Summary

The opening balances and closing balances 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. These files serve an important purpose in the financial reporting, reconciliation, and analysis process. MindBridge uses these documents for risk assessment and anomaly detection.

Learn about these files and how to import them into your MindBridge analysis.

Overview

Opening balance

The opening balance file lists account identifiers, account descriptions, and the opening cash balance for each balance sheet account. In order to provide a consistent view between the opening balance and general ledger 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.

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 and a closing balance into MindBridge 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.

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 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).

Select files to import

MindBridge supports several ways to select and import files.

Drag and drop

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.
2. Once the file has loaded, select Continue import.
   You will go to the first step in the import process.

Browse your computer

1. On the Data page, select Browse... in line with the appropriate period of the Opening Balance or Closing Balance row.
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 file has loaded, select Continue import.
   You will go to the first step in the import process.

Browse file manager

1. On the Data page, select Browse... in line with the appropriate period of the Opening Balance or Closing Balance row.
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 file has loaded, select Continue import.
   You will go to the first step in the import process.

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.

Learn about bulk importing using a connector.

Once the file has loaded, select Continue import. You will go to the first step in the import process.

Validate the data

Once you select Continue import, you can validate the data by reviewing the file details, integrity checks, and column preview. This information is available to 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. If needed, you can use the split and merge tools in the File manager ( ) to extract and combine select sheets from the original 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.

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

To exit the import process, Close the page. MindBridge will save your progress.

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.

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.

Anything else on your mind? Chat with us or submit a request for further assistance.