Navigation:  Accounts Receivable > Setting up for Production >   Setting up Accounts Receivable for Production

Before you begin ... General Ledger Preparation

Ensure these necessary General Ledger accounts are set up before you continue...

Use the Chart of Accounts maintenance task to set up your Accounts.

 

Setting up for Production

Use the Accounts Receivable Setup task to do items 1, 2 and 3.

 

If you are converting an existing Accounts Receivable and/or have your Customer data in a suitable file format then you may be able to import the transactions and/or Customer data. If you will be Importing transactions, then those Customers must be set up in advance of Importing any transactions for them. That is, you cannot Import transactions for Customers who don't exist in either the Customer table or the CustomerImport table.

 

Customer setup

When the Sales module is present please review the Setting up for Production section in the Sales module and set up the default Sales Rep record and the default Sales Tax record. These default records must be set up before you can add or import Customers.

Use the Customer maintenance task to enter the Customer data or import the data into the CustomerImport table and use the Import Customers task.

 

You can always add Customers as you require them. So it's not strictly necessary to set them up here in advance of transaction entry. However, you will likely find it easier to set up all the Customers first, and then post their opening balances afterwards.

 

Import opening Receivables transactions

As an alternative to keying in these opening Receivables transactions, you may be able to Import them.

For information about Importing transactions please review the Import Receivables transactions task.

 

Enter opening Receivables transactions

The opening Accounts Receivable Customer transactions are entered using the Enter Receivables transactions task.

These outstanding invoices should be entered individually for each Customer so that the applicable NetDate field is properly established.

 

As noted in Setting up General Ledger for Production the amounts for Subledger Control account balance(s) should be posted to a Suspense account and not directly to a Subledger Control account. Otherwise the Journal Entries resulting from the opening balance transactions posted to Accounts Receivable would flow through and "double up" the balances in the Receivables Subledger Control account.

 

The General Ledger distribution details of these opening balance transactions will also flow into the General Ledger. Therefore, opening balance transactions should be distributed only to the Suspense account and not to any other accounts. After the Journal Entries for those opening balance transactions have been generated the Subledger Control Account balance would reflect the true balance and the net effect on the Suspense account would be zero.

 

If you intend to enter a number of opening balance Invoice transactions then set up the AccountID for your Suspense account as the only entry in the list for the ArType of Invoice (use the Accounts Receivable Setup task). This way that AccountID will be presented for you when entering these opening balance Invoices and you can just enter the Amount. After you’ve entered all the opening balances you could delete that Suspense AccountID from that list for the ArType of Invoice.

 

Currency Manager implications. These opening transactions may include foreign currency transactions that have already had their currency effects reflected in the General Ledger. As we will likely also convert that General Ledger data we do not want to generate additional currency adjustments in the Journal Entries that will subsequently be generated for these opening transactions. To ensure this does not occur, use the Currency maintenance and transactions task to specify the CurrencyRate as 1 for all applicable CurrencyIDs until after we have posted and/or imported all the opening Receivables and Payables transactions.