About Posting Beginning Balances
When you're ready to begin using the accounts receivable module, you need to post the beginning balance for each customer. The beginning balance is the amount each customer currently owes you.
You can post beginning balances in two ways: by posting lump sums, or by posting individual invoices.
When posting lump sums, you make a single posting for each account, entering the entire amount they owe you. This takes much less time, but does not allow you to properly age existing invoices. For this reason, posting lump sums works best if the customer is paying his balance during the current billing period.
When you post individual invoices, your system has more detailed records. In addition, you can specify the actual date for each invoice, or the date to use for aging purposes. While this method gives you the best records, it can take considerable time, since you'll be making an entry for each outstanding invoice, and also for each credit memo.
Note: Instead of posting beginning balances, you can have ECi Content Services convert your existing accounts receivable files. This way, you have all the advantages of posting individual invoices, without spending the time it takes to post them. Many dealers find that this solution is the most cost effective one. For more information on converting your A/R files, contact the Sales Department or go to sales@eci2.com.
If you choose to post beginning balances, you need to ensure that your postings are accurate. You can use your batches to help you do this. First, number your batches so they identify the person who did the posting. For example, each person can use his order-writer number as a batch number. After one person completes a batch, have another person double-check the entries. Finally, keep your batches short, with only 20 to 30 entries per batch. If you do make mistakes, small batches make your troubleshooting easier.
See also:
Posting a Beginning Balance as a Lump Sum