Questions? We have answers.

Data checklist: Opening and closing balances

  • Updated

Summary

Opening and closing balances are not required for an MindBridge analysis, but when imported can be utilized for a number of features that provide additional insights:

  • Completeness testing (example: Opening Balance + GL Activity = Closing Balance)
  • Financial charts (for example the Balance Sheet depends on an Opening Balance)
  • Financial ratios (that depend on an Opening Balance)

Learn about the data necessary when importing opening and closing balance files into MindBridge.


Opening balance

The opening balance reflects a company’s financial position after the previous fiscal year's income statement for the previous fiscal year has been closed and reconciled to equity. An opening balance must contain:

  • The starting positions for assets, liabilities, and equity.
  • $0 balances for revenue, expenses, and dividends accounts.


Closing balance

The closing balance reflects an organization's final position at the completion of a fiscal year, before income statement activity has been reconciled to equity. A closing balance must contain:

  • The starting positions for assets, liabilities, and equity.
  • Ending balances for revenue, expense, and dividend accounts.


Required columns

The minimum required columns for both opening and closing balance files include:

  • Account Number
  • Account Balance (debit position is positive, credit position is negative)
Note: Including an account description column is recommended for both files.

Anything else on your mind?

Head over to the community with your thoughts and inquiries! You can also chat with us, or, submit a request for further assistance.

Was this article helpful?