Overview:

Past Invoices in N3 AI Accounting allow you to record Accounts Receivable as of a specific cut-off date. When the Document Date is set before the cut-off, the system classifies the transaction as a Past Invoice, helping ensure AR balances in the customer ledger and GL Opening Balance reflect the intended accounting period.

This feature is intended for accounting staff who need to maintain accurate receivable balances when setting up a new accounting period or reconciling past transactions.

Scenario:

Your company is starting a new accounting period and needs to record all unpaid invoices as of the cut-off date. By entering each invoice with a Document Date before the cut-off, the system automatically classifies it as a Past Invoice. This allows you to maintain accurate AR balances, ensure correct GL opening balances, and support detailed reporting at the invoice level.

Prerequisites:

• Customer master data must exist in the system.

• Accounting period for the cut-off date must be defined.

Procedure:

1. Navigate to Account Receivable > Invoices.

2. Enter the Document Date first. The date must be before the cut-off date for the period.

3. Complete the remaining fields in order: Invoice No., Customer details, Description, Amount Balance, Tax Code.

4. Click Save to record the transaction.

5. Verify the transaction appears in the AR ledger or relevant transaction report.

Note: You can record a lumpsum balance per customer, but entering per-invoice balances is recommended for better reporting, tracking, and reconciliation.

Application:

Past Invoices are used to:

• Record all outstanding invoices as of a cut-off date.

• Maintain accurate AR balances in the customer ledger.

• Ensure GL opening balances reflect the accounting period.

• Support detailed reporting and reconciliation at the invoice level.

• Facilitate audit trails by maintaining per-invoice entries. 

System Scope: QNE AI Cloud Accounting / N3 AI Accounting