Taking On Customer Balances

1️ Obtain Customer Balances

Retrieve the required balances from the age analysis report in your previous system.

2️ Manual Method: Enter Opening Balances

•Navigate to Customer > Customer Journals, then click New Journal.

•Select the general ledger Controls > Customer Opening Balances account, or use the General Ledger account your accountant has designated for this purpose.

2.1 Entering Aged Balances

•If entering aged balances, obtain balances for each aging period.

•Enter them separately, ensuring that the selected date reflects the correct aging for each customer. (See image below).

3 Preferred Method: Importing from Excel or CSV

•Navigate to Customer > Extra, then:

oSelect Customer Import to import from an Excel spreadsheet.

oSelect Customer Import From CSV to import from a CSV file.

Finalizing the Take-On Process

After adding or importing all journals:

•Transfer the final amount from Controls > Opening Balances to your Capital (Owner’s Equity) account via Ledger > Adjustment Journal.

•To verify accuracy, print the customer age analysis report and compare it with the original report from your previous system.

After adding or importing all the journals you can transfer the final amount in your Controls>Opening Balances to your Capital (Owners Equity) account by using the Ledger > Adjustment Journal.

To make sure that you have processed the take on correctly, print the customer age analysis and compare it with the one you used to take on the balances.

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Taking on Customer Balances

Obtain the required balances from the age analysis report in your previous system.

To enter the opening balances go to Customer > Customer Journals  and click on the New Journal button.

When entering the opening balances, the General Ledger account you must select is the Controls > Customer Opening Balances account or whatever General Ledger account your accountant may have created for this purpose.

If you need to enter aged balances, obtain the balances for each aging period. Ensure that each is entered separately, and that the selected date reflects the age of that balance for each customer. (see image below).

The preferred way would be to import your customers and opening balances from an Excel or CSV file. .

Go to Customer > Extra and select Customer Import to import an Excel spreadsheet or select Customer Import From CSV to import an CSV file

After adding or importing all the journals you can transfer the final amount in your Controls>Opening Balances to your Capital (Owners Equity) account by using the Ledger > Adjustment Journal.

To make sure that you have processed the take on correctly, print the customer age analysis and compare it with the one you used to take on the balances.