Uploading initial balances for tax books

This activity allows you to upload the initial balances for a tax book from an external source in which the data is available. Tell me more.

Select the “Upload Initial Balance” link under the “Tax Book Processing” business component.

The “Upload Initial Balances” page appears.

Enter the following field:

Tax Book

Use the drop-down list box to select the code identifying the tax book for which initial balance entries are to be posted. All the tax books of type “Posting” and for which initial balance entries have not been created will be available for selection in the ascending order.

The system displays the following:

Tax Year	The code identifying the tax year for which the initial balance entries have not been completed.
Tax Period	The code identifying the tax period for which the initial balances have to be posted.

Click the “Get Details” pushbutton to retrieve the initial balance details.

The system displays the following in the “Account Details” multiline:

Tax Book	The code identifying the tax book.
Account Group	The group to which the account code belongs for which the initial balance entries are to be entered. It could be “Asset”, “Liability”, “Capital”, “Revenue” or “Expenditure”.
Account Code	The code identifying the account for which the initial balance entry is being made.
Currency	The code identifying the currency of the account.
Dr / Cr	Indicates whether the amount has been debited or credited in the account.
Transaction Amount	The initial balance amount in the account currency.
Base Amount	The initial balance amount in the base currency of the company.
Account Description	The textual description of the account.

The system displays the following:

Base Amount

Debit Total	The sum debit total of all the amounts in the base currency.
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 base currency of the company.

Click the “Create” pushbutton to upload the initial balances.

The system updates the status as “Completed” with respect to the initial balance entries for the selected tax books.

The opening balance entries are posted in the tax book for the specified tax year and tax period.

Prerequisites

“Tax Year” and “Tax Periods” must have been defined in the “Create Calendar” activity of the “Accounting Setup” business component.
“Tax Books” must have been created while defining finance books in the “Create Finance Book” activity of the “Organization Setup” business component if “Tax Book Applicability” is set to “Yes” in the “Company Process Parameters” activity.
“Account Codes” must have been defined in the “Create Operative Chart of Accounts” activity of the “Accounting Setup” business component. These accounts must be attached to the finance book in the “Attach / Detach Operative Chart of Accounts – Finance Book” activity of the “Accounting Setup” business component.