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Supplier opening balances

Note: You cannot amend opening balances. If you make a mistake when entering an opening balance, you can alter it by entering another opening balance transaction to reverse the original one. For example, an opening balance credit note reverses an opening balance invoice.

To add an opening balance invoice or credit

Open: Purchase Ledger > Enter Transactions > Opening Balance Invoice.

Open: Purchase Ledger > Enter Transactions > Opening Balance Credit.

1. Select the supplier account you want to add an opening balance to.
2. Enter the invoice or credit note details, amending the default date if required.
3. Enter the transaction details.
• Specify the opening balance by adding the total value of the goods including VAT and exclude any settlement discount.

• For a foreign supplier account, enter the value of the goods in the supplier's currency. Change the default exchange rate if required.

  Note: This only affects the rate on the opening balance transaction and does not update the foreign currency exchange rates.

• Change the purchase settlement terms, if required.

4. Click Save to save the information and clear the account information from the screen.

   Click Save and Retain A/C Ref to save the information and keep the selected supplier account information on-screen.

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