Chapter Four: Entering Beginning Balances

CHAPTER FOUR
ENTERING
BEGINNING
BALANCES

Association for Computer Training Institute of Veracity Education (ACTIVE) 20

 Chapter Four: Entering Beginning Balances

Chapter learning objective

After study this chapter, you should be able to:

1) Setting Lip Balance Sheet

2) Creating Customers & Beginning Balance
3) Creating Vendors & Entering Beginning Balance
4) Creating Inventory Items & Entering Beginning Balance

4.1 Setting Lip Balance Sheet

Current Assets: - Liabilities:-
Cash on Hand: 12,300 Notes Payable:7,000
Cash Dubai: 5000 Acc/Payable: 13,000
Cash qaran: 8000 Total . $ : 20,000
Notes Receivable: 4000
Acc/Receivable: 9000 Capitals:-
Inventory: 15,000 Yuusuf Capital: 14,100
Prepaid Rent: 6,000 Mohamed Capital: 16,200
Totals $59,300 Diini Capital: 12,000
Total: $42,300
Fixed Assets:
Office Equipment: 1,000
Autos & trucks 2,000
Total $3000
Grand Total $62,300
4.2 Creating Customers
1. Open Maintain menu.
2. Select Customers/Prospects.
3. In the customer ID, type the ID number for your customer.
4. In the name box, type the customers name.
5. Click the sales Defaults Tab.
6. In the GL sales account box, select the Cash on hand.
7. Click save button.
Entering Beginning Balance
1. Click the beginning balance, in the right lower part of the customer screen
2. Enter the invoice number, the date & the amount.
3. In the NR box select Account s receivable.
4. Click Save button.
5. Click Close button.

Association for Computer Training Institute of Veracity Education (ACTIVE) 21

Chapter Four: Entering Beginning Balances

4.3 Creating Vendors & Entering Beginning Balance

1. Open maintain menu.

2. Select vendors.
3. In the Vendor ID box, enter the vendor ID number.
4. In the name box, type the vendors name.
5. Click the purchase Defaults Tab.
6. In the purchase Account box, select the Cash On Hand.
7. Click the beginning balance box.
8. Enter the invoice number, the date & the amount.
9. In the A/payable, select the accounts payable.
10. Click Save button

4.4 Creating Inventory Items

1. Open maintain menu
2. Select inventory items - -
3. Enter the item name.
4. In the description box, type the description.
5. Enter the Unit/Measure, the item type, the location.
6. In the GL Sales Account, select Sales.
7. In the GT Sales account, Select Sales.
8. In the GL Cost of Sales, select Cost of Goods Sold (COGS)

4.4.1 Entering Beginning Balances

1. Click the beginning balance box, in the right lower part.

2. In the item ID select the inventory.
3. Enter the quantity of the inventory, the unit cost.
4. Click Ok, then click close.

4.4.2 Glancing The Price Of The Items

1. Open maintain menu.
2. Select Item prices.
3. In the type box, select equal to.
4. In the "from box", select active.
5. In the active/inactive, select Active.
6. Click ok button.
7. If you want to change the price of the inventory, in the current price box, enter a new
price, in order to recalculate.

Association for Computer Training Institute of Veracity Education (ACTIVE) 22

 Chapter Four: Entering Beginning Balances

4.4.3 LIST OF CUSTOMERS

No Name Amount
1. Ali Aadan 200
2. Mohamed Ali 400
3. Saciid Hassam 300
4. Hassn Ahmed 1000
5. Kamal Sheikh 700
6. Jamal Yusuf 500
7. Mohamed Ciise 900
8. Seynab IILKO 2000
9. Fardowso C/casiis 600
10. Maslax C/Casiis 1.500
11. Suhey C/casiis 900
Total $9000

4.4.4 LIST OF THE INVENTORS

No Name Amount
1. Faarah Osman 2.000
2. Saciid Amiin 5.000
3. Omar Ali 4.000
4. Muna Saciid 2.000
Total $13.000

4.4.5 LIST OF THE INVENTORY

No Inventory name Qty Cost Amount

1. Botol Salwo 500 5.2 2.600
2. Botol Terbang 800 6.3 5.040
3. Shaar Blue Sky 20 12.3 246
4. Shaar Blue Sky 30dz 12.3 369
5. Shaar Dolphin 15dz 15.6 234
6. Fun-3 galuus 40dz 18.2 728
7. Fun-2 galuus 35dz 16.3 570.5
8. Fun-kuleeti 20dz 14.2 284
9. Surweek Ungalo 20dz 15.6 312
10. Surweel Jeans 40dz 26.4 1.056
11. Cimaamad Reexaan 50dz 30 1.500
12. Puumo Post 60dz 18.2 1.092
13. Puumo Mahsa 50dz 19.374 968.5
Total $15.000

Association for Computer Training Institute of Veracity Education (ACTIVE) 23