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 a beginning debit balance in Time59 you will need to create an invoice for that client in the amount of their debit balance.
To establish a beginning credit balance in Time59 you will need to create a zero dollar invoice for that client AND enter a payment in the amount of their credit balance.
Effective Date For Beginning Balances
As you continue through this help topic you will be instructed on how to create the invoices and payments needed to establish the beginning balances.
It is recommended that you specify a single "as-of date" for all beginning balances and use this date when creating all of the invocies and payments.
Typically this can be last date of the final billing cycle using your old billing system.
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.
When you do receive payment for the beginning balance, you will be able to apply it to the "existing debit balance" invoice you have created.
Establishing A Credit Balance
First create a zero dollar invoice similar to the debit balance procedure described in the previous section.
Next, 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 "Payment - Cash".
If the credit balance is in the trust account you can use the Payment Type of "Trust Deposit - Cash".
When you create future invoices for the client you will be able to apply these funds to pay the invoice.
Contact us using the Feedback form or at support@time59.com.