Self balancing report

Use the self balancing report to update distribution balance records for future reporting.

Business requirements

Use the self balancing report to fulfill any of these business requirements at the end of a period:
  • Show a beginning balance for a GL account and calculate an ending balance
  • Show a list of detailed transaction activity for accounts receivable
  • Show a list of updated GL account balances and account details
  • Update distribution balance records to enable future reporting
  • Show a list of balances and transaction activity for a GL account for transaction activity in Receivables

Sample business flow

  1. On the Receivable Company, select the Create Historical Distributions for Interface check box on the Entry tab.
    • When this check box is selected, an historical distribution for each related Receivables account is created through the interface process.
    • When this check box is cleared, an historical distribution is created in the Projects and Billing systems for each Receivables account when Receivables is interfaced.
  2. Establish ending balances for the GL accounts, including a balance As Of date.
  3. Transaction activity to the specific GL account. This can be for any GL account, including but not limited to accrual type accounts. Distribution post dates can be before, on, or after the stored balance date.
  4. Distribution records are updated to Global Ledger when they are journalized.
  5. Select Update Balances and include an ending date. Use the Update option, and run it one time for each period. The previous balance amount is listed, including new transaction activity where the transaction’s post date is greater than or equal to the ending date. A computed ending balance is included. The ending date becomes the new balance date, and is the beginning balance for the next time the program is run in update mode.
Note: When establishing balance records that have several GL dates, run the report using the Establish Balances option and then update those balance records using Update Balances.

You must establish and update balances based on the oldest GL date order.

Example

In this example, the current processing period ends on June 30. To view historical balance records for two GL accounts starting on March 31 and on April 30, use these steps:

  1. Establish the March 31 balance record and update all balance records with the April 30 ending date.
  2. Establish the second GL account balance record with an April 30 date.
  3. Update all balance records with a May 30 ending date.

    Now both records are prepared for the June 30 balance update process.