apmuthu wrote:In old accounting system:
1. Before closing your old accounting system previous fiscal year, take a trial balance.
2. Segregate entries for unpaid invoices and the partial payments related to them - AR and AP.
3. Get the segregated Trial Balance without the above entries.
In new FA system:
1. In your new FA system, create the previous fiscal and make your current balances as as the end of that fiscal from the segregated Trial Balance obtained above.
2. Make the subsequent entries for the previous fiscal's unpaid invoices for both AR and AP.
3. Create a new fiscal year for the current period in the new FA.
4. Now close the previous fiscal in the new FA.
5. You will now be able to allocate payments to the old AR/AP unpaid invoices in the new FA.
You may need to make a few iterations - so keep a backup at each stage in both the old and the new systems.
If in doubt, take professional assistance.
Dear Apmuthu, I never thought of your quick reply. It's really amazing that you always take care of all the user who are using FA. Your explanation with in detail normalize all the things circulated around my mind except the last one.
Would you please let me know how to do the following scenario in FA:
I have to sell products in installment, client pay a down payment and conduct any of my installment terms as follows:
1. Sales invoice with down payment entry (let's say 50% of the total amount).
2. Installment date entry (i.e. rest 50% in 3 months, 3 payment dates entry)
3. Show reports of Today's installment collection.
Last but not the least I also was searching for a sale entry where I can enter customer name and address without going through a seperate Customer form.
With best regards,
