Open Invoices and Bills

Create account: AR Clearing (ARC), Account type: Current assets. Check to allow reconciliation.

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Create account: AP Clearing (APC), Account type: Current liabilities. Check to allow reconciliation.

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Check the sum of open invoice, credit note and payment match open balance account receivable. If not, ask the client accountant to review.

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Check the multi currency open invoices, credit notes and payments. Update currency conversion rate before importing the open invoices.

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Check the sum of open bill, credit note and payment match open balance account payable. If not, ask the client accountant to review.

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Check the multi currency open bills, credit notes and payments. Update currency conversion rate before importing the open bills.

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Import open invoice, credit note

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Adjust open customer payment to Account receivable credit on Initial balance per line item with partner set

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Check if the AR clearing amount match with open balance amount (Open invoice - open credit note)

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Import open bill, refund

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Adjust open vendor payment to Account payable debit on Initial balance per line item with partner set

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Check if the AP clearing amount match with open balance amount (Open bill - open refund)

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A. Product category = Automated valuation

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Accounting setting -> Turn on 'Automatic Accounting'

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Setup the product category with costing method and valuation

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Import product with the correct product category and the product cost. Make sure to set the product as 'goods' and track by 'quantity'

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Create an inventory clearing account (type:current asset). Check allow reconciliation

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Set 'inventory clearing account' on the virtual inventory adjustment location

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Collect inventory import files from customers.

It should include product, location, quantity (lot/SN is optional)

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Sum up open inventory value (cost * qty) should equal to initial balance 'inventory value'

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Inventory app -> Physical inventory -> Import inventory.

Validate/apply the inventory adjustment to update quantity on hand

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Change normal loss (expense) account on the virtual adjustment location

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B. Product category = Manual valuation

Set up all products with the cost

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Collect inventory import files from customers.

It should include product, location, quantity (lot/SN is optional)

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Sum up open inventory value (cost * qty) should equal to initial balance 'inventory value'

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Inventory app -> Physical inventory -> Import inventory.

Validate/apply the inventory adjustment to update quantity on hand

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Check the balance sheet. The user shouldn't see 'stock valuation' value

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A. Bank journal - need a payment entry after go live

Create an 'outstanding receipt' and 'outstanding payment' account as 'current asset' type. Both accounts are 'allowed reconciliation'.

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Add 'outstanding receipt' and 'outstanding payment' account to the bank journal - incoming and outgoing section.

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Change bank account to outstanding receipt account (map bank journal outstanding receipt account)

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B. Bank journal - no payment entry after go live

Create a ' bank clearing account' in the current asset type. Allow reconciliation

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Change bank account to bank clearing account

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Following steps are standard for all cases

Prepare client original trial balance (excel file)

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Modify trial balance AR account to AR Clearing account consider open invoices and credit notes.

Exclude the open customer payment.

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Modify trial balance AP account to AP Clearing account consider open bills and refund

Exclude open vendor payment

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Modify trial balance Inventory account to Inventory Clearing account if the product category is automated valuation.

Keep inventory account if the product category is manual valuation

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Import journal entry for trial balance and post it

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Check report > general ledger > AR Clearing should be 0 balance

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Check report > general ledger > AP Clearing should be 0 balance

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Check report > general ledger > Inventory Clearing should be 0 balance

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