This procedure is used to enter outstanding (open) accounts payable invoices into the system without updating the General Ledger. This procedure may not be necessary if Cove Systems has converted (loaded) the open invoices from your previous computer system into Stream V.
1. Obtain a detailed listing of the accounts payable invoices that are open (unpaid) as of the date of the conversion or start up. The total open amount of the invoices on the list must match the beginning balance to be used in the GL Accounts Payable account. The accuracy of this list will be critical to your future success at matching the sub ledger balance to the GL.
2. Enter the invoices into the AP Register file using the AP Beginning Balances program. If the original amount of the invoice differs from the current open balance (as of the conversion or start up date), both amounts should be entered in the appropriate fields. The invoices entered using the AP Beginning Balances program will not update the general ledger (invoices existing as of system start up should have already been posted to the general ledger in your old system).
3. Print an Open Accounts Payable Report. The total on the report should match the total open amount of the outstanding invoices from the list above (from your old system). If the report does not agree, the operator should correct any discrepancies, reprint the report, and retain it for future use. No current processing should be done until the report has been matched to the beginning GL accounts payable balance.