This article takes you through the process of running an Analysis in MindBridge - beginning with the initial system setup all the way to running an Analysis.
NOTE: The contents of this article are a supplement to The MindBridge Workflow course that is available on MindBridge Academy.
Here is a visual representation of this process.
STEP 1: Set up a Custom Account Grouping
An Account Grouping is a hierarchical set of categories that MindBridge uses to define your client’s accounts and the relationships between them.
Custom Account Groupings are required in order to map the structure of your client's Chart of Accounts into MindBridge. This ensures Accounts are structured and presented in MindBridge in the context of your client's accounts.
MindBridge Academy training on how to create a Custom Account Grouping can be found here.
STEP 2: Create a Library
A library is a standardized configuration used to manage and maintain Account Grouping Structures, Financial Ratios, Filters and control points for a specific type of analysis. A key benefit of setting up a library is it saves you from having to re-create a configuration for each engagement that you initiate.
There are 3 categories of libraries we recommend creating:
- For-profit: You can decide to have libraries within this for particular industries if you wish
- Not-for-profit with Funds
The following features need to be configured in a Library:
- Account Groupings
- Financial Ratios: These are a group of metrics used to measure the efficiency and profitability based on the results of the analysis. You can build specific ratios that you would typically want to see for a particular industry
- Filters: Filters are used when reviewing the results of an analysis – you have the ability to visualize the data displayed in the MindBridge Analytics Dashboards. This enables you to glean insights from what the data is telling you e.g. in an analysis, you can filter to look at a particular account, a transaction that occurred on a certain date, transactions of a particular amount range..etc.
- Risk Scores: First let's talk about Control Points. Control points are the algorithms and analytics that power MindBridge's analytics capabilities. Each control point provides unique information about an entry/transaction in a ledger that could be of interest during an audit – think of it as a trigger raised by MindBridge about a particular transaction that may need to be reviewed. The Risk Score is an aggregate score that combines multiple control point results together to establish a numerical score between 0 and 100. The more control points that are triggered, the higher the risk score.
Steps to create a Library can be found here.
STEP 3: Create an Organization
The Organization represents each business/client/company/entity that you want to analyze. The Organization houses all of your client's engagements (audit analysis), account mappings, and any other data you've uploaded into MindBridge for a particular client.
Steps to create an Organization can be found here.
STEP 4: Create an Engagement
Housed within an Organization, the Engagement represents a service or activity your performed for the client. E.g. if you are doing an audit for FY20 for Company ABC, the Engagement would be ABC-1 FY20.
Start by entering an Engagement name and selecting the Library you just created – this is critical because once you create the Library you cannot go back and change it.
If you wish, you can import settings from another engagement. This can be useful in a situation where you are creating a new Engagement for a new year and you would like to use information from a prior year's Engagement. The following information and settings will be copied over:
- Account Mapping
- Custom Control Point settings
- Prior period data (if it was in the engagement)
- Fill in the details regarding your engagement from a planning perspective
Steps to create an Engagement can be found here.
STEP 5: Upload necessary Data
The process of creating an analysis involves the following key steps:
- Uploading Chart of Accounts
- Importing the General Ledger
- Importing Opening and Closing Balances
- Importing Additional data – these could be additional columns for the data that can be used for filtering of results in the MindBridge Dashboards during the results review process
- Click on Verify Mapping to verify all the mapping
Let us step through each of the steps listed above in detail:
- New Analysis
Steps to create a new Analysis can be found here.
- Import Chart of Accounts:
Typically the chart of accounts is built from the Trial Balance. The following columns are required in a Chart Of Accounts:
- Account Number / Account ID: Contains codes used to identify your Client's accounts. This column helps MindBridge understand your client's account types
- Account Description
- Account Code: this Account Code should line up to the Account Code in your Custom Account Grouping
Steps to import a Chart Of Accounts file can be found here.
- Import the General Ledger of the Current Period
In order for GL to be uploaded into MindBridge, the following columns are required:
- Account ID
- Effective Date: Contains the date at which the transaction actually occurred. Note that this is different from the entered date which is the date that the entry was entered into the General Ledger
Steps to import a General Ledger file can be found here.
NOTE: Adding Columns for filtering is strongly recommended (though not required). This step should be performed during Column Mapping when importing the General Ledger – steps on adding columns for filtering can be found here.
- Upload the Opening balance for the current period
The following columns are required:
- Account ID
- Balance/Amount: Contains the monetary amount for each account at the beginning of the designated fiscal period
Steps to import an Opening Balance can be found here
- Upload the Closing balance for the current period
The following columns are required:
- Account ID: Contains codes used to identify your Client's accounts. This column helps MindBridge understand your client's account types
- Balance: Contains the monetary amount for each account at the beginning of the designated fiscal period
Steps to import a Closing Balance can be found here.
- Upload prior period(s) General Ledger and Opening balance files
Follow the steps to import a General Ledger and Opening Balance above for prior periods. To maximize the value of the Analysis in MindBridge, we recommend uploading data from four prior periods.
- Import Additional data
Steps to import additional data can be found here.
NOTE: Before you can add additional data, you will need to create columns for filtering as described in this article. This step should have been completed when uploading the General Ledger file.
- Verify Account Mapping
Steps for adjusting and verifying Account Mappings can be found here
STEP 6: Start Analysis
Once all the data above has been uploaded, click on the Start Analysis button to run your Analysis.