https://netsuiteprofessionals.com logo
Join Slack
Powered by
When importing historical balances, do you post op...
# accounting
a
When importing historical balances, do you post opening balances and then month over month activity, or do you post the cumulative end balance and reverse the JE each period? Is there a pro/con to either method?
k
The Reverse JE each period piece often struggles with Fiscal Year End.
That said - so does the monthly net changes if you are creating them manually from a trial balance
I almost always use the month over month activity because I'm pretty good at getting that method right as opposed to trying to deal with the reversing JE's and "oops something was wrong historically, which JE do i fix?"
👍 1
a
Cool, that is the affirmation I needed. I have seen it done both ways never know if one is 'correct' per se
j
yep month by month has always been my preferred approach too. Reversing journals should be limited to consolidation adjustments on "current" translation accounts, if you have that complication
👍 1
a
Cool - appreciate the response. Do you guys post an opening balance to RE, or do you not post to RE at all? Seems as if RE ends up always being a pain point to explain later on
k
opening balance to RE - manual adjustments as necessary though unless the client had a manual JE to RE in their history - you shouldn't be making one to load history - means you probably have an account with an incorrect account type
I don't ever use the opening balance functionality for accounts
Only load history via JE
Open in Slack
PreviousNext
Powered by