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author's profile photo Former Member
Former Member

about opening balances

Hi experts,

I opened a new database. all initial settings are ready except opening balance.

Can the user start to input A/R, A/P invoices and Production Orders before opening balance for BP?

Or, can I modify BP's balance by opening balance after some users have input A/P, A/R invoice and Production orders?

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    author's profile photo Former Member
    Former Member
    Posted on Jan 15, 2009 at 09:52 AM

    Hi Vic,

    Can the user start to input A/R, A/P invoices and Production Orders before opening balance for BP?

    In my opinion you can do it. We started to input invoices etc. before setting a opening balance in our company and as fas as i see there is no problem. When you are going to enter the opening balances, you could set a date for the value of the opening balance.

    Or, can I modify BP's balance by opening balance after some users have input A/P, A/R invoice and Production orders?

    It is not allowed to modify a opening balance, because it is a journal entry. You only could make a correction booking.

    Regards Steffen

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  • author's profile photo Former Member
    Former Member
    Posted on Jan 15, 2009 at 10:53 AM

    Hi Vic,

    Yes, you can enter opening balance for AR & AP later so the users do not have to wait until the opening balance ready to enter real time transactions.

    The BP balance will be updated accordingly after you enter the opening balance. This should not be a problem because BP balance is calculated based on Posting Date, not System Date or input order as in Inventory.

    Anyway I suggest that you create separate series for opening balance transactions so the transaction numbers will not be mixed up with current transactions.

    Cheers,

    Marini

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