When getting started with MAX, if you need to record any outstanding balances or credits on a payer’s account, you can do so using Opening Balances.
Opening Balances:
First, you will need a GL Account specifically for Opening Balances. Example: “5000 Opening Balances”
Second, you will need a new Fee Item “Opening Balances”, and associate this new item to the GL Account for Opening Balances. Item Tax Receipt Item Type should be set to “Not Applicable”.
To add any opening balances to a payer:
For payers owing you money, you will create a manual invoice.
- Go to Accounts Receivable > Billing > Manual Invoice
- Customer = Payer who owes you money
- Reference Contact = Child’s name
- Lines > Add Line Item Opening Balances
- Item = Opening Balances > tab off to populate account
- Quantity = 1
- Unit Price = Enter the amount owing
- Checkmark to apply
- Review your information for accuracy
- Click the POST icon to complete
For payers who have a credit, you will create a manual credit.
- Go to Accounts receivable > Billing > Manual Credit
- Enter the same information as you would for a manual invoice
- Customer = Payer who has a credit
- Reference Contact = Child’s name
- Lines > Add Line Item Opening Balances
- Item = Opening Balances > tab off to populate account
- Quantity = 1
- Unit Price = Enter the credit amount
- Checkmark to apply
- Review information for accuracy
- Click the POST icon to complete
Reports to review for Opening Balances:
- Contact Ledger
- Manual Invoices and Credits will be visible once the statements are published.
- Account Activities (Single)