Rules for Reconciliation of Opening Balances

You can use the reconciliation option Opening Balances to check that values entered in the account for opening balances are the same as the preceding year’s closing balance.

Example

OB share capital is the same as the preceding year’s CB share capital.

What is Reconciled?

The reconciliation is run between the accounts included in the forms which, in turn, are included in the form set defined for the current period and for the OB period, actuality and submission. You enter the form set in the Submission/Define window. If no form set is specified for the current period and actuality, all accounts will be included in the reconciliation process.

Reconciliation Difference

A difference in the Opening Balances reconciliation option can be accepted if the largest difference accepted during reconciliation is within given limits.

Reconciliation is run at the total level of the accounts, that is, not at the dimension level. The status register is automatically updated depending on the configuration during the operation if accounts and opening balances are being reconciled at the same time.

For more information, see Define General Configuration - the Reconcile 1 Tab, Form Sets and Define Submissions.