Entering opening balance data
Opening balances for all balance sheet accounts are required in order to start a configuration set. You can generate opening balances by importing them from a source system or entering opening balances manually.
Calculation of opening balances is done via OLAP rules. Therefore it is important the initial values for opening balances only exist for the first year within a configuration set / version. For example, you can import opening balance values for 2016 for configuration set 1. Opening balances for 2017 are calculated via a rule.
The Input Opening Balance feature populates the opening balance of the first period of the first year in the configuration set. For each subsequent year in the configuration set the opening balance is automatically adjusted for the previous year's budgeted movements. This process is the same for manually entered balances as it is for generated balances.
| Balance sheet account | Configuration set year 1 | Configuration set year 2 | Configuration set year 3 |
|---|---|---|---|
| Input opening balance | 100,000 | 100,000 | 100,000 |
| Cumulative configuration set budgeted changes | 1,000 | 3,000 | |
| Subtotal opening balance | 100,000 | 101,000 | 103,000 |
| Budgeting movements | 1,000 | 2,000 | 1,000 |
| Closing YTD balance | 101,000 | 103,000 | 104,000 |