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How do I bring in vendor balances when we go live?

Payables has no opening-balance screen. Enter each unpaid bill as a free-text Vendor Invoice dated at cut-over, with the line Account set to the opening balance clearing account, so it can be paid and aged like any invoice.

Screen
Vendor Invoice (free-text journal)
Who
The implementation consultant
Takes effect
On save as Posted
Needs first
Vendors; an opening balance clearing account; a free-text invoice journal

Before you start​

  • A list of each vendor's open bills: bill number, date, due date, amount, currency.

Steps​

  1. Open Vendor Invoice with the free-text journal.
  2. Per bill: Vendor, Vendor Invoice No as on the bill, Invoice Date and Baseline Date from the bill (for correct ageing), Posting Date at cut-over.
  3. One line: Account the opening balance clearing account, quantity 1, price the open amount, no tax.
  4. Save as Posted. Advances paid before go-live go in on a Payment with an advance journal against the same clearing account.

Check it worked​

  • Vendor Trial at cut-over matches the old system; the clearing account nets to zero with the General Ledger opening entry.

If something looks wrong​

  • "Same Vendor Invoice: ... already exists" Entered twice.