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This text refers to program version 4.3  

Opening Balances in the Sales Ledger - Payment Modes

Before entering the first opening balance, there is a single setting in the Sales Ledger that needs to be considered if you will be entering Receipts for the fiscal year to date.

Use the [Select Module] button in the Master Control panel to enter the Sales Ledger and click the [Settings] button, also in the Master Control panel. Double-click 'Payment Modes' in the subsequent list.

Payment Modes represent the different methods that your Customers will use to pay your Invoices and you will use to pay your Suppliers. Typical examples are cash, cheque, direct debit and credit card. If necessary, FirstOffice allows each Payment Mode to debit a different Account and to be paid into a different bank account.

If you have used the accounts template supplied with FirstOffice, you will find that the basic Payment Modes have already been entered. If you have modified the Chart of Accounts supplied, or you have created your own, ensure that the Account Code shown in the fourth column now refers to the correct Account (remember, you can use 'Paste Special' if necessary).

To create a new Payment Mode, simply click in the first blank row and enter a unique Code. Then enter the other details as appropriate, referring to this page if necessary. Click flip B to complete the entry.

Click [Save] when you have finished.

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