Loading Opening Balances Checklist AP
Step | Menu Option | Details | Task |
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1 | Finance > General Ledger > General Ledger Setup > Years and Periods. | Opening Balances are kept separate from live transactions by loading them into the period immediately prior to your first live period. Set the period immediately prior to the TASS.web cutover date to 'open' in the 'AP' column and set all other periods in that year and the next year to 'closed'. |
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The opening balance of the Creditors Control account in the General Ledger will have been loaded as a credit amount into the General Ledger as part of uploading your General Ledger Opening Balances. | |||
2 | Finance > General Ledger > Account & Journal Info > Accounts. | Search for the Accounts Payable Control Account and write down the account balance. |
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3 | Finance > General Ledger > Account & Journal Info > Journal Upload. | Refer to the Online Help for preparing a new journal upload file to transfer the balance of your Accounts Payable Control Account to the General Suspense Account. The journal should be:
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4 | Finance > Accounts Payable > Supplier Transactions > Invoices. | Load the opening balance of the Suppliers with Debit Balances only using 'Invoices'. Enter one invoice per Supplier. Distribute the invoices to the General Suspense Account used in Step 3. These transactions will result in a GL Journal of:
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5 | Finance > Accounts Payable > Supplier Transactions > Credits. | Load the opening balance of the Suppliers with Credit Balances only using 'Credits'. Enter one Credit per Supplier Distribute the credits to the General Suspense Account used in Step 3. These transactions will result in a GL Journal of:
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6 | Finance > Accounts Payable > Supplier Transactions > Invoices. Finance > Accounts Payable > Supplier Transactions > Credits. | Review the Opening Balance transactions. The total amount of Invoices less the total amount of Credits should equal the balance of the Creditors from the old system. |
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7 | Finance > Accounts Payable > Setup Information > Accounts Payable Setup on the 'Types' tab. | Click on the 'Edit' button against each Supplier Type listed. Ensure that the AP Control Account matches the AP Control Account listed on the 'Parameters' tab (Finance > Accounts Payable > Setup Information > Accounts Payable Setup). Important! This must be done before any postings are completed. |
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8 | Finance > Accounts Payable > Period End > Post Period Activity. | Post the transactions for the period prior to the cutover date to create the GL Journals. |
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9 | Finance > General Ledger > Account & Journal Info > Post Journals. | Post the AP Journal to the General Ledger. |
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10 | Finance > Accounts Payable > Listings & Reports > AP Snapshot Report. | Run the AP Snapshot Report for the year and period of the cutover and check that it matches the balance the AP Control account and the balance of the old system. Also, check that this balance matches the amount written down in Step 2. |
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11 | Finance > General Ledger > Account & Journal Info > Accounts. | Search the General Suspense Account used in Step 3 and check that the account balance is $0.00. |
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