Opening Invoice Creation Tool
The Opening Invoice Creation Tool creates individual sales and purchase invoices for your opening Accounts Receivable (AR) and Accounts Payable (AP) balances. Instead of a single lump-sum opening balance, this creates separate invoices for each customer and supplier.
Why Use This Tool?
- Detailed Aging: You can run AR/AP aging reports showing exactly which invoices are outstanding and for how long.
- Individual Tracking: Each customer's outstanding balance is tracked as individual invoices.
- Payment Allocation: When customers pay, payments can be matched to specific old invoices.
- Better Reporting: Individual invoices provide proper transaction history.
How to Create Opening Invoices
- Go to Accounting > Opening Invoice Creation Tool.
- Select the Company.
- Choose the invoice type:
- Sales Invoice: For amounts owed by customers (AR)
- Purchase Invoice: For amounts owed to suppliers (AP)
- For each customer/supplier, enter:
- Party: The customer or supplier name
- Posting Date: The go-live date
- Due Date: The date the invoice was/is due
- Item: A generic "Opening Balance" item (create one if needed)
- Outstanding Amount: The amount owed
- Income/Expense Account: The appropriate account
- Click Create Invoices to generate individual invoices.
After Creating Opening Invoices
- Each generated invoice will appear as an individual Sales Invoice or Purchase Invoice.
- You can run AR/AP Aging reports to see the aging of each invoice.
- When payments come in, apply them against these opening invoices.