GL: Difference between Opening Balance & Year to Date Balance

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Question : What is the difference between Opening Balance and Year-To-Date Balance Maintenance?

Version : 1.8 / 1.9 / 2.0


Answer :

Opening Balance Maintenance:

This is used to key in opening balances of current fiscal year

- when Actual Data Start Date is the same as Start Date of current Fiscal Year.


Example : Your Actual Start Date in AutoCount is 01/01/2017, and your Fiscal Year Start Date is 01/01/2017 as well.


Op1.png


Year-To-Date Balance Maintenance :

This menu will only be activated in G/L menu when Actual Data Start Date is not the same as Start Date of current Fiscal Year.


Example : Your Actual Start Date in AutoCount is 01/06/2017, and Fiscal Year Start Date is 01/01/2017.


Op2a.png


When Actual Data Start Date is not the same as Start Date of current Fiscal Year, you have 2 ways to key in opening figures: (refer to the earlier example)

(1) YTD method - Use lump sum figure as at 31 May 2017. (Recommended)
(2) MTD method – Key in month by month for Jan to May 2017.

For method (2) , key in month-to-date (MTD) balance month by month (at Year To Date Balance Maintenance), and then use Opening Balance Maintenance to maintain opening amounts brought forward from the end of preceding Fiscal Year.

For method (1), use the closing figures as at 31 May 2017, at Year To Date Balance Maintenance, just use the column of May 2017. By using this method, Opening Balance Maintenance is not needed.


By : CY 180313, Lay Swan 200506, P200507



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