Set Up Accounts Receivable (Beginning Balance Part 5/8)

1.Record accounts receivable or unpaid billing notes/invoices

Step 1.1 Go to Revenue menu > Delivery Note/Invoice/Record AR > Create backdated invoice.

Step 1.2 Fill in the details of backdated invoices.

Fill in invoice information, which "Account" field should be selected as sales revenue or service revenue according to the type of transaction occurred. No need to select in Product/Service field (because it will not affect the previous items imported - Beginning Balance Part 3/8)

Next part should be concerned is the transaction date. It has to be backdated transaction when the transaction actually occurred, and the due date of payment is the actual date of the payment received.

For example, the transaction was recorded on 11/12/xx, but the due date of payment is 18/01/xx+1 for next year. This transaction will be recorded as accounts receivable in the financial statement as of 31/12/ xx, and also it will be recorded as income of the xx year that will be accumulated to the retained earnings in the statement of financial position.

*Technique: The mistake that people frequently make the most is the transaction date. It should be changed to the actual date that the transaction actually occurred since initially the date in the system will be set to the present date.

2. Record to receive the payment from cheque not yet deposited.

If any entities have received a cheque, additional part needed to be recorded is cheque not yet deposited. The transaction will be recorded by generating the receipt. Fill in the invoice information, which "Account" field should be selected as sales revenue or service revenue according to the type of transaction occurred. No need to select in Product/Service field (because it will not affect the previous items imported - the same as backdated invoice in step1)

Then, specify the type of payment received to cheque.

Required Information

The date of payment received by cheque is the date that we received the cheque.

Select the method of payment recipient to "Cheque".

Cheque date is the date written on the cheque that you can deposit it.

- Completion of Set Up Accounts Receivable (Beginning Balance Part 5/8) -

All how to record a beginning balance in PEAK.
Part 1: Record a Beginning Balance (Beginning Balance Part 1/8)

Part 2: Create Contacts - Customer/Vendor (Beginning Balance Part 2/8)

Part 3: Record Inventory (Beginning Balance Part 3/8)

Part 4: Create Finances (Beginning Balance Part 4/8)

Part 5: Set Up Accounts Receivable (Beginning Balance Part 5/8)
Part 6: Set Up Accounts Payable (Beginning Balance Part 6/8)

Part 7: Set Up Fixed Asset (Beginning Balance Part 7/8)

Part 8: Record Trial Balance (Beginning Balance Part 8/8)