Hiya all,
I have just begun working with an organization that only uses the General Journal for ALL transactions. In addition, they use MS Word for client invoices / receipts and Excel to keep a record of AP / AR. Simply can do all of these functions; however their previous bookkeeper did not have the experience.
What I want to do is revise their accounting set up to open the Payables and Receivables modules, set up the linked accounts, create the invoices / receipts, etc. However, since I have not yet had to make significant changes to any of my clients accounting records I am a bit leary to proceed until I know how it will affect everything.
There is currently a balance outstanding in the A/R account. I know that I can set up the modules and begin entering the A/R transactions from this point forward; however, I am unsure if when I enter payments received, if I will have to enter the ones that are currently outstanding through the general journal posting to the main account until they are all cleared. I have the Accountant's Edition so I am able to post to the main accounts.
Does anyone have experience with this challenge? Your feedback would be greatly appreciated.
If you require further information, please don't hesitate to contact me at [email protected]
Looking forward to a response!!
Heather