[GNC] customers and vendors opening balances

David Cousens davidcousens at bigpond.com
Fri Jun 14 21:21:04 EDT 2019


The balancing account for all your opening balances should be an
Equity:Opening Balances account. You can create sub-accounts of this if you
need to separate different classes of opening balances. The customer
invoices would have entries of the form:

Assets:Accounts Receivable               Dr xxxx
Equity:Opening Balances:A/R             Cr xxxx       (instead of the income
account)

and for vendors
Liabilities:Accounts Payable                Cr yyyy
Equity:Opening Balances:A/P             Dr yyyy      (instead of an expense
account)


When your customer pays zzz off their outstanding invoice  you would pay it
against the invoice raised Open the invoice used above above to create the
opening balances and use then use the Pay option  and it should create the
following entries or equivalent:

Assets:Bank:Checking                         Dr zzz
Assets:Accounts Receivable               Cr zzzz

You should have no need to raise a credit note to record the payment of the
outstanding invoice. Payments can be partial and not completely pay off the
invoice.

David Cousens




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David Cousens
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