Upon adopting EMP for the first time, users will need to bring forward any outstanding balances from suppliers’ accounts from the previous accounting system.
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- Opening balances can only be entered one by one for each supplier.
- Please make sure that after adding up the outstanding supplier invoices, the total equals to the Accounts Payable in Balance Sheet as at that the date before EMP was used.
STEP 2
CLEAR One Time Supplier Outstanding Amount
1.Create Supplier Invoice
Menu Path: Supplier > Credit Memo > Create
Data:
Supplier : 1 One Time Supplier
Date: before financial year
Remarks: Clear Opening Outstanding
GL code: Purchases
Credit: total outstanding amount
Tax Code: blank
2. Contra Supplier Credit Memo with Supplier Invoice
Menu Path: Supplier > Credit Memo > Credit Memo Contra
3.Remove journal created from CM
Menu Path: Accoutning > Maintenance > Configuration > Set Opening Balance
