Create Supplier Transactions
- Silas Canning (Unlicensed)
Analytics
The Create Supplier Transactions window can be accessed here: Administration > Utilities > Create Supplier Transactions.
Moveware provides the ability to enter open balance transactions for outstanding suppliers when your company starts using the system. These transactions are not invoices, and as such will not contain any tax information. A transaction can be made for the outstanding amount only for each outstanding invoice so that future payments can be applied accordingly.
Overview of Fields
Field | Description |
Supplier Code | Enter the Supplier Code that the transaction is for |
Supplier Name | Populates from the Supplier Code |
Description | Description to appear on the transaction |
Currency | Currency of the Supplier/Transaction |
Exchange Rate | Exchange rate at the time the transaction was initially created |
Transaction Date | Transaction or accounting date of the transaction |
Reference | Original Invoice or transaction number |
Branch | Branch the transaction is for |
Type | Type of transaction. IN (Invoice), CR (Credit Note), ADJ (Adjustment Note) |
Amount | Amount of the transaction. This is the outstanding amount. |
Suppliers Control | Accounts Payable account in the general ledger |
Equity Account | Balancing Equity account |
How To Enter Open Balance Transactions
Select Create Supplier Transactions from Administration > Utilities menu.
Enter each transaction as required.
Once the relevant information is entered, a transaction is created against the Supplier in Moveware. The transaction is essentially a two-sided journal debiting the Suppliers control account, and crediting a balance account. This balancing account is commonly an equity account called Open Balance Suppliers.
These accounts are specified at the bottom of the input window:
Suppliers Control: specifies the Suppliers control account. For example: trade Suppliers or accounts payable
Equity Account: specifies the balancing equity account. For example: open balance Suppliers.
Once all transactions are completed, run a trial balance in Moveware to compare with the trial balance form the previous accounting system.