Summary
The Vendor/Customer opening balances and End of period outstanding payables/receivables list each serve important purposes in the financial reporting and reconciliation process. MindBridge uses them for risk assessment and anomaly detection purposes.
- Overview of files
- Select files to import
- Step 1: Validate the data
- Step 2: Map your columns to MindBridge columns
Learn how to import these files into an Accounts payable analysis below. Plus, learn what to do if you need to delete or replace a file, or restart the import process.
Go to the Data page
- Select the logo in the MindBridge sidebar. You will go to the Organizations page.
- Select View in line with the desired organization, or click anywhere in the organization row. You will go to the Engagements page.
- Select View in line with the desired engagement, or click anywhere in the engagement row. You will go to the Data page for that particular engagement.
Tip: If you are already in an analysis, use the sidebar to go to the Data ( ) page.
Overview of files
Accounts payable analysis
End of period - Outstanding payables list
The End of period outstanding payables list is a crucial accounting document that provides a clear snapshot of an organization's short-term financial obligations by summarizing all unpaid bills and invoices due to vendors and creditors at the end of a financial period. It helps to establish the accuracy of the financial statements and compliance with accounting standards, and helps organizations track their outstanding liabilities, anticipate upcoming expenses, and manage cash flows effectively, ensuring that all debts are acknowledged and scheduled for payment.
Vendor opening balances
Vendor opening balances represent the amounts owed to vendors at the start of a financial period. These balances ensure that all existing obligations to vendors are recognized and appropriately managed from the beginning of the period. This practice helps maintain accurate financial records, supports effective cash flow management, and ensures compliance with accounting standards, contributing to a clear financial snapshot of the company's liabilities at any given time.
Accounts receivable analysis
End of period - Outstanding receivables list
The End of period outstanding receivables list helps to track unpaid invoices and bills that are due from customers at the end of a financial period. It helps in assessing the company's cash flow health, ensuring diligent follow-up on pending payments and providing insights for financial planning. It also helps in maintaining accurate accounts receivable records, facilitating effective credit management, and supporting the preparation of financial statements by offering a snapshot of expected income that has not yet been realized.
Customer opening balances
Customer opening balances represent the amounts owed by customers at the start of a financial period. These balances carry forward any outstanding receivables from previous periods, ensuring that all transactions are accounted for accurately. This document supports financial consistency across accounting periods, helps in managing customer relationships by keeping track of debts, and facilitates smoother financial operations by providing a clear view of expected incoming funds.
Select files to import
MindBridge supports several ways to select and import files.
Method 1: Drag and drop or browse
- On the Data page, drag and drop the file from your computer into the appropriate period of the relevant data row in your analysis, or select Browse... to find it on your computer.
- Once the file has loaded, select Continue. You will go to the Data Validation step in the import process.
Method 2: Browse file manager
- On the Data page, select Browse... in the appropriate period of the relevant data row in your analysis.
- Select Browse file manager from the menu. A selection window will appear.
- Select the file you want to use.
- When you are satisfied, select Import. MindBridge will load the file and validate the data.
- Once the file has loaded, select Continue. You will go to the Data Validation step in the import process.
Method 3: Import using a data connector
Data connectors allow you to import all available data needed for analysis at once.
- On the Data page, you can invite a client to connect or connect yourself to a data connector.
- Once the file has loaded, select Continue. You will go to the Data Validation step in the import process.
Learn about bulk importing using a connector.
Step 1: Data validation
This is the first step of the import process, where you can verify the accuracy and completeness of the data by reviewing file details and integrity checks performed on the data. You can reveal additional details by expanding the column preview section. These details can help you determine whether the data has critical issues, or if you can proceed with it as it is.
If the data appears in a grouped format, MindBridge will not be able to analyze it. Select Format data to automatically format the data into an ungrouped format, then proceed with the import process.
When you are satisfied that the data is correct, select Next to continue the import process.
To exit the import process, select Close. You will go back to the Data page and MindBridge will save your progress.
Step 2: Map columns
This step allows you to map data fields from the imported file to MindBridge's required columns, so MindBridge can effectively read, understand, and apply analytics to the data.
MindBridge will attempt to map columns based on their name, so it's important to verify that all mappings are correct.
- Drag and drop a field from Your Data Column Headers to the appropriate field beneath Mapped Columns.
- If your data columns do not line up one-to-one with the MindBridge columns, use the more actions menu (
) to split, join, or duplicate columns to make the needed adjustments, or add a column for filtering.
- When you are satisfied, select Next to proceed. Your file will be imported and you will go back to the Data page.
To return to the previous page, select Back.
To exit the import process, select Close. You will go back to the Data page and MindBridge will save your progress.
Restart the import process
You can restart the import process once it has begun, regardless of whether the analysis was run or not.
- Open the more actions menu (
) in line with the desired file.
- Select Restart import. A confirmation window will appear.
- Select Confirm to restart the import process. You will go back to the Data page, and will see the option to Continue the import process.
Select Cancel to go back to the Data page without restarting the import process.
Replace a file
Replace an imported file with a different file from your computer or the File manager.
- Open the more actions menu (
) in line with the desired file.
- Select your replacement preference:
- Replace file from computer
- Replace file from file manager
- Select the file you want to import into the analysis. The existing file will be removed from the analysis and replaced by the file you selected, but a copy of the original will remain in the File manager.
- You will see the option to Continue the import process.
Select Cancel to go back to the Data page without replacing the file.
Delete a file
Permanently remove a file from the analysis.
- Open the more actions menu (
) in line with the desired file.
- Select Delete file. A confirmation window will appear.
- When you are ready, select Delete. You will go back to the Data page and the file will be removed from the analysis, but a copy will remain in the File manager.
Select Cancel to go back to the Data page without deleting the file.
Anything else on your mind? Chat with us or submit a request for further assistance.