Accounts Payable can display statistical information for vendor accounts, and vendor groups for the current year and for all the previous years for which you retain the data. You add the historical information you need during setup. Accounts Payable then automatically updates the statistical information every time you post transactions.
To properly set up your Accounts Payable system, you must enter and post the current-year opening balances in your vendor accounts. If you set up partway through a fiscal year, you must also enter and post figures for the current year, up to the present date, and all outstanding transactions. If you want to display and print reports of previous-year data, you must enter those figures during setup as well.
Note: You should delete all general ledger batches created from posting historical transactions. If you post these to your general ledger, you will be duplicating posted transactions.
You create the opening balances in your vendor accounts by entering them as invoices using the Invoice Entry screen, then posting them.
The opening balance invoice should use the first date of the current fiscal year as the transaction (document) date. You can also import the figures from a spreadsheet or other non-Sage 300 program.
When you set up an Accounts Payable system part way through a fiscal year, you must enter the transaction data for the current year-to-date.
You can use any of the following method to add current-year transactions:
Import data, then post it using one of the following methods:
This provides full detail for current-year transactions.
This provides full detail for current-period transactions, and creates accurate balances for previous periods in the current year.
This produces accurate balances for each account in each period of the current year, but does not provide transaction detail for the audit trail reports.
This is the quickest method of entering the data, but it does not provide transaction detail for audit trail reports.
If you need to add purchase history for previous years to a new Accounts Payable system, you can add it quickly, or import it, using the Vendors and Vendor Groups screens.
You enter statistics by the periods and years specified for the options to keep the data.
For each vendor and vendor group, you can enter the amount and number of:
You can also enter the:
If you do not need historical data right away, you do not have to add it when you set up an Accounts Payable system. The figures are updated automatically each time you post transactions.