credit side of old account receivables?

I want to know where to credit account receivables old be in

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Hello, I have a small business i used a program to do my entries and at the end i had around $6250 in account receivable. now i changed my program to a new program and I want to transfer my accounts. I want to transfer that 6250 dollars to an account called old account receivables without bringing in any itemization just the full amount in one transaction. Now I do not know where to put the CR of the 6250$ i know it cant be revenue because it will later when i receive the cash and dr cash and cr old account receivables I will have a revenue account left with 6250$ and I do not think the account should be another asset lets say 6250$ account receivable transferred because then I will have 6250$ left in CR side of my asset and whenever i look at my balance sheet it will undervalue my assets by that amount. so what will be a CR and what kind of account is it?

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By kestrepo
08th Feb 2024 16:53

If I am interpreting your many questions correctly (not your fault its the forum!) you have already done the Double Entry in a legacy program that has filtered across into the Trial Balance. I think that that you just need to post the Credit to exactly the same place (nominal code) as the Debit. The nominal entries will then simply cancel each other out
while leaving a balance on your Account Receivable program.

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Scalloway Castle
By scalloway
08th Feb 2024 18:48

If you run a Trial Balance on your old accounts software then you should use that to set up an Opening Trial balance on the new software. Just include the accounts receivable as a lump sum as you describe. Any receipts will just reduce this balance untill everybody has paid you back.

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