Introduction/Purpose: 

Opening balance updates necessitate changing the starting balance of an account or record at the start of a period. It ensures accuracy by reflecting past transactions. The purpose is to have accurate and consistent account beginnings.

Dependency:

• Closing Balance of the Previous Period: The opening balance is normally carried over from the previous accounting period’s closing balance. It depends on how accurate and comprehensive the financial records from the prior time were.

• Accurate recording: Accurate reconciliation across multiple accounts, including bank accounts, accounts payable, and accounts receivable, is necessary for the opening balance to be accurate.

How To Navigate: 

The navigation includes the following steps for viewing the opening balance update in the financial management system

• Click on the master tab: The master can be accessed by clicking on the master tab on the side menu.

• Click on the opening balance update:  The cost centre can be accessed by clicking it from the balance update section.

Listing:

An opening balance update listing in a financial management system is a feature which provides a list of all opening balance updates.

• Users can view the following information in the opening balance update listing page 

• Account 
  • Account name 
  • Fas code 
  • Chart of accounts 
  • CoA location 
  • Gl type
  • Asset 
  • Liability 
  • Currency 
  • Exchange date 
  • Exchange rate 
  • Asset NGN 
  • Liability 
  • Action 

• Customer 
  • Name 
  • Amount 
  • Currency 
  • Parent Gl 
  • Customer name 
  • Amount 
  • Currency 
  • Exchange date 
  • Exchange rate 
  • Amount NGN
  • Type 
  • Action 

User can perform the following actions 

• Opening as on: The “Opening as on” function refers to a date or specific point in time from which you want to view or analyse data or information.

• Export: The “Exporting” function allows users to the process of saving or transferring data from a software system or application to an external file format. 

• Search: The “Search” functionality allows users to look for specific information or records within a system. 

• Quick Search: The “Quick search’” function refers to a simplified and faster way to perform a search for specific information within a system. 

User can perform the following actions 

• Export: The “Export” function allows the user to process the data and export the data from the Finas system to the external system.

• Import: The “Import” function allows the user to process the importing the data from the external file.

• Advanced search: The “Advanced search” function provides users with more extensive search options and filters to refine their search queries. 

• Show all listing: The “Show all listing” function allows users to display or view all the available records or entries within a particular listing or category. 

• Clear cache: The “Clear cache” function clears the cached data associated with the opening balance update.

• Quick search: The” Quick Search” function allows users to quickly search and locate specific opening balances to update the system.