Setting up customers and vendors opening balances

When migrating to Wafeq, you will most likely have customers’ invoices and vendors’ bills that are still outstanding. The balances of these outstanding invoices and bills need to be imported into Wafeq as opening balances for your customers and vendors.

Learn by watching

Watch this video on how you can set up customers’ and vendors’ opening balances or read on below: Setting up customers and vendors opening balances

Objectives

After you've set up opening balances of your customers and vendors, you'll be able to:

• Keep track of your accounts receivable and accounts payable balances
• Keep track of the amount of money that your customers still owe you and the amount of money that you still owe your vendors

Step-by-step instructions

Let's assume you're moving to Wafeq on the 1st of January.

In order to set up your customers opening balances, you will need to import all your unpaid invoices balances as of the 31st of December.

To prepare your invoices CSV import file, go to Invoices in the left-side menu, click on the Import button, then the on the link to download the CSV template. In this spreadsheet, enter your unpaid invoices and their balances only.

To import the invoices balances only:

• Set the Quantity to 1.
• Set up the amounts in the Price column to be equal to the balance amount.
• In the Account column, enter Opening Balance Offset. This is the account Wafeq uses for opening balances.
• Continue to the Import dialog in Wafeq after you've selected this file to import.
• Map each column of your CSV file to its corresponding column in Wafeq.
• To verify the opening balances of the imported invoices, go to Reports in the left side menu, then to the Statement of Account tab. To get your customer’s Accounts Receivable opening balance on the 1st of January, use the Contact filter to filter the report by your customer’s name and set the To date filter to the 31st of December. You will see that each of the customers’ Accounts Receivable opening balances on the 1st of January match the balances on the CSV file.

If you remove the Contact filter, you will notice that the imported invoices increased your Accounts Receivable total balance by the total amount your customers owe you as of the 1st of January. This change in your Accounts Receivable opening balance is also visible on your Balance Sheet.

Tax rates

Notice that we haven’t applied any tax rates to the invoices because any taxes due must be imported separately as part of setting up the opening balance of other accounts.