Home – New Forums Money matters Saasu and opening balances for customers/suppliers

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  • #987182
    bongoman
    Member
    • Total posts: 11
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    Hi there

    I’ve been setting myself up in Saasu and am actually re-entering my affairs from 1 July 2013.

    I’m hitting a snag with opening balances for my customers and suppliers.

    Let’s say I have a customer Joe Bloggs that I invoiced in May 2013 and the invoice remains unpaid at 30 June 2013.

    In my previous accounting software, I had an asset account for each customer so the unpaid balance would be the opening balance for that customer.

    But in Saasu I have a general “accounts receivable” account — is it just a matter of adding all unpaid invoices as at 1 Jul 13 to that opening balance?

    And likewise with “accounts payable”? So if I have unpaid phone bills etc, do they just form part of the opening balance for that account?

    Any assistance on this would be appreciated.

    #1161499
    Dave Gillen – Former FS Concierge
    Keymaster
    • Total posts: 2,566
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    Hi there,

    Welcome to Flying Solo!

    Hopefully you’ll get some good advice from Saasu users, but in the meantime we’d love to hear a little about you over in the “Introduce Yourself” section. :)

    This step and using your name in your posts are the best ways to get people interested in helping you out.

    Good luck!

    Dave

    #1161500
    CoralieRS
    Member
    • Total posts: 1
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    bongoman, post: 186620 wrote:
    Hi there

    I’ve been setting myself up in Saasu and am actually re-entering my affairs from 1 July 2013.

    I’m hitting a snag with opening balances for my customers and suppliers.

    Let’s say I have a customer Joe Bloggs that I invoiced in May 2013 and the invoice remains unpaid at 30 June 2013.

    In my previous accounting software, I had an asset account for each customer so the unpaid balance would be the opening balance for that customer.

    But in Saasu I have a general “accounts receivable” account — is it just a matter of adding all unpaid invoices as at 1 Jul 13 to that opening balance?

    And likewise with “accounts payable”? So if I have unpaid phone bills etc, do they just form part of the opening balance for that account?

    Any assistance on this would be appreciated.

    Hi there!

    Saasu does not have separate Asset accounts per customer, they all group into the one Accounts Receivable ledger account.

    The best thing to do is create the open sales invoices as actual historical invoices into Saasu, so as they are paid off the ledger accounts and are reflected accurately.

    Otherwise you can manage the accounts through journal entries, but you need to be pretty good a memorising which historical invoices are paid or unpaid.

    This applies to Purchases in the same manner, using the Accounts Payables ledger account.

    You’re welcome to email [email protected] if you need any further help with this!

    Thanks :-)
    Coralie

    #1161501
    HBC Advisory
    Member
    • Total posts: 24
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    Hi there,

    I am no SAASU expert but Most accounting systems would have only one account for Accounts receivable. Think of it was a big bucket where all the information regarding unpaid invoices is kept. When you import the closing balances from the other accounting system by each customer card – They should roll up to the one accounts receivable balance.

    Have a look at following resources.

    http://help.saasu.com/reports/aged-receivables/
    http://help.saasu.com/getting-started/

    Thanks.

    #1161502
    bongoman
    Member
    • Total posts: 11
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    Thanks for all the helpful responses. I’m now up and running.

    And yes Dave, will go and introduce myself in the relevant forum.

    I have encountered another issue — a client double-paid an invoice and is ok to leave it as a credit rather than get a refund.

    They paid via paypal which I have set up as a bank feed —*so now I am having trouble matching that transaction as I have no underlying invoice to match it to.

    I did try doing a journal entry but this doesn’t show it as associated with this particular client.

    I’m thinking I maybe need to generate an adjustment note? Should this be a positive amount?

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