Data transfer issue from old business to new business

[toijaz]

Dear Colleagues, We are facing an account mismatch issue due to data transfer from one manager account to another manager account. Below is happening

Issue#1
Customer data transferred with a starting balance of the old system. now whenever any payment made by the customer against old starting balance(transferred starting unpaid invoices) is going suspense account in the previous version but now it is not shown. How to solve this issue

Issue#2
Starting balance of supplier invoice added at the time of data migration now by doing any payment to a supplier it goes to loss

[Joe91]

Have you set a starting date?

[Joe91]

Just reread your first post - do you mean you have added customers and suppliers from one business to another existing business?

Or have you setup up a new business to take on the old business?

[toijaz]

I have set up a new business as I was facing lot of discrepancies in my previous business data. so make it fresh and in control, this issue of discrepancy appears.in the new one

[toijaz]

Yes, I put the starting date 1st June, 2019. I started using this date to do transaction and starting balances also added in the same date for the supplier and customers.

[Joe91]

If a customer had a starting balance on 1st June 2019 you should have entered the unpaid invoice so that it appears in his starting account balance

If the customer now makes a payment for this invoice, you do a receive payment in your bank account and select the customer and invoice which has been paid

There is no effect on your Profit & Loss statement because that was done in your previous business. This transaction will only affect your account receivables and bank balance in the Balance Sheet

In the same way, if you entered the unpaid purchase invoices against the supplier account, any payment you make will not affect the Profit & Loss but only the supplier balance. And bank balance, of course

[toijaz]

We select the account receiveable as a payment account for the customer and select the account payable account for the supplier payment… The account payable is effecting in the profit and loss statement as it shows our payment to the supplier as a loss.

account receivable is going to the suspense account.

[Joe91]

Have you set up your accounts on a cash or accrual accounting basis?

[toijaz]

account setup method is accrual accounting basis.

[Joe91]

Post screen images of the Starting Balance for the Customer in question, the edit screen for the unpaid invoice and edit screen of the payment

Same for supplier

[Joe91]

You should also set the Show balances for specified period and set it to show balances from the start date to Today

[toijaz]

[Joe91]

When you examine the starting balances are they correct for this customer and supplier?

Show the edit screen for the payment and receipt

[toijaz]

Yes starting balances are the transffered balances from old system

[Joe91]

Select the supplier invoice and see what happens

[Joe91]

please post screens of the starting balances with date and drill down to the supplier

I have just tested the procedure and it is not necessary to allocate payment to an invoice so you must have something not quite right in your account records

[toijaz]

difference between data transfer purchase invoice and normal invoice. data transfer invoice is going to suspense account

[Tut]

@toijaz, you continue to be asked to post screen shots of starting balances. But you never have.

[toijaz]

@Tut, i have shared starting balance invoice edit before and i am sharing summary of starting balances which also have sample customer

[toijaz]

we have added invoice as starting balance but we did not add the opening balance