New Reckon One, existing debtors. How to add?

Diane C
Diane C Member Posts: 3 Novice Member Novice Member
edited July 2020 in Reckon One
I have been doing my accounts via Excel spreadsheets up until now but wanted to start the new FY with a computerized program.  How can I put my existing debtors' balances into the system without generating brand new invoices for them? Happy to manually input the data as I only have about 25 of them, but didn't to reissue invoices if I can avoid it. Thanks.

Comments

  • Qwerty
    Qwerty Member Posts: 199 Novice Member Novice Member
    edited July 2017
    12/07/17

    Hi Diane,

    If you are moving over to Reckon One & are only wanting to setup opening balances for your existing debtors & creditors then this can be done using journals. The information below may point you in the right direction.

    Scenario 1: Customer (debtor) John Citizen has a balance of $100.00 which relates to one or more open invoices that are not setup in Reckon One.

    You can enter an opening balance journal as follows.
    image

    Later when the customer (debtor) makes a payment, you can enter a receipt to offset the outstanding balance.
    image

    Scenario 2: You owe a supplier (creditor) Reece Electrical a balance of $60.00 which relates to one or more open bills that are not setup in Reckon One.

    You can enter an opening balance journal as follows.
    image

    Later when you pay the supplier (creditor), you can enter a payment to offset the outstanding balance.
    image
  • Diane C
    Diane C Member Posts: 3 Novice Member Novice Member
    edited July 2017
    Thank you so much.

  • Stacey Geary
    Stacey Geary Member Posts: 3 Novice Member Novice Member
    edited July 2020
    Except this doesn't put the correct allocation into the Income & GST collected  accounts how do you fix that and clear the outstanding amount?
  • I_Reckon
    I_Reckon Member Posts: 1 Novice Member Novice Member
    https://community.reckon.com/discussion/comment/20587869#Comment_20587869

    Correct. I am having the same issue and have tried different things and nothing seems to work without disrupting the balance of one of the accounts . A/R, GST, or Income/Expense account depending upon what journals you do. Surprise to see this question hasn't been answered since more than 4 years now. C'mon Reckon, you can do better.

  • Ankit
    Ankit Member Posts: 12 MMC Convert Staff Member MMC Convert Staff Member

    Hi Diane,
    To set up your existing debtor balances in Reckon One without reissuing invoices, you can enter opening balance journals. However, the challenge is ensuring the correct allocation to your Income and GST Collected accounts.
    Here’s how to handle it:
    1. Journal Entry: Debit Accounts Receivable (A/R), and credit Income/GST Collected.
    2. When a payment is received, use a receipt to offset the balance.

    If this messes with account balances, you may need manual adjustments to reconcile A/R, GST, or Income.
    Hope this helps,
    Ankit Mehta
    MMC Convert.

Categories