I have closed the financial year 2009 in PC Law after audit has been completed. In year 2010, have made aquisition of another business which has accounts receivable prior to 2009.
As usual, any resourceful accountant would have to show the receivables in matter opening balance and not create an invoice in FY 2010 just to accomodate the account receivables.
As everyone is aware, once a month or year has been closed in PC Law, the matter opening balance TAB automatically disappears and there is NO way to input opening balance thereafter. Full Stop.
This look preety awkward and discouraging since if I want to input matter opening balances at later stage, it is not possible.
Taking my above scenario, can anyone who has come across similar situations, advise me way forward and how can I show opening balances rather than resort to creating invoices for old balances.
PC Law V 10.03a Enterprise Pro
Diago Fernandes IT Administrator Bin Shabib & Associates (BSA) LLP Building# 3, Level 6, Dubai International Financial Centre (DIFC) PO Box 262, Dubai, UAE T +9714 368 5555 (ext 239). PC Law Enterprise Pro V 10.03a
You are correct that you cannot now go and enter starting balances. Just generate an invoice for the amount due. You may have to enter expense recovery items. If you want the aging of the invoices to be correct, they need to be dated the same as the original invoice, which would mean you would have to reopen the months needed. If you want to allocate the work between multiple timekeepers, then you can enter a back-dated time entry for each one and then produce the invoice. Hope this helps some.
Pat Cunningham, PCLaw CIC, Time Matters CIC
C & S LegalTech Consulting Group, LLC