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:
Firs you will need a GL Account specifically for Opening Balances. Example: “5000 Opening Balances”
Second, you will need a new Item “Opening Balances”, and associate this new item to the GL Account for Opening Balances.
To add any opening balances to a payer:
For payers owing you money, you will create a manual invoice.
- Go to Accounts Receivable > 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,
- 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
- Click the POST icon to complete
Reports to review for Opening Balances:
- Contact Ledger
- Account Activities (Single)