Overview:

To migrate customer opening balances into Zumzum Financials, you can either post outstanding sales invoices to the ledger or directly enter the opening balances for each customer. For users of the VAT Cash Accounting scheme, it is necessary to add each transaction individually, especially if you need to use ageing reports to manage customer payments. Conversely, if you’re using the Standard VAT accounting scheme and do not require ageing, you can record the total amount owed by a customer as a single lump sum. If discrepancies arise between your new and previous accounting systems, you can adjust the Debtors balance with a journal entry. To enter your customer opening balances, navigate to the Setup tab, select Customer Opening Balances, choose the relevant Account Name, input the details, and save. Repeat this for each customer to ensure accurate records.

Migrating Customer Opening Balances

You can either enter your customer balances by posting the outstanding sales invoices to the ledger or by entering your customer opening balances. If you use the VAT Cash Accounting scheme and a customer has more than one outstanding transactions, you will need to add each of these transactions separately. Entering the transactions separately or by posting the sales invoices to the ledger will be particularly useful if you want to use ageing to work out when to chase the customer payment. 

If you plan to use the Standard VAT accounting scheme and you do not wish to use ageing with your transactions, then you can enter the total amount owed to you by a customer as a lump sum.

Should you find that your Debtors figure does not match the figure in your previous accounting application you can clear the opening balance with a journal entry. Then you can either enter a new journal to enter the correct Debtors value or if you prefer you can enter your opening balances directly to the nominal account using the “Opening Balances” option above.

Enter Your Customer Opening Balances

To enter your Customer Opening Balances do the following:

1. 1. Navigate to the Setup tab, 
   2. Select Customer Opening Balances  
   3. Select the Account Name you wish to update
   4. Enter the required details and hit Save to create your Customer Opening Balance.
   5. Repeat the process for every customer you wish to update

Learn more about configuring Zumzum Financials to suit your business requirements.