When a firm starts using OfficeTools Cloud they will need to enter an opening balance (Accounts Receivable and Retainer) for each client that was already open at startup.
This enables the firm to accept payments and send reminder statements without creating historic time cards, expenses, bills, payments etc…
The OfficeTools Cloud Administrator, as well as users who have been granted Billing User or Billing Supervisor Access Rights from the drop-down list in their User Profile can perform this task.
To setup an Opening Balance for a client:
1. Go to Options and click Billing from the left navigation pane and click Opening Balances from the main screen.
2. The Opening Balances window displays all open billable clients. New clients will have a 0.00 balance in the A/R (Accounts Receivable) and Retainer
3. To enter an opening balance select a client from the list and click Edit to display the Opening Balance Details
4. Edit the balances as appropriate:
- Retainer –.Enter the fees paid in advance in the textbox. Select the date of the last transaction that affected the balance from the calendar controls.
- Fees – Enter the amount paid for services.
- Expenses – Enter the amount paid for expenses such as photocopying, mailing etc …
- Taxes – Enter the amount of taxes paid.
- A/R –. This is auto-populated and dependent on the amounts entered in the other fields. Select the date of the last transaction that affected the balance from the calendar controls.
5. Click Save & Close to complete the procedure.
To view these opening balances:
The new balances now display in the Opening Balances window.
You can also view the Opening Balances under the Billing tab in the Client Details window.
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