Opening Account Receivable

When shifting to EMP for the first time from your previous accounting system, this function is needed to transfer the opening balance (debit / credit) to EMP. This is very different from Upload Customer List because instead of transferring customer details such as company name, address and contact number, this function transfers the amount owed to / owed by the customer. The opening balances are best brought forward immediately after the EMP is adopted.

Method 1: Upload excel file

• fill in information in excel format (refer file attached: Upload Customer Opening Balance = Upload Invoice)
  Notes:
   1. BRANCH CODE: Refer to Control Panel > Developer > Branch Listing > Branch Code
   2. CUSTOMER ID: Refer to system customer account PKID (auto-generated)
   7. SALESMAN: follow Invoice Salesman, the name as USER NAME in system
   3. INVOICE DATE: follow outstanding invoice date (before start Wavelet Txn, date format: YYYY-MM-DD)
   6. REFERENCE: Outstanding Invoice number
   4. ITEM CODE: OPENING-BALANCE (Makesure that item type is "Service Type" and MA cost = RM 0)
•  9. UNIT PRICE: Follow Invoice outstanding price (AMOUNT INCLUSIVE OF GST) 
   5. ITEM QTY: 1
  10.TAX CODE: Compulsory, for GST Code (SR, ZRL, ZRE, DS, OS, ES, AJS,......)
   8. TERMS: invoice TERMS
  11. TAX_AMT (IF TAX_AMT is not specified, system will automatically calculate the GST amount based on Tax Code provided. In the event Tax Code is not available in the system, system give the error message)
  12. TAX_RATE: 0.06

• save in csv. file 
  CSV file filter settings:
  1) Field Deliminater: |
  2) Text Deliminater: blank
  (Use the | character to separate columns).

• Trading > Sales > Upload Invoice
  
  
  

Example:

Sample of Error Message:

• Customer > Maintenance > Opening Balance
• Select a branch and click ‘Change Branch’.
• Search a customer name under ‘Billing Account’ by clicking ‘Select Customer’.

Enter :

• old reference number from the previous system (if necessary)
• remarks, date – date before EMP is adopted
• salesman
• outstanding amount balance – The amount outstanding can be obtained from your old system’s Outstanding Debtors for individual customers.

• Then, click ‘Add Invoice’.
• Click ‘Reset’ or ‘Reset Form’ if needed.
• A ‘List of Outstanding Documents to be Settled’ will show the opening balance at the bottom.
• Click ‘Remove’ to delete the transaction.
• Finally, click ‘Confirm and Save’.

• For negative amount (sales return / refund), remember to use a credit memo instead to create a debit note for the customer.

Debit: cashDiscount RM XXX
Credit: accReceivable RM XXX

• After importing the customer records, you can resume to this function as the customer records will already exist in the system, allowing user to ‘Select Customer’.

• Opening balances can only be entered one by one for each customer.

• Perform Stock Adjustment to item OPENING-BALANCE to off-set the negative (-) quantity and inactive the code

• Remove Journal Transaction before financial year (Invoice journal created above)

Accounting > Maintenance > Configuration > Set Opening Balance : Select & Set company > click "Yes, remove the transaction below"

** Report checking:

Customer > Query/Report > Historical AR Balance 
Customer > Tasks > AR 
Trading > Sales > Invoice Listing*

• Related: Opening Stock / AR / AP.*