Opening balances: settlements with customers and suppliers
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The "Settlements with customers" and "Settlements with suppliers" tabs of the "Opening balances" document record who owes whom on the start date. Choose the counterparty, contract and amounts and set the "Advance" checkbox correctly: a mistake in it shows the debt the wrong way round.
What you enter in settlements with customers and suppliers
These tabs record counterparties’ debts on the start date: customers’ debts to you, your debts to suppliers and mutual prepayments. Without them Bimp will not show receivables and payables, and payments will not close old debts.
Examples.
- “Mebli-Trade” owes you 15,000 UAH for goods shipped last month. This is a customer debt, the “Advance” checkmark is not needed.
- A customer sent a prepayment of 5,000 UAH but has not received the goods. This is a customer advance: set the “Advance” checkmark.
- You received fabric from “Textile-Opt” for 20,000 UAH and have not paid. This is your debt to a supplier, no checkmark.
- You transferred 50,000 UAH as a deposit for equipment to a factory. This is your prepayment to a supplier: set the “Advance” checkmark.
Before you start
Fill in the counterparties directory and create contracts: Counterparty card, Customer contract, Supplier contract. Create the Opening balances document, see Opening balances. You can load counterparties from Excel: Importing counterparties.
How to fill in settlements with customers
Customer debts are entered on the “Settlements with customers” tab. Click Add and fill in the fields.
- “Customer”: choose the counterparty with a balance.
- “Advance”: do not set the checkmark if the customer owes you money. Set it if you owe the customer goods or services for money already received.
- “Contract”: choose the contract the debt arose under. This matters if you work with the customer in several lines of business.
- “Customer order”: choose the order you are entering the debt for. If the order has not been created, Bimp will create it automatically.
- “Settlement amount”: the amount of the debt or advance in the contract currency.
- “Accounting amount”: the same amount in the accounting currency.
- “Comment”: the number of the source document from the previous system, for example “Balance transferred from Excel, invoice No. 45”.
- Save the document.
How to fill in settlements with suppliers
Your debts to suppliers and prepayments are entered on the “Settlements with suppliers” tab. The structure is the same as for customers.
- “Supplier”: choose the supplier counterparty with a balance.
- “Advance”: do not set the checkmark if you already have the goods but have not paid. Set it if you paid in advance and the goods are not there yet.
- “Contract”: the contract with the supplier; it will appear in the reconciliation statement.
- The order field: choose the order the balance arose from. If there is no order, Bimp will create it automatically.
- “Settlement amount”: in the contract currency; “Accounting amount”: in the accounting currency.
- “Comment”: a short note, for example “Balance on invoice No. 88 dated 15.12.2023”.
- Save the document.
How to check settlements
Open the reports Settlements with customers and Settlements with suppliers. The amounts of debts and advances should match your reconciliation statements.
FAQ
What does the Advance checkbox mean on the settlements with customers tab?
Without the checkmark, the customer owes you money (accounts receivable). With the checkmark, you owe the customer goods or services for money received from them: this is the customer's prepayment.
What does the Advance checkbox mean on the settlements with suppliers tab?
Without the checkmark, you owe the supplier for goods received. With the checkmark, you have already paid the supplier in advance and have not received the goods yet: this is your prepayment.
What if there is no order the debt arose from?
Leave the order field empty: Bimp will create an order automatically. But it is better to create the order beforehand so you can specify the payment terms correctly.
Which date should I set on the opening balances document?
The day before you start entering current operations in Bimp.