Migration of open accounts receivable Invoice without duplicating the GL impact
Steps for migrating the Open AR Invoice are follows:
- Create a Non-Inventory for Sale item
- Create Open Customer Invoices
- Reverse the GL Impact with a Journal Entry
Create a Non-Inventory for Sale Item
- For open AR invoices, we will use both a generic item and a generic GL account.
- Create the item by navigating to Lists > Accounting > Items > New and select Non-Inventory for Sale
- Map the income account to a clearing GL account
- Leave all the other information (like price and description) blank.
Create Open Customer Invoices
For each open invoice we input following data:
1 Invoice Number
2 Customer
3 Due Date
4 Amount Remaining
5 Description or Memo
- Because we’ve already imported Trial Balances, we’ll want to reverse out the impact of these invoices, and that’s easier to do if everything is in the same period.
- For each invoice, set the invoice date to the day before your go-live and then use the dummy item we created earlier to represent the original invoice
- The details of that original invoice will be entered on the single line.
- Use the Description or Memo field to add details around original date, total amount due, etc.
- For the Amount, use the remaining balance due instead of the full amount from the original invoice.
- This way you have an open invoice to receive payments against that is accurately capturing only the remaining balance.
Reverse the GL Impact with a Journal Entry - Now that you have all of the open invoice loaded into NetSuite, you need to reverse out their GL Impact with a Journal Entry.
- Simply total the full value of all invoices that were entered and create a Journal Entry that debits the Income Account set on the item in Step 2 and credits your Accounts Receivable account. Set the date on the Journal Entry to the day before go-live.