After migrating all transactions to Localize, it is time to open control accounts (in case they have an outstanding balance), such as:
- Opening A/R Control Account Balance
- Opening A/P Control Account Balance
- Opening Stock Control Account Balance
Remember, we have changed the types of A/R, Inventory, and A/P to "Other Current Asset" and "Other Current Liability", So now create a new A/R, A/P, and Inventory Asset Account in Localizebook to handle all outstanding balances.
The control accounts include accounts such as Account Receivable Account (A/R), Account Payable Account (A/P), and Inventory Asset Account.
Before we post the balance of a control account into the system. If you have not yet created it, you need to create or import the chart of accounts first.
Click on the function below for a link to view how to Create Chart of Account detail:
Opening AR Control Account Balance
Opening A/R Balance in Localizebook is the amount you have in different customers of your business at the ending balance or latest outstanding balance of your customers by period. We will enter these balances into Localizebook.
Click on the function below for a link to view how to do detail:
- Batch Invoice & Sale Return: Opening A/R balance by latest outstanding balance invoice details.
Opening AP Control Account Balance
Opening A/P Balance in Localizebook is the amount you have in different vendors of your business at the ending balance or latest outstanding balance of your vendors by period. We will enter these balances into Localizebook.
Click on the function below for a link to view how to do detail:
- Batch Purchase & Purchase Return : Opening A/P balance by latest outstanding balance invoice details.
Opening Stock Control Account Balance
Opening Stock Balance in Localizebook is the details of the closing stock of each inventory item. Get this closing stock value of each item to be entered into Localizebook.
Click on the function below for a link to view how to do detail: