ZigaForm version 5.5.1

Opening Balances for Customers and Vendors (As Of Fields)

By |2021-08-12T14:23:50-05:00August 11th, 2021|Comments Off on Opening Balances for Customers and Vendors (As Of Fields)
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Introduction

This topic offers additional details on how the Opening Balance feature works. This feature is only found in the customer and vendor forms.  This topic was designed for bookkeepers and accountants.

Usage

This feature is not a required part of entering customers or vendors into Total Office Manager. The opening Balance feature was designed to allow you to quickly enter balances for customers and vendors without the use of a Journal Entry.

You MUST have ‘Accounting’ permissions to see or use Opening Balance feature.

When you enter a non-zero value and a date (which is preloaded) into the Opening Balance feature a Adjusting Journal Entry will be created for you <under the hood>.

You are allowed to enter a negative number . This would be necessary if YOU OWE the customer or the vendor OWES YOU.

These accounts cannot be changed. If you want to ‘Change’ Accounts or any other info you’ll have to open the JE form and manually adjust the info there.

Detailed Examples of the Adjusting Journal Entries

Vendor has negative balance <They owe us money>

Credit   Account -> Opening Balance Equity

Debit  Account -> Accounts Payable

Vendor has positive balance <We owe them money>

Credit  Account -> Accounts Payable

Debit  Account -> Opening Balance Equity

Customer has negative balance <We owe them money>

Credit Account -> Accounts Receivable

Debit What Account -> Opening Balance Equity

Customer has positive balance <They owe us money>

Credit Account -> Opening Balance Equity

Debit  Account -> Accounts Receivable

Related Content

Journal Entry
Customer:Job Form – Overview

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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.

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