Entering beginning balances to the vendors

Entering beginning balances to the vendors

If there is some beginning balances of the vendors for which we have created the records, we can also add this beginning balances in the vendor’s account. Vendor beginning balance consists of outstanding invoices for which we have to pay some amount. You can enter the numbers of the actual invoices you received from the vendors. To add the balances to the vendors, click the vendors option from the maintain drop down menu. The window of the vendors will open. Click beginning balance from this window as shown in the figure:

Before clicking on the beginning balance button don’t forget to select the vendor for which you want to enter the beginning balance. When you will click on the beginning balances button, a new window will open. In that window some information is required. That is: invoice number, date of transaction, purchase order number, amount of transaction and the A/P account. Enter all the information that is required in this window:

Fill in the information that is required by this window, the invoice number (the serial number of the original credit invoice of the transaction), Date (the date on which the credit transaction took place), Purchase Order Number if any, Amount (the monetary amount of that credit transaction), A/P Account (the account ID of your account Payable) As shown in below picture:

Vendor balances:

The vendor Balances tab will display the information you have given like Vendor ID, name, and amount at the bottom of this window will show the Opening A/P account balance.

After adding all information, click on the button “save” to save you’re all the data regarding beginning balances of the vendors.