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Sanjeet's avatar
Sanjeet
User
4 years ago
Solved

Balance of age debt and debtors in balance sheet difference

I have entered the opening balance for a company from the balance sheet from last year and then the same amount was entered as pre-conversion and the payment was allocated to the pre-conversion, however there is a difference in debt aging amount and balance sheet debtors amount. e

  • Tracey_H's avatar
    Tracey_H
    4 years ago

    Hi Sanjeet 

     

    Thanks for your post. When starting a new company file you would enter the opening balance of your Trade Debtors account by:

     

    1. Go to the Setup menu and choose Balances then choose Account Opening Balances. The Account Opening Balances window is displayed.
    2. Locate the Trade Debtors account, then in the Opening Balance column enter the sum total of what your customers owe you as at the time you began to keep your records using AccountRight.
    3. Click OK. 

    You then need to enter the sales you haven't been paid for as historical sales:

     

    1. Go to the Setup menu and choose Balances then choose Customer Balances. The Customer Balances window is displayed. Notice there is an Out of Balance Amount as you need to enter your historical sales to match the value of your Trade Debtors account.
    2. Click Add Sale. The Historical Sale window is displayed.
    3. Select the applicable customer and enter the details of the sale.
    4. Click Record.
    5. (Australia only) Click OK to the alert regarding cash reporting.
    6. Repeat steps 2 - 5 for all your pre-conversion sales.

    The total of your outstanding invoices should equal the balance of your Trade Debtors account. If it doesn't, you would need to check that all outstanding invoices and the opening balance have been entered correctly.

     

    If you Trade Debtor account did equal the outstanding invoices, this help article has detailed information on resolving out of balance issues: Receivables, payables or inventory out of balance

     

    If you continue to have problems please feel free to post screenshots of those reports. Just make sure you remove any sensitive information from screenshots prior to posting on the forum.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

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  • Tracey_H's avatar
    Tracey_H
    Former Staff
    4 years ago

    Hi Sanjeet 

     

    Thanks for your post. When starting a new company file you would enter the opening balance of your Trade Debtors account by:

     

    1. Go to the Setup menu and choose Balances then choose Account Opening Balances. The Account Opening Balances window is displayed.
    2. Locate the Trade Debtors account, then in the Opening Balance column enter the sum total of what your customers owe you as at the time you began to keep your records using AccountRight.
    3. Click OK. 

    You then need to enter the sales you haven't been paid for as historical sales:

     

    1. Go to the Setup menu and choose Balances then choose Customer Balances. The Customer Balances window is displayed. Notice there is an Out of Balance Amount as you need to enter your historical sales to match the value of your Trade Debtors account.
    2. Click Add Sale. The Historical Sale window is displayed.
    3. Select the applicable customer and enter the details of the sale.
    4. Click Record.
    5. (Australia only) Click OK to the alert regarding cash reporting.
    6. Repeat steps 2 - 5 for all your pre-conversion sales.

    The total of your outstanding invoices should equal the balance of your Trade Debtors account. If it doesn't, you would need to check that all outstanding invoices and the opening balance have been entered correctly.

     

    If you Trade Debtor account did equal the outstanding invoices, this help article has detailed information on resolving out of balance issues: Receivables, payables or inventory out of balance

     

    If you continue to have problems please feel free to post screenshots of those reports. Just make sure you remove any sensitive information from screenshots prior to posting on the forum.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

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