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Import Opening and Closing Balances

Article author
Jonathon Plowman-Samson
  • Updated

Summary

Learn how to import opening and closing balance files into MindBridge for analysis.


Before importing

Note: Ensure that opening and closing balance files are in a supported format and exist as 2 separate files.

The opening and closing balance files must each contain these 3 columns:

  • Account #: The account numbers for each entry.
  • Account Description: The account information needed to prepare financial statements. It may include descriptions for assets, liabilities, owners' equity, revenues, and expenses.
  • Balance: The opening or closing balance for the file you are uploading.

An opening balance file may look like the image below.

image_-_2021-01-07T110057.117.png

When importing opening balances
If possible, supply the prior fiscal year's post-closing balance, where revenue and expense balances have been closed into equity accounts. Otherwise, the calculated closing balances for equity, revenue, and expense accounts may not be consistent with the unadjusted trial balance.

When importing closing balances

If possible, supply an unadjusted trial balance (assuming the general ledger doesn't have adjusted entries).

 


Navigate to the Data page

  1. Select the MindBridge icon in the sidebar to go to the Organizations page.
  2. Select View in line with the desired organization, or click anywhere in the organization row to go to the Engagements page.

  3. Select View in line with the desired engagement, or click anywhere in the engagement row to go to the Data page.


Select data

MindBridge supports 4 ways to select and import your data.

Drag and drop

  1. On the Data page, drag and drop the file from your computer into the Opening Balance or Closing Balance section of the analysis.
  2. Once the import has completed, select Continue to step 2.
    You will go to the Map Columns step.

Browse your computer

  1. On the Data page, select Browse in line with the Opening Balance or Closing Balance section.
  2. Select Browse your computer from the menu.
  3. Select the file you wish to use and Open it.
    The file imports into your analysis.
  4. Once the import has completed, click Continue to step 2.
    You will go to the Map Columns step.

Browse file locker

  1. On the Data page, select Browse in line with the Opening Balance or Closing Balance section.
  2. Select Browse file locker from the menu.
  3. Select the file you wish to use from the file locker.
    The file imports into your analysis.
  4. Once the import has completed, select Continue to step 2.
    You will go to the Map Columns step.

Import using a data connector

Data connectors allow you to import all available data needed for analysis at once. You can invite a client to connect or connect yourself to a data connector.

Refer to our article on Bulk importing using a connector.


Map columns

Once the opening balance or closing balance file has imported, map its columns. Your existing column headers appear as draggable fields beneath Your Data Column Headers

Note: For a detailed list of the expected columns in an opening or closing balance file, see Data Checklist - General Ledger.
  1. In the Map Columns step, drag and drop a field from Your Data Column Headers to the appropriate field beneath Mapped Columns.
  2. If your data columns do not line up one-to-one with the MindBridge columns, use the more actions icons to split, join, or duplicate columns to make the needed adjustments, or add a column for filtering.
  3. When you are satisfied, select Next to proceed. 
    When your import has completed you will go back to the Data page.


Anything else on your mind?
Log in to MindBridge to chat with us, submit a request, or reach out to your assigned Customer Success Manager.


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