Importing Accounts Payable so Aging and Balance Sheet Match

When you start a new FINSYNC business account, you must choose an accounting start date. Generally, you should use opening balances for most General Ledger accounts.  However, Accounts Receivable and Accounts Payable need special attention.

Note: this article assumes you have already finished updating your Chart of Accounts and created necessary Payees.

If you had an accounts payable balance on your accounting start date, follow the steps outlined below:

1. Sum all of your bills with a date prior to your accounting start date.

2.  Create a new entry to your Opening Balances: 

  • Click on the Reports tab in the top menu.
  • Click on the Opening Balance link found in the bottom of the left-hand men. 
  • Click on the green New icon. Putting the sum in the Credit cell. Click  the green Set button to save the change.

Once you complete this step, your Balance Sheet will show the correct amount for Accounts Payable on your accounting start date.

3. Mouse over the Payments tab and select Expenses. Use the green New button to create a new bill for each of your unpaid bills dated before your accounting start date.

If you did this correctly, these bills will populate your Accounts Payable Aging Report, but have no impact on your Balance Sheet, which should already be correct from successful completion of steps 1 and 2 above.

Going forward, you'll want to be sure your AP Aging and Balance Sheet continue to match.  In order to do this, you'll want to ALWAYS manage Accounts Payable through Bills.

Note: If you categorize a bank transaction to Payable and don't match it to a bill, your AP Aging and Balance Sheet will no longer match.

Note: If you create a journal entry that touches your Payable account, your AP Aging and Balance Sheet will no longer match.