Entering Historical Accounts Payable (A/P) Transactions
This topic was written to help you understand how to enter outstanding bills and other A/P transactions into Total Office Manager. This work will help assure that Total Office Manager’s balance sheet is up-to-date and current as of your company’s start date.
After you’ve entered the historical bills and bill payments from your start date to today, the following data will be accurate:
Balance sheet accounts payable
Records of your billed expenses during the period (if any – this is rare for many contractors)
Records of quantities and costs of inventory items purchased during the period
Vendor balances as of today
Records of which historical bills are unpaid
You do not necessarily need to add bills that have been paid. The expense will be picked up when you enter the check for that bill. Entering bills first gives you more detail.
Gathering Required Information
You will need the following information to enter you’re A/P transactions:
Copies of all bills received between your start date and today.
Records of bill payments you have made during that same period.
Purchase Orders for items that have not been delivered or paid for yet.
As you enter your A/P transactions, enter the dates of the original transactions. Enter your historical bill transactions in the following order:
Enter a copy of each bill received between your start date and today. Be sure to assign amounts to the correct expense accounts or track the quantities and costs of items received.
Credits from Vendors
If you have been issued credits from vendors, please enter them using the Vendor Credits form.
Record each bill payment you made between your start date and today. Be sure the Payment Date field shows the payment date.
Enter the quantity on order for each item. You only need to enter POs for things that are still on order. You can enter all of them if you want the detail.