In the process of setting up your company file, you'll enter your accounts' opening balances and your customer and vendor cards. The next step is to enter your customers' historical sales and your vendors' historical purchases. This will ensure that your accounting records are accurate.
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.)
Because your customers may still owe you money for their purchases and you may still owe vendors for your purchases, it's important that you record these sales and purchases in AccountEdge.
Note: Historical sales are different from sales history entries!
The total balance of your historical sales -- your open sales as of your conversion month -- is equal to your receivables account opening balance.
The total balance of your historical purchases -- your open purchases as of your conversion month -- is equal to your payables account opening balance.
You'll enter historical sales for customers that equal the opening balance of your linked receivables account.
To review your accounts receivable opening balance see Setup > Balances > Account Opening Balances.
To review your linked accounts for sales, choose Setup > Linked Accounts > Sales Linked Accounts. (To change Sales linked accounts)
You'll see the balance of your linked receivables account in the Linked Receivables Account Balance field of the Customer Balances window.
Note: If you have historical sales for foreign customers
Enter individual historical sales in the Historical Sale window. When you reach the Total Including Tax, be sure to enter the remaining amount of the sale, 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.
As you enter historical sales, the amount in the Total Sales field in the Customer Balances will change.
When Total Sales amount equals the Linked Receivables Account Balance amount, you're finished. (Out of Balance -- Overview)
You'll enter historical purchases for vendors that equal the opening balance of your linked payables account.
To review your accounts payable opening balance see Setup > Balances > Account Opening Balances.
To review your linked accounts for purchases, choose Setup > Linked Accounts > Purchases Linked Accounts. (To change Purchases linked accounts)
You'll see the balance of your linked payables account in the Linked Payables Account Balance field of the Vendor Balances window.
You'll enter individual historical sales in the Historical Purchase window. When you reach the Total Including Tax, be sure to enter the remaining amount of the 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.
As you enter historical purchases, the amount in the Total Purchases field will change.
When Total Purchases amount equals the Linked Payables Account Balance amount, you're finished. (Out of Balance -- Overview)
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