When transitioning to Manager.io from another accounting system, you may need to enter starting balances for your suppliers. This ensures that your accounts payable accurately reflect any outstanding amounts owed to your suppliers as of the start date.
To set up starting balances for a supplier, use the Starting Balance - Supplier Edit form. This form includes the following fields:
Select the supplier for whom you want to set up a starting balance. Ensure that the supplier has been created under the Suppliers tab before proceeding.
Use this section to configure the starting balances for the selected supplier. Enter the amounts that represent the opening balances owed to the supplier.
Note: If there are any unpaid or partially unpaid invoices from your supplier, those invoices need to be entered separately under the Purchase Invoices tab. This allows for accurate tracking and management of individual invoices and payment schedules.
By accurately setting up your supplier starting balances, you ensure that your accounts payable are up-to-date, and you maintain a clear financial picture of your obligations to suppliers.