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Summary

Opening and closing balances are not required for a MindBridge analysis, but when imported can be utilized for a number of features that provide additional insights:

• Completeness testing (example: Opening Balance + GL Activity = Closing Balance)
• Financial charts (for example the Balance Sheet depends on an Opening Balance)
• Financial ratios (that depend on an Opening Balance)

Learn about the data necessary when importing opening and closing balance files into MindBridge.

Opening balance

The opening balance reflects a company’s financial position after the previous fiscal year's income statement for the previous fiscal year has been closed and reconciled to equity. An opening balance must contain:

• The starting positions for assets, liabilities, and equity.
• $0 balances for revenue, expenses, and dividends accounts.

Closing balance

The closing balance reflects an organization's final position at the completion of a fiscal year, before income statement activity has been reconciled to equity. A closing balance must contain:

• The starting positions for assets, liabilities, and equity.
• Ending balances for revenue, expense, and dividend accounts.

Required columns

The minimum required columns for both opening and closing balance files include:

• Account Number
• Account Balance (debit position is positive, credit position is negative)

Note: Including an account description column is recommended for both files.