The General Ledger Completeness Check report is an exported .XLSX file that can help you confirm the completeness of the analyzed GL detail information by comparing the opening balances and general ledger activity against the provided closing balances.
Required files for the Completeness Check report
There are 3 files required in order to leverage the GL Completeness Check report:
- Opening Balance
- Pro Tip: Make sure to have rolled your P&L accounts into Equity before uploading
- General Ledger Activity
- Closing Balance
How completeness is calculated
When using the completeness check report for GL, it is important to understand the math that is happening behind the scenes. Let's look at the formula:
Opening Balance + GL Activity = Closing Balance
You have provided the files for the three components in the above equation, so MindBridge will start by calculating the left side of the equation (Opening Balance + GL Activity). The result of this calculation is done for every account and is then compared against the accounts in the Supplied Closing Balance file.
There are three possible outcomes for each account using this calculated approach:
- Balanced: If the number that MindBridge calculated is the same as the number in the Supplied Closing Balance file, then it will be considered Balanced.
- Within Tolerance: If the number that MindBridge calculated is within the designated Tolerance Amount (default is $1.00) from the number in the Supplied Closing Balance file, then it will be considered Withing Tolerance.
- Out of Balance: If the number that MindBridge calculated is outside the designated Tolerance Amount compared to the number in the Supplied Closing Balance file, then it will be considered Out of Balance.
If you have accounts that are out of balance, check out our troubleshooting tips for the completeness check report.