Beginning
Balances for Vendors
How Do I...
To enter beginning balances for vendor records, select the Beginning
Balances button on the History
tab of the Maintain Vendors window. Vendor beginning balances consist
of invoices that were outstanding as of the time you started to use Sage 50
and that you have not entered anywhere else in Sage 50.
A few important things to know:
- You can enter a beginning balance for a vendor
at any time.
- These beginning balance amounts are not transferred
to your A/P account in the general ledger.
- Be sure that the total amount of your vendor beginning
balances is equal to the amount you entered as a beginning balance in
your chart of accounts for your A/P accounts.
- If a payment has been made against a beginning
balance invoice, it will appear as gray and be disabled. To modify or
delete this paid transaction, you must delete the payment you made against
it.
Learn More
Vendor Balances tab
Use this tab to select a particular vendor
for whom you want to enter beginning balances.
Purchases From tab
The Purchases
from tab includes the following fields:
- Invoice
Number: Enter the number of the outstanding invoice. This is required.
- Date:
Enter the date the invoice was created.
- Purchase
Order Number: Enter the purchase order number, if any.
- Amount:
Enter the amount of the invoice.
- A/P
Account: Enter the Accounts Payable account (accrual accounting
only) you want to use for this vendor's beginning balance.
Handling beginning balance credit memos
You can enter a beginning balance credit memo using the Beginning Balances
for Vendors window. Choose the Purchases
from tab, and then enter the invoice as a negative invoice, with
negative values. How do I enter a beginning balance invoice?
However, if you enter the credit memo as a beginning balance invoice, it
will not be identified as a credit memo on vendor reports and statements.
If you want a beginning balance credit memo to be credited as such on
reports and statements, enter it instead in the Vendor
Credit Memos window. The same is true for a prepayment. If you want
it identified as a credit memo on reports and statements, enter it in
the Vendor Credit Memos window.
To enter a beginning balance credit memo or prepayment and have it appear
as a credit memo on reports and statements, follow the instructions under
Entering
a Credit Memo on a Purchase without Invoice.