Zero out the AR and AP balances in DBA
In this conversion day step you will make a journal entry to zero out the Accounts Receivable and Accounts Payable account balances in DBA. To get the value of your AR and AP you will need to run a GL Batch Post and print a Trial Balance. After you complete this journal entry, you will print another Trial Balance in the Beginning Account Balances step.
Purpose
When open customer and supplier invoices get transferred in a later step, the amounts in this journal entry will get reversed to establish initial Accounts Receivable and Accounts Payable balances in the financial accounting system.
Journal Entry
Using the account balances listed on the Trial Balance, make the following journal entry in DBA.
Accounts Receivable Balance
Debit 11150 AR Voucher Transfers
Credit 11000 Accounts Receivable
Accounts Payable Balance
Debit 20000 Accounts Payable
Credit 20300 AP Voucher Transfers
