After you create your customer and vendor cards, to ensure your accounting records are accurate, you must enter all your customers' historical sales and your vendors' historical purchases. Historical sales and purchases are the sales and purchases that had a current balance due on the first day of the month in which you began using AccountEdge. (This month is known as your conversion month. To recall your conversion month, choose Company Information from the Setup menu.) The total balance of your historical sales is considered your receivables account balance. The total balance of your historical purchases is considered your payables account balance.
During the setup of your customer card or vendor card, you may have entered monthly sales totals for your customers and vendors for the months that occurred before you began using AccountEdge; that information is useful for reporting purposes, but is optional. The historical sales and purchases you enter after the customer or vendor card is created are different -- they're sales and purchases that your customers and vendors made before you began using AccountEdge but haven't fully paid off yet. Because your customers still owe you money for their purchases and you still owe vendors for your purchases, it's important that you record these sales and purchases in AccountEdge. This step isn't optional.
In the Historical Sale window, you'll enter all of the information that applies to the historical sale or purchase. When you reach the Total Including Tax, be sure to enter the remaining amount of the sale or purchase, not the original amount. Also select the tax code from the Select from List; the tax portion of the total amount remaining will be displayed. The tax amount will be reflected on sales tax reports.
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