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The Perform Opening Review feature compares the account balances from the current general ledger product with the corresponding account balances in the client's AccountRight or Essentials Accounting ledger. Where there are differences between the two, the Perform Opening Review feature posts journals to the ledger to align balances with the general ledger product. The updated ledger can then be used as the general ledger for the client.
Reviewing trade payable and receivable accounts
Performing an opening review may post to bank, trade debtor and trade creditor accounts if there's a variance between your account balances and your client's balances. This may impact reconciliation reports.
To avoid impacting reconciliation reports, it's a good idea to check your reconciliations. This means checking that your client's bank account balance, receivables and payables reconcile at year-end.
Checking reconciliations will tell you if you need an adjustment journal to correct the balance. Here are some reports to help.
| If you're using... | We recommend... |
|---|---|
AccountRight | Run the following reports from within AccountRight:
You may want to run the Company Data Auditor tool from within the Accounts Command Centre to help reconcile transactions. |
| Essentials | Run the following reports from Essentials:
|
Using the Perform Opening Review feature
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. If Other is selected, click the ellipsis 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. Click Next. The Map Accounts window appears. For all accounts with a blank Map to column in Accountant's balances: 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.
to search and choose the ledger. This file must be in the same financial year or period as your common ledger. to navigate to the .CSV import file containing the balances.
Option Description Closing balances for the previous year and post the adjustment at Compare the accounts and update balances for the previous year and the current year. You can post a journal with a date range from the prior year to the current year. These journals will be posted to the prior year and not current year. Closing balances for the current year and post the adjustment at Compare the accounts and update balances for the current year only. You can post a journal with a date range to the current year 
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