• EH Lim

Record the Outstanding Sales Invoices


When crossing over from the existing accounting software to MoneyWorks accounting software, you need to record all the outstanding sales invoices. Some user may record as a lump sum (total amount owing) owe by the customer in one single entry, while some user may prefer to record as an individual sales invoices. That is, if the customer owes you 5 invoices, you will enter all the 5 invoices individually in to the MoneyWorks accounting software.

I prefer to record all the outstanding invoices individually. Although, it is time consuming, I do not have a problem in knocking off the payment received to the respective invoices.

MoneyWorks is using a “Setup” account to capture all the opening balances. The Setup account is a Shareholder fund (equity) type of account. By default, a G GST code is associated with the Setup account. I suggest user change the GST code from G GST code to * GST code as we don’t separate the GST at the invoice level for the opening balances, we will pass a journal later for the total GST payable for the last quarter into the MoneyWorks accounting software.

To change the GST code for the Setup account, go to the Accounts function from the Show menu, highlight the Setup account and click the Modify button to amend the Tax Code from G to * GST code.

To record the outstanding invoices, go to the Show menu and select the Transactions function. Next, highlight the Sales Invoice function and click the New button to add a new sales invoice.

Record the invoice detail such as:

Debtor – The customer name

Invoice # – Original invoice number

Date – You may use the year-end closing date.

Under the By Account tab, select “Setup” account

Net – enter the total outstanding of the invoice

TC (Tax code) – Change to * GST code (it should be * GST code if you had changed it in the account profile.

After recording all the outstanding sales invoices, if there is no mistake, you may post it to update the GL (General Ledger).

#openingbalances #accountingsoftware #accountingsoftwaresingapore #moneyworksaccountingsoftware

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