Setting up opening balances for an accounts payable or accounts receivable account

Legacy KB ID: 566

Question

How do I set up an opening balance for an account payable or accounts receivable account?

Answer

Reckon Accounts automatically calculates the opening balances for your accounts payable (your vendor's bills) and accounts receivable (your customer's invoices) accounts, from the total outstanding balances of your customers and vendors.

To create an opening balance for these accounts, you need to enter the opening balances for each of your customers or vendors. 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 vendor balances. If you want to keep track of each sale or bill that make up your customer and vendor opening balances, enter each unpaid invoice and unpaid bill instead of entering a balance for your customers and vendors.

The unpaid transactions will automatically result in open balances for customers and vendors, and those balances will automatically result in accounts receivable and accounts payable opening balances. If you have already created a customer but didn't enter the Opening Balance what you need to do is enter an invoice for the opening balance amount. You will have to set up an item to select on the invoice, call this item OpenBal and link it to the Opening Balance Equity Account.


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/

How did we do?

Able to delete some transactions when permissions should not allow it

Reckon Accounts Desktop: Error: “You must supply a Tax Agency”

Related Articles

How do I set up an opening balance for an Accounts Payable or Accounts Receivable account?
Reckon Accounts Desktop: Changing the opening balance for an existing account
You cannot use more than one Accounts Receivable or Accounts Payable account in the same transaction.
Powered by HelpDocs (opens in a new tab)

Powered by HelpDocs (opens in a new tab)