fbpx

Entering Historical Accounts Payable Transactions

By |2021-07-30T14:59:43-05:00August 16th, 2019|Comments Off on Entering Historical Accounts Payable Transactions
Print Friendly, PDF & Email

Introduction

This topic was written to help you understand how to enter outstanding bills and other A/P transactions into Total Office Manager. This work will help assure that Total Office Manager’s balance sheet is up-to-date and current as of your company’s start date.

Usage

After you’ve entered the historical bills and bill payments from your start date to today, the following data will be accurate:

  • Balance sheet accounts payable

  • Records of your billed expenses during the period (if any – this is rare for many contractors)

  • Records of quantities and costs of inventory items purchased during the period

  • Vendor balances as of today

  • Records of which historical bills are unpaid

Important Notes

You do not necessarily need to add bills that have been paid. The expense will be picked up when you enter the check for that bill. Entering bills first gives you more detail.

Gathering Required Information

You will need the following information to enter you’re A/P transactions:

  • Copies of all bills received between your start date and today.

  • Records of bill payments you have made during that same period.

  • Purchase Orders for items that have not been delivered or paid for yet.

Entering Information

As you enter your A/P transactions, enter the dates of the original transactions. Enter your historical bill transactions in the following order:

Bills

Enter a copy of each bill received between your start date and today. Be sure to assign amounts to the correct expense accounts or track the quantities and costs of items received.

Credits from Vendors

If you have been issued credits from vendors, please enter them using the Vendor Credits form.

Payments

Record each bill payment you made between your start date and today. Be sure the Payment Date field shows the payment date.

Purchase Orders

Enter the quantity on order for each item. You only need to enter POs for things that are still on order. You can enter all of them if you want the detail.

Related Topics

Entering Beginning Balances
Entering Historical Bank and Related Transactions
Entering Historical Sales and A/R Transactions

Share This Story, Choose Your Platform!

About the Author:

HVAC Electrical Plumbing Software

Aptora delivers a true All-In-One services software solution including CRM, accounting, payroll, inventory, vendors, sales, marketing, dispatch, flat rate pricing, and more. NO 3rd party plugins or integrations required. Created by contractors for contractors, we know what it takes to grow your services-based businesses.

Newsletter

Sign-up to get the latest news and update information. Don’t worry, we won’t send spam!

Thank you for your message. It has been sent.
There was an error trying to send your message. Please try again later.
Go to Top