Software: MoneyWorks accounting software
When migrating to MoneyWorks, you need to record the outstanding Accounts Receivable as of your cutoff date (The cutoff date is referring to the date you cut off from the existing accounting software, it could be your year end closing date).
From the Setting up navigation page of the MoneyWorks accounting software, go to the step 4 and click the “Enter Sales Invoices” button. MoneyWorks will bring you to the Sales Invoices transaction list window.
From the Sales Invoices list window, click the New button to add a new sales invoice.
Assuming as of the cutoff date, ABC Company owes you two invoices:
Date Invoice Number Amount (includes GST)
12 Dec 2012 2134 $749.00
20 Dec 2012 2160 $1,284.00
We suggest that you enter the outstanding from ABC Company as two separate invoices instead of one lump sum ($2,033.00).
In the Sales Invoice transaction, the Debtor field will be your debtor’s name (such as ABC Company), the Invoice # field will be the original Invoice number, and the Date will be the cutoff date (in this case will be 31 Dec 2012). Under the By Account tab of the sales invoice transaction, select the SETUP account for the Account field, make sure that the TC (tax code) is * (you don’t need to separate the GST amount of the outstanding invoice as GST outstanding will be recorded in the GST Holding account separately), and enter the amount owed on the invoice ($749.00) into the Gross field.
The double entry for this transaction will be:
Debit Accounts Receivable account
Credit SETUP account
Then, you click the NEXT button to continue entering the next outstanding sales invoice.