Summary

The Opening balance and Closing balance files are financial records that represent the beginning and ending balances of specific accounts (or categories of accounts) at the start and end of a reporting period, respectively. These files serve an important purpose in the financial reporting, reconciliation, and analysis process. MindBridge uses these documents for risk assessment and anomaly detection.

• Overview of files
• Before importing
• Select files to import
• Step 1: Data validation
• Step 2: Map columns

Learn about these files and how to import them into your MindBridge General ledger analysis. Plus, learn what to do if you need to delete or replace a GL file, or restart the import process.

Overview of files

Opening balance

The opening balance file lists the account ID, account description, and opening cash balance for each balance sheet account. In order to provide a consistent view between the opening balance and general ledger (GL) activity, the opening balance file should emerge after all closing entries (including post-closing entries, such as transferring the net balance of revenue and expense accounts to equity accounts), and the balances should agree to the issued financial statement from the previous year.

Importing an opening balance file into MindBridge allows you to produce a balance sheet report, and ensures that the account balances reflect the position of the accounts at the start of the analysis period and are up-to-date with adjusting entries made prior to that period on the Trends and Ratios dashboards.

Closing balance

The closing balance file lists the account ID, account description, and the most up-to-date closing cash balance for each account.

Importing both an opening balance and a closing balance allows you to produce a pre-analysis completeness check report. The closing balance is only used in this report and does not take the place of any calculated balances in MindBridge.

Go to the Data page

1. Select the logo in the MindBridge sidebar. You will go to the Organizations page.
2. Select View in line with the desired organization, or click anywhere in the organization row. You will go to the Engagements page.
3. 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.

Before importing

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 importing.

When importing opening balances

If possible, supply the prior period'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 GL does not contain adjusted entries).

Select files to import

MindBridge supports several ways to select and import files.

Method 1: Drag and drop or browse

1. On the Data page, drag and drop the file from your computer into the appropriate period of the Opening Balance or Closing Balance row, or select Browse... to find it on your computer.
2. Once the file has loaded, select Continue. You will go to the Data Validation step in the import process.

Method 2: Browse file manager

1. On the Data page, select Browse... in the appropriate period of the Opening Balance or Closing Balance row.
2. Select Browse file manager from the menu. A selection window appears.
3. Select the file you want to use.
4. When you are satisfied, Import the file. The file imports into your analysis.
5. 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.

1. On the Data page, you can invite a client to connect or connect yourself to a data connector.
2. 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. 

Note: MindBridge will only analyze data on the first sheet in the file. If you have relevant data across multiple sheets, you can use the split and merge tools in the File manager ( ) to extract and combine select sheets from the original file.

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.

1. 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 menu ( ) 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.

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.

1. Open the more actions menu ( ) in line with the desired file.
2. Select Restart import. A confirmation window will appear.
3. 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.

1. Open the more actions menu ( ) in line with the desired file.
2. Select your replacement preference:
   • Replace file from computer
   • Replace file from file manager
3. 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.
4. 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.

1. Open the more actions menu ( ) in line with the desired file.
2. Select Delete file. A confirmation window will appear. 
3. 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.