Opening Balances for WIP and A/R

Are you making the switch to TPS Cloud Axis from your previous software? Ensuring that your unbilled Work in Progress (WIP) and Accounts Receivable (A/R) align with your previous system is crucial to maintain consistency. The 'Tools - Opening Balances' in TPS Cloud Axis simplifies this process, allowing you to enter either the 'WIP' or 'A/R' opening balances for each client.
**This feature is designed as a one-time setup.

Before you begin, ensure that your accounting period is correctly configured. The aging displayed in the 'All Clients Aged Summary' tab depends on your current period. To maintain consistency, set TPS to the same period as your old system's Summary reports. For instance, if your old system's reports were generated as of December 31, 2022, make sure TPS is also set to the period ending on December 31, 2022. This ensures that the aged columns have the same meaning as far as months/periods.

Alternatively, you can utilize the 'Single Client' tabs, which allow you to work on one client at a time and select the date of the entry. This option enables you to add descriptions and date opening balances specifically, although it may be a slower process.

Once you've entered your opening balances, you can run either the WIP Summary Aging or AR Summary Aging reports to confirm the amounts inputted. This step ensures that your grand totals in TPS match those in your old system.

This feature is meant to be used only to setup your opening balances when you are initially setting up your TPS account. Here is a quick Overview video on Opening Balances - TPS Cloud Axis Guided Tour.

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