Setting Up Initial Balances

Initial balances are set up as part of the vendor records. If you are not setting up Accounts Payable at the beginning of the year, and if you are keeping detail history, you must also enter purchasing history.

You can use the summary method or the detail method to set up the initial vendor balances and open invoices.

Summary Method

The summary method for setting up initial balances is less involved than the detail method; however, the summary method does not provide complete purchasing history.

Detail Method

The detail method for setting up initial balances provides complete purchasing history and is more involved than the summary method.