers, and those balances will automatically result in Accounts Receivable and Accounts Payable opening balances.



Need more help?

Ask the Reckon Community at: https://community.reckon.com/categories/reckonaccounts

Or Log a Support Ticket: https://www.reckon.com/au/support/

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