When I enter an opening balance for a Customer, the amount appears under Sundry Creditor under Accounts Payable and when I enter an opening balance for a supplier, the amount appears under Sundry Debtor under Accounts Receivable. It should be the other way, right?
Opening balance can be a liability or asset. If you are entering money customer has paid in advance, then it’s liability. If you are entering unpaid sales invoices, then it’s asset.
So better explain what you are trying to enter so you can get answer how to enter it correctly.
I enter unpaid purchase bills of last financial year under each supplier and want this info to appear under the Accounts (or Accrued) payables in Liability column but this is appearing in the Receivable column under Assets. Vice versa for sales invoice of customers.
Can you send your Manager backup file to
email@example.com ? I don’t think it’s possible but let’s see.
Hi! I also facing the same problem with Sridama. I need to key in the opening for some of my debtors (the outstanding they haven’t pay me) and also one of my debtor overpaid me. For the overpaid I just key in as liability but I found that system not allow me to change the opening date, system will automatic take in the 1st invoice date for this customer. May I know got anywhere can I change the opening date instead of using the 1st invoice date on current year? Thanks!
The issue @Sridama had was simple misunderstanding how to setup opening balances for customers where some might owe money and some are being owed (credit).
I have updated the guides to give more guidance.
Does it help?
Yes, exactly solve my problem. Thanks a lot. By the way, may i know if I pay out the utilities through the bank, what is the actual step I need to do? Thanks!
I have got the Payables right now but am unable to understand your explanation on the minus balance - that is, we have overpaid our supplier.
I first entered the numbers as positive (for eg 100.00), then went to Opening Balances in Reports and clicked on this account and changed it to minus 100. Immediately, the system incorporates another line to nullify this entry and the balance shows as 0.
I should go to Expenses claim do a entry then go to bank -> spend money create a entry to minus out the expenses claim figue? am I, right? Thanks!
No, this is not what was explained by Lubos
May I know why you need to put in the negative value? Cos based on the explanation from Lubos, you just need go to Sales Invoice to add on the outstanding amount for your debtor. If debtor overpaid then going to Reports->Opening Balance to add on the record. Same concept also for your Creditor. Thanks!