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This text refers to program version 6.3  

Sales Ledger Opening Balances - Sales Ledger Settings

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

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

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, each Payment Mode can debit a different Account, to represent payments into different bank accounts, into petty cash or by credit card.

If you created your database using the 'Start with standard chart of accounts' option as described on the Starting any Standard product - New Installation page, you will have imported the sample Chart of Accounts supplied with Standard Accounts to your database. You will also have imported some basic Payment Modes. If you have modified the Chart of Accounts supplied, or you have created your own, ensure that the Account Numbers shown in the second column now refer 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 here if necessary to complete the entry.

Click [Save] when you have finished.

Then, close the 'Settings' list using the close box.

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