Beginning Balances - Uninvoiced Inventory Receipts
When you transfer your beginning balances from your prior software system to e-automate, you need to create a temporary holding account for Uninvoiced Inventory Receipts. The balance for this account should be equal to the monetary amount of the items on purchase orders entered and received through your prior software system but for which you have not yet received the invoice from the vendor.
Create the Temporary Uninvoiced Inventory Receipts AccountCreate the Temporary Uninvoiced Inventory Receipts Account
Log in to e-automate.
From the e-automate menu, select Accounting > General Ledger Accounts to open the General Ledger Accounts window.
Click [New] to open the New General Ledger Account window.
In the Number field, enter the account number to associate with the temporary Uninvoiced Inventory Receipts account.
In the Name field, enter a name for this account (for example, Uninvoiced Inventory Receipts - Temporary).
In the Type field, use the Lookup icon to select the account type, Accounts Payable.
Click [OK] to save the new general ledger account.
Create a GL Entry for the Temporary Uninvoiced Inventory Receipts AccountCreate a GL Entry for the Temporary Uninvoiced Inventory Receipts Account
Log in to e-automate.
From the e-automate menu, select Accounting > General Ledger > Journal Entries to open the GL Journal Entries window.
Click [New] to open the New General Ledger Journal Entry window.
In the Description field, enter a description (for example, Opening Balance – Uninvoiced Inventory Receipts).
In the Date field, enter the date just prior to your go-live date.
In the Entry details region, do the following:
In the General Ledger Account field, use the lookup to select the general ledger account, Uninvoiced Inventory Receipts – Temporary.
If your company uses branches, use the lookup for the Branch field to select the appropriate branch.
Make no change to the Description field.
In
the Credit field, enter the
total monetary amount of the items on purchase orders entered and
received through your prior software system but for which you have
not yet received the invoice from the vendor.
Note: Typically this account
balance is a credit.
Click [QuickAdd] to add this journal entry to the Entry details region.
In the General ledger account field, use the lookup to select the general ledger account for your Opening Balance Clearing account.
If your company uses branches, use the lookup for the Branch field to select the appropriate branch.
Make no change to the Description field.
In the Debit field, enter the total monetary amount of the items on purchase orders entered and received through your prior software system but for which you have not yet received the invoice from the vendor.
Click [QuickAdd] to add this journal entry to the Entry details region.
In the Summary region, verify the Difference is $0.00.
Click [OK] to save the journal entry.
Non-supported ReleaseNon-supported Release
©2022 ECI and the ECI logo are registered trademarks of ECI Software Solutions, Inc. All rights reserved.