This process will transfer the balance of an entire account from Accounts Payables to Accounts Receivables. This function is useful when a party owes an amount to the same party that owes an amount to them.

For example, Party A has an Account Payables amount of $1050 owing to Party B AND Party B has an Accounts Receivable amount of $1500 owing to Party A.

This function will reduce the Accounts Receivables account balance by the amount transferred from the Accounts Payable account.

In the example given, the Accounts Receivable account balance owed by Party B to Party A ($1500) is reduced by the Accounts Payable account balance owed by Party A to Party B ($1050). This means that the Accounts Receivable account balance owed by Party B to Party A is now $450. 

Note
The default product used in this process is AR Product 999. If this is not present in your database please contact Minfos Support for assistance. 

Ensure that the appropriate AR Customers and AP Suppliers are created in Receivables and Payables prior to following this process. The AP Supplier must be added to the relevant AR Customer. Refer to Add an AR Customer in Receivables for further guidance.

From the Receivables module:

1. Navigate to the Functions menu and select 6. Balance Transfer.

The Balance Transfer window is displayed.

2. Enter the AR Customer or range of customers in From Customer and To Customer.

3. Enter the desired date range in Start Date and To Date.

4. If required, change the AR Product. If you are unsure of the product, leave the default as 999 Suspense.

5. Click Check.

The Balance Transfer (Verify Run) report is displayed. This report shows AR Customers that match the criteria you have specified.

a. If the Results column displays:

  • Okay - it is possible to proceed with the balance transfer.
  • Supplier Not Found - the appropriate AP Supplier is not present in the AR Customer record. This must be corrected before proceeding. 

6. Close the report.

The Process prompt is displayed. 

7. Click Yes to proceed with the balance transfers.

The Balance Transfer window is displayed.

8. Click Process.

The transfers are processed and the Balance Transfer report is displayed. The transfer and updated balance for the relevant parties can be viewed in AR Customer Enquiry.