TRAVERSE Global v11.1

Setting Up Initial Balances

If your initial balances are already set up, you may skip this section; otherwise, set up initial balances after you set up customer records using the Accounts Receivable Customers function. If you are not setting up Sales Order at the beginning of the year and if you are keeping detail history, you must also enter sales history.

You can use the summary method, the detail method, or a combination of the two to set up initial customer balances and open invoices.

ClosedSummary Method

Use the summary method to quickly enter orders. This method updates your invoices but does not provide complete sales history. The summary method consists of the following steps:

  1. Use the Accounts Receivable Customers function to enter the unpaid finance charges and outstanding invoice amounts for the current period and the four aging periods and to enter sales and payment history.
  2. Use the Accounts Receivable Open Invoice Setup function to build an invoice for each unpaid finance charge, current amount due, and balance in an aging period.
ClosedDetail Method

Use the detail method to enter orders. It updates your invoices and provides complete sales history, but is more time-consuming than the summary method. The detail method consists of the following steps:

  1. Use the Transactions and the Accounts Receivable Cash Receipts functions to enter the year-to-date Sales Order transactions. Then post the transactions to the appropriate periods.
  2. Calculate the finance charges on overdue invoices. The customer records are updated with these amounts.
ClosedCombination Method

Use the combination method, a blend of the summary and detail methods, to enter orders. It is less time-consuming than the detail method, but it does not provide a complete sales history. The combination method consists of the following steps:

  1. Use the Accounts Receivable Customers function to enter summary balances for transactions that are no longer outstanding for the current period and for each aging period and to enter credit and payment history.
  2. Use the Accounts Receivable Open Invoice Setup function to build an invoice for each unpaid finance charge, current amount due, and balance in an aging period.
  3. Use the Transactions and the Accounts Receivable Cash Receipts functions to enter open transactions. Then post them to the appropriate accounts and customer records.
  4. Calculate the finance charges on overdue invoices. The customer records are updated with these amounts.