FAQ > Managing Vendors
How is a Vendor’s Opening Balance Recorded?
Record a Vendor’s Opening Balance in SimplifyEm Property Management Software
In SimplifyEm.com Property Management Software, property managers can record a vendor’s opening balance when there is an outstanding balance from the vendor’s last expense transaction. This feature is essential for ensuring that any pending payments owed to vendors are accurately tracked and reflected in the system. To record a vendor’s opening balance, follow the steps outlined below:
- First, navigate to the Vendor Center by clicking on the ‘Vendors’ tab located at the left of the page. This will take you to the main vendor management section where all your vendor-related tasks are managed.
- Once you are in the Vendor Center, locate the specific vendor for whom you need to record an opening balance. Hover your cursor over the ‘Take Actions’ button in the row corresponding to that vendor. A dropdown list will appear; from this list, select ‘Record Vendor Opening Balance’ to proceed with the balance entry.
- A popup window titled “Record Vendor Opening Balance” will appear on your screen. This is where you will input the necessary balance details.
- In the popup window, enter the opening balance amount that you owe to the vendor in the appropriate field. Additionally, make sure to select the correct date that corresponds to the vendor’s outstanding balance.
- After entering the balance amount and the date, click the ‘Save’ button to finalize and record the opening balance.
- Once saved, the vendor’s opening balance will be documented on the Vendor Balance History page for the specified month. This record allows you to easily track and review the outstanding balance for that vendor, ensuring all financial transactions are accurately reflected in the system.
By following these steps, property managers can efficiently manage any outstanding balances owed to vendors, ensuring their financial records remain accurate and up to date.
