Taking On Supplier Balances (Creditor Opening Balances)

Transferring supplier balances (creditor opening balances) from your previous system to Smart-IT ensures accurate financial records. You can manually enter balances or import them from Excel, with the latter being the preferred method for efficiency and accuracy.

Steps to Enter Supplier Balances

1. Obtain Supplier Balances

Start by retrieving supplier balances from your previous system’s age analysis report.

2.  Enter Opening Balances

•Go to Supplier > Supplier Journal and click New Journal Batch.

•Select the General Ledger account for Controls > Supplier Opening Balances or use the GL account specified by your accountant.

3️. Entering Aged Balances (if applicable)

•Obtain balances for each aging period from your previous system.

•In the Supplier Journal, enter each balance separately.

•Ensure the selected date for each entry reflects the age of the balance (e.g., use the correct aging period date).

4. ✅ Preferred Method: Import Balances from Excel

Prepare an Excel file containing supplier data, including Supplier Code, Trading Name, Contact Details, and Age Analysis (split by age brackets if applicable).

Navigate to Supplier > Supplier Import.

Upload the Excel file and follow the import instructions.

After importing, print the Supplier Age Analysis report in Smart-IT.

Compare the Smart-IT report with your previous system’s age analysis report to verify accuracy.