Beginning Balances will be entered into BIS in the following sequence: General Ledger Accounts Payable Payroll Job Billing/Accounts Receivable In this description, several terms are used rather interchangeably. Accounts Receivable can mean that, or it can mean Contracts Receivable. Revenue or Contracts Revenue can also be listed as Sales. Retainage and Retention are used interchangeably.
Setting up beginning balances is an essential part of getting your new BIS software up and running. By following a few simple steps for entering account and job information, you can save yourself some time down the road. This information will cover setup of regular account balances, AR and AP account balances, existing vendor invoice