Before you perform an opening balance review, it's a good idea to check your client's reconciliation reports.
Performing an opening review is a convenient function that compares your client's balances to yours and fixes any differences. Account balances from your general ledger software are compared against the balances in your client's MYOB AccountRight or Essentials common ledger. If there's a variance between the account balances, the opening review function posts an adjustment journal to the common ledger. Once posted, your balances will be in line with your general ledger balances.
One of the steps involves mapping accounts. Refer to the Understanding the Map Accounts window if you need help during the procedure.
To access the Opening Review Wizard, an AccountRight ledger or Essentials Accounting ledger must be configured as a financial data source for the client.
Open the client’s Client Accounting > Trial Balance tab (called the Workpapers tab if you are licensed for Workpapers).
Click Perform Opening Review on the Tasks bar. The Opening Review Wizard opens.
The Map Accounts window lets you compare the balances between the accounts in your selected ledger and the accounts in your client's ledger. Where the account balance varies between the accounts, an adjustment journal is created to align the balances.
The system will map some of your general ledger accounts automatically, including those that have exactly the same balance as an account on the client's chart, where no other accounts exist with the same balance. The system may also suggest accounts you may want to map to based on the description and balances of the accounts.
The Map Accounts window displays the account balances that appear in the selected MAS, Accounts, AO Classic General Ledger or import file to the left of the window, under Accountant's balances. This is where you map your accounts.
To help you with this process, the accounts and balances that appear in your client's file are displayed to the right of the window under Client's balances. You can click Hide Client Balances to hide this panel.
Displays the mapped status of the account where:
|B||Accountant's balances||Account code, name and closing balance from the selected MAS, Accounts, AO Classic General Ledger or .CSV file.|
|C||Map to||The mapped account code in your client's ledger that corresponds to the code in your accountant's ledger.|
|D||Client Account Name, Variance||The name of the account code mapped in your client's ledger and the difference between the balances in the accounts. This is the amount to be debited or credited to the common ledger.|
|E||Client's Balances||Your client's account code, name and closing balance.|
|F||Mapped to||The account code in your ledger that has been mapped to the client account.|
|G||Include zero balances|
Displays all accounts, including those with zero balances.
|H||Include automatically mapped accounts||Displays accounts that have been automatically mapped by the system.|
|I||Clear all mappings|
Clears all mappings including automatic system mappings and any manual mappings made by you.
|J||Restore default mappings|
Clears any changes made to the mappings and restores the account mappings to its original state.
Map an Accountant’s balances account to two or more client accounts.
Add a new account to your client's Account List.
|M||Hide Client Balances >|
Hides the Client's balances displayed to the right of the Accountant's balances. Where hidden, this button will change to Show Client Balances which, when toggled will re-display the client chart of accounts.
- Go to the Client Accounting > Trial Balance (Workpapers) tab.
On the TASKS bar, click Perform Opening Review. The Opening Review Wizard appears.
If you need to leave at any point and want to return to the wizard later, click Save as Draft to save your selections and close the Opening Review Wizard window. The next time you open the wizard, you'll see your saved data.
- In the Select General Ledger Product drop-down list, select the product used for this client.
- If MAS, Accounts or AO Classic GL is selected, click the ellipsis to search and choose the ledger. This file must be in the same financial year or period as your common ledger.
If Other is selected, click the ellipsis to navigate to the .CSV import file containing the balances.
If MAS, Accounts or AO Classic GL is selected, Client Accounting will automatically choose a ledger if your client code in AE/AO is the same as the ledger code in your MAS, Accounts or AO Classic GL software.
Select a radio button option.
Option Description Closing balances for the previous year Compare the accounts and update balances for the previous year and current year. Closing balances for the current year Compare the accounts and update balances for the current year only.
Click Next. The Map Accounts window appears.For details, see the Map Accounts section on this page.
For all accounts with a blank Map to column in Accountant's balances:
- Click the blank cell in the Map to column. The Client accounts window appears.
Enter an account that corresponds to the account code in your general ledger.
If you know the account code in your client's ledger that corresponds to the account selected, you can enter the code straight into the Map to field and press the Tab on your keyboard to go to the next row.
Click Next. The Confirmation window appears listing the journal entry that will be posted to the client's AccountRight or Essentials file to align their current year balances with the balances in your general ledger.
Review the changes to be made to the ledger and ensure the adjustment journal to be posted to the common ledger is balanced.
If there is nothing to balance, click Finish and move on to defining balance forward accounts.
If there is a variance, you'll need to post a journal. Client Accounting will generate a journal for you.
Review the journal and ensure it's balanced.
Click Finish to post all journals and update prior year balances.
If you have selected to review Closing balances for the previous year, comparative balances for the prior year will be adjusted. These prior year changes will not be posted to the AccountRight or Essentials ledger but will instead be stored separately for use by Client Accounting only.
To view changes to be made in the prior year, click View modified closing balances.