Enter Vendor Beginning Balances

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

If you only have a single vendor bill or credit, you can enter an amount in Balance when you set up a vendor in the Vendor 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 vendor balance is zero and there are no transactions for the vendor in the database.  If the following criteria are met, entering and saving a vendor Balance will automatically generate a vendor bill that can be paid later.  One side of the entry is made to the vendor's default Accounts Payable account and the other to Opening Balance Equity account.

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

Print a Vendor List to confirm the information that you entered.  Print an Aged Accounts Payable Detail report to make sure that balances that you entered match your previous accounting system.