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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.


Overview

Opening balance

The opening balance file lists the account identifiers, account descriptions, and opening cash balance for each balance sheet accounts. To provide a consistent view between the opening balance and general ledger activity, the opening balance file should be 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 unlocks the ability to produce a Balance Sheet Report

Closing balance

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

Importing both an opening balance file and a closing balance file into MindBridge unlocks the ability 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.

 

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.

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 does not contain adjusted entries).

Note: If the supplied general ledger contains adjusted entries, the closing balance file should be an adjusted trial balance.
 

Select files to import

MindBridge supports 4 ways to select and import your files.

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, Continue to step 1.
    You will go to the Data Validation 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, Continue to step 1.
    You will go to the Data Validation step.

Browse file manager

  1. On the Data page, select Browse in line with the Opening Balance or Closing Balance section.
  2. Select Browse file manager from the menu.
    A pop-up window appears.
  3. Select the file you wish to use.
  4. When you are satisfied, Import the file.
    The file imports into your analysis.
  5. Once the import has completed, Continue to step 1.
    You will go to the Data Validation 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.


Data Validation

Once the file has imported, validate the data by reviewing the file details, the integrity checks, and the column preview. This information will help you determine whether the data has 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: If the file contains multiple sheets, MindBridge will only analyze data on the first sheet in the file. Move all the data you want analyzed onto the first sheet of your file, then re-import the file.

File details

These high-level file details can help you be sure that the imported data meets your expectations at a glance.

Integrity checks

These checks include detailed information on every column within the data. They may indicate issues with the file, but will not prevent you from continuing the import process.

Column preview

These statistics can help verify your expectations at a glance, and may assist you in finding anomalous data right away.

Import_opening_and_closing_balances_-_Data_Validation.gif

When you are satisfied that the data is correct, select Next to continue the import process.


Map Columns

Once you are satisfied with the data's integrity, 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.

Import_opening_and_closing_balances_-_Map_Columns_-_With_Data_Validation.gif

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