Supplier Opening Balance
Use Supplier Opening Balance Create (28.1.15) to manually create open items (invoices, credit notes, or adjustments) in the purchases sub-ledger and generate appropriate postings.
The activity lets you transfer the outstanding open items (invoices, credit notes, adjustments) for a specific supplier in detail from an external system to your QAD application.
Create a standard GL account to act as a balancing transfer account for the control accounts.
The opening balance activity updates the following accounts:
• For invoices, debits the GL Transfer account and credits Supplier Control.
• For credit notes, debits Supplier Control and credits GL Transfer.
• For item adjustments, if the adjustment involves a debit on the item, the accounts referenced are the same as those for a credit note. If it involves a credit, the accounts referenced are the same as those for an invoice.
The transfer account is used in postings to the control account balances, because you cannot initially post to the control accounts. You cannot modify these postings, and the input of customer, supplier, and GL opening balances ensures that the transfer accounts are referenced in the postings balance.
Opening balances can be created manually or by using Excel integration. For more information, see
Introduction to QAD Enterprise Applications User Guide.
Use the Export to Excel for Maintenance option to create a template for open items. You should ensure that all the values you enter in the Excel spreadsheet are valid for this supplier.
Field Descriptions
Posting Year/Period
Specify an accounting year and period for the opening balance.
GL Transfer Account
Specify a GL account for the posting. This must be a manual account of type Standard.
Posting Date
Specify the date the posting is effective.
You can use the Calculate BC/SC button to convert the transaction currency amounts to the base currency and statutory currency using the default exchange rate.
The following fields display in the grid:
Supplier Code
Specify a supplier code.
Business Relation Code.
The business relation code of the supplier displays.
Invoice Type
Select the invoice type from Invoice, Credit Note, Adjustment, Invoice Correction, Credit Note Correction.
Sub-Account Code
Specify the sub-account code for this supplier, if necessary.
Daybook Code
Specify a daybook code for the open item.
Invoice Voucher
Enter the invoice number.
Invoice Date
Specify the invoice creation date.
Invoice Tax Point Date
Specify the tax point date.
Invoice Reference
Enter the invoice reference text, if required.
Invoice Description
Enter the invoice description. This field is mandatory.
Posting Text
Enter reference text for this opening balance posting.
Posting Type
Specify credit or debit as the posting type.
TC Invoice Amount
Enter the invoice amount in transaction currency.
Currency Code.
Enter the transaction currency code, if this is different from the base currency.
BC Invoice Amount
Specify the invoice amount in base currency, if this is different from the transaction currency. Click Calculate BC/SC to fill in this amount based on the value specified for TC Invoice Amount.
Base Currency Code.
This field displays the base currency.
SC Invoice Amount
Enter the invoice amount in the statutory currency, if required. Click Calculate BC/SC to fill in this amount based on the value specified for TC Invoice Amount.
Statutory Currency Code.
This field displays the statutory currency code.
Payment Instrument
This field displays the payment instrument.
Payment Reference Number
Enter an invoice reference number if required.
Bank Number.
Enter the bank account number defined for this supplier. This number should match the bank account number you defined for this supplier on the supplier Banking tab.
Bank Number Extension
Enter the bank number extension, if required.
Credit Terms
The credit terms assigned to the supplier display; you can change them if required.
Invoice Due Date
Enter the invoice due date. Due date is calculated based on the credit terms.
Invoice Due Date (Discount)
Enter the date when a discount is to be applied to the invoice. This field defaults to today’s date.
Cost Center
Specify a cost center, if required.
Project
Specify a project code, if required.
Invoice Status Code
Select an invoice status code with allocation selected. If you want the opening balance approved, select a code that requires approval or is locked for payment.