1. Record accounts payable or unpaid invoice
Step 1.1 Go to Expenses menu > Expense Record > + Create retrospective expenses.
Step 1.2 Record expenses transaction.
Fill in the information on expenses, which the "Account" field should be selected as expenses or inventory according to the type of transaction that occurred. No need to select in the Product/Service field (because it will not affect the previous items imported)
The next part that should be concerned with 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 the payment occurred.
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 payable in the financial statement as of 31/12/ xx, and also it will be recorded as expenses of the xx years that will be accumulated to the retained earnings in the statement of financial position.
The last part that should be concerned is not filling in the payment information as it is still recorded as accounts payable. If it is recorded as a paid transaction, it will not show as accounts payable.
*Technique: The mistake that people frequently make the most is the transaction date. The transaction date in the system was initially set to the present date and please do not specify the transaction already paid since it is always specified.
2. Record to make the cheque payment not yet paid.
If any entities have made the payment transaction by cheque, the additional part needed to be recorded that is the cheque has already been issued but the vendor has not yet deposited the cheque. The transaction will be recorded by generating the expense record. Fill in the information, in which the "Account" field should be selected as expenses or inventory according to the type of transaction that occurred. No need to select in the Product/Service field (because it will not affect the previous items imported - the same as expenses recorded in step1)
Then, specify the payment method to the cheque.
Required Information
The cheque payment date is the date that the cheque was issued to the vendor.
Select the payment method to "Cheque".
The cheque date is the date written on the cheque that the vendor can deposit it.
Choose which bank account issued the cheque.
- Completion of Set Up Accounts Payable (Beginning Balance Part 6/8) -
All how to record a beginning balance in PEAK.
Part 1: Record a Beginning Balance (Beginning Balance Part 1/8)