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This activity allows you to upload the initial balances from an external source in which the data is available. Tell me more.
Select the “Upload Initial Balance” link under the “Finance Book Processing” business component.
The “Upload Initial Balances” page appears.
Enter the following fields to select the finance book into which you want to upload the initial balances:
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Book Type |
Use the drop-down list box to select the type of finance book for which the initial balance entries are to be posted. You can select from “Posting Finance Book” or “Consolidation Finance Book”. |
Note: “Consolidation Finance Book” will be available for selection only if a “Consolidation Finance Book” is available in the login organization unit.
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Finance Book |
Use the drop-down list box to select the code identifying the “Posting” finance book in which the initial balance entries are to be posted. All the finance books that have been deployed at the login organizational unit and for which initial balance entries have not been created will be available for selection in the ascending order. |
Note: If finance books are available in both parallel and base currencies, initial balance entries must be created in both the currencies. Initial balance entry will be termed completed only if entry has been completed for both the currencies. If the initial balance entry has been completed in either one of the currencies the other will appear until the entry is complete in that currency also.
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Currency |
Use the drop-down list box to select the code identifying the currency of the finance book in which you want to enter the initial balances. You can select from “All”, “Base Currency” or “Parallel Base currency” if initial balance entries have not been completed in both the base currency and the parallel base currency. The system displays “All” by default. |
Note: “Parallel Base Currency” will be available if the initial balance entries have been completed for the base currency of the finance book.
If “Require parallel base currency” has been set to “Yes” in the “Installation Parameter” then “Base Currency”, “Parallel Base Currency” and “All” will be available for selection in this field.
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Financial Year |
Use the drop-down list box to select the financial year. All the “Open” financial years for the selected finance book will be available for selection. The financial years must have been defined in the “Create Calendar” activity of the “Accounting Setup” business component. These financial years must also be mapped to the “Finance Books”. |
Note: If “Parallel Base Currency” has been selected as “Currency” the first “Open” year from the date in which this business component was deployed in the organizational unit will be available for selection
The system displays the following:
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Financial Period |
The financial period for which initial balance is to be uploaded. |
Click the “Get Details” pushbutton to retrieve the account details.
Note: The system retrieves the initial balance information that is already available in the form of an MS-Excel sheet or an external source.
The system displays the following in the “Account Details” pushbutton based on the search criteria entered:
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Finance Book |
The code identifying the finance book in which the postings have to be made. |
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Account Group |
The account group to which the account codes belong and for which you want to enter the initial balance. |
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Account Code |
The code identifying the account. |
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Currency |
The ISO currency code identifying the base currency or the parallel base currency. |
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Dr / Cr |
The debit or credit identifier of the account. |
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Transaction Amount |
The initial balance amount in the account currency. |
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Base Amount |
The initial balance amount in the base currency of the company. |
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Parallel Base Amount |
The initial balance amount in the parallel base currency of the company. |
The system calculates and displays the following:
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Base Amount |
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Debit Total |
The sum debit total of all the amounts in the base currency. |
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Credit Total |
The sum credit total of all the amounts in the base currency. |
Note: The debit total must be equal to the credit total for all the account codes for all the amounts entered in the parallel base currency
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Parallel Base Amount |
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Debit Total |
The sum debit totals of all the amounts in the parallel base currency. |
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Credit Total |
The sum credit totals of all the amounts in the parallel base currency. |
Note: The debit total must be equal to the credit total for all the account codes for all the amounts entered in the parallel base currency
Click the “Create” pushbutton to create the initial balances.
The system updates the “Completed” status with respect to the initial balance entries for the selected finance book.
The opening balance entries are posted in the finance book.
