Beginning Balances For Clients

Print - Close Window

Introduction

When moving to Time59 from another system, existing clients may have an outstanding account balance. This could be a debit balance (they owe you money) or credit balance (they have paid you more than they owe you).

To establish an exisiting debit balance in Time59 you will need to create an invoice for that client in the amount of their debit balance.

To establish an exisiting credit balance in Time59 you will need to enter a payment in the amount of their credit balance.

Establishing A Debit Balance

The invoice you create will not include any time or expense records. Simply enter the description and amount into the Flat Rate Line Item fields on the main page of the invoice creation process.

To create an invoice go to the "Invoicing & A/R" tab, then click on the "Create A New Invoice" button.

Just keep in mind that for the beginning balance invoice you do not have to specifiy date ranges for time and expenses and you do not have to e-mail the resulting invoice. Just be sure to click all the way through until you receive the message that the invoice has been saved.

Finally, when payment is received you will be able to apply it to the "existing debit balance" invoice you have created.

Establishing A Credit Balance

Use the Payment Entry function located on the Invoicing & A/R tab to establish a credit balance.

If the credit balance is in the operating account you can use the Payment Type of "Cash".

If the credit balance is in the trust account you can use the Payment Type of "Trust Deposit".

When you create future invoices for the client you will be able to apply these funds to pay the invoice.

Additional Information and Help

Contact us using the Feedback form or at support@time59.com.