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Entering customer opening balances and historical sales

If you have unpaid invoices or bills at the time you start using MYOB, these are called historical transactions. You'll need to enter these transactions into MYOB so when they're paid you'll be able to apply the payment to the right invoice or bill.

Because historical transactions were created before you started using MYOB, their value won't have been included in the opening balances of your trade creditors or trade debtors accounts (the accounts which track the money you and your customers owe). This means when you enter a historical transaction, you'll also need to update the opening balances of these accounts to include the value of the historical transactions.

When you enter a historical transaction, you'll see a prompt that reminds you to include the transaction amount in your account opening balances.

Customers or suppliers with an opening credit balance

If you're setting up a customer or supplier who has a credit balance, enter the contact's details then create a customer return or supplier return to record their credit balance. When creating the return you'll need to enter the Allocate to account. This account will be specific to your business, so check with your accounting advisor if unsure.