Loading Opening Sales Invoices, Credits & Payments on Account

When you load your opening balances, there will generally be a value on the 7000 Accounts Receivable Nominal Code.  We will use a simple trick to recreate this value and maintain the aging of your Aged Debtors, so that your credit collection processes are not disrupted.
  

Spring Clean Your Ledger Before you start the migration process it is very worthwhile “tidying up” the old Sales Ledger to make sure that all old Sales Credits and Sales Payments on Accounts have been allocated and that any penny differences are written-off, if you do not plan to collect them.

Key Reconciliation Check 7000 Accounts Receivable = Aged Debtors Report =  ∑ Customer Account Balances Check this before you start in your old accounting systems and after you have migrated it to Aedon.

Opening Balances Suspense Accounts

There are 3 Opening Balance Suspense Accounts in the standard Aedon Chart of Accounts

9990	Opening Balances – Accounts Receivable Suspense
9991	Opening Balances – Accounts Payable Suspense
9992	Opening Balances – Bank Balances Suspense

Step-by-Step Process
 

Load the Opening Trial Balance

When you load the Opening Trial Balance, do not use 7000 Accounts Receivable instead  put the value into the 9990 Opening Balances – Account Receivable Suspense.
 

Load the Individual Open Sales Invoices

Then you will post each of the outstanding Sales Invoices against that account using a standard Aedon Product called Opening Sales Invoice, Credit or POA which has a default nominal code of 9900 and a VAT Code of X, so that it does not affect the VAT return.  These invoices will use the original invoice date to maintain the debtor ageing and the Customer Reference Field should contain the original Invoice Number to maintain a clear audit trail.

The debits and credits for the Sales Invoice are:
 

Nominal Code	Nominal Name	Debit	Credit
7000 9990	Accounts Receivable Opening Balances – Accounts Receivable Suspense	XXX	XXX

 

Load the Individual Open Sales Credits & Payments on Account.

Repeat the process for the Open Sales Credits.

The debits and credits are the reverse of the Sales Invoice:
 

Nominal Code	Nominal Name	Debit	Credit
9990 7000	Opening Balances – Accounts Receivable Suspense Accounts Receivable	XXX	XXX

 

Reconciliation Checks

When all the Open Sales Transactions are entered the value on the 9990 Opening Balances – Accounts Receivable Suspense will be zero and the valuer on  7000 Accounts Receivable will be  the intended balance.

Then do the reconciliation check from above :

7000 Accounts Receivable = Aged Debtors Report =  ∑ Customer Account Balances

 

Bulk Loading & Posting of the open Sales Invoices, Credits and Payments on Account It is possible to load the open Sales Transactions in bulk using XL Connector or a similar tool.