Enter Customer Beginning Balances

Enter the customers whose balances make up your open receivables. There are several methods that you can use to enter beginning balances for customers when you first start using ObjAcct. 

If you only have a single invoice or credit, you can enter an amount in Balance for the customer in the Customer List screen.  You can only enter amounts in Balance if the Allow Entry of Opening Balances checkbox in the Company Setup screen is checked, the customer balance is zero and there are no transactions for the customer in the database. 

If the following criteria are met, entering and saving an amount in Balance will automatically generate an invoice document that can be paid later through Customer Payment.  One side of the entry is made to the customer's default Accounts Receivable account and the other to Opening Balance Equity system account. 

If you have more than one open invoice, use Invoice/Credit Memo instead of entering an amount in the customer Balance field. You will have access to the Invoice/Credit Memo screen after completing the sign-up process.  The customer's balance will be updated with the amount of each invoice or credit memo entered.

Print an Aged Accounts Receivable Detail report to make sure that balances that you entered match your previous accounting system.

Enter Opening Accounts Receivable Summary