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.
Note: What are historical sales and purchases?
Note: Historical sales are different from sales history entries!
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. (To understand an out of balance amount -- historical sales)
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.
Note: If you have historical purchases for foreign vendors
You'll enter individual historical purchases 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. (To understand an out of balance amount -- historical purchases)
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