During system setup, use this screen to initialize the beginning balance of each non-project balance sheet account/organization combination in the General Ledger.
If you are initializing as of the beginning of the fiscal year, enter balances only for non-project balance sheet accounts.
If you are initializing later in your fiscal year, enter only beginning-of-fiscal-year non-project balance sheet balances in this screen. Do not use this screen to enter a "beginning" balance amount that is a starting balance for your Costpoint activity, but which is actually a mid-year account balance.
If you are initializing mid-year, you must initialize the YTD activity amounts for non-project balance sheet and income statement accounts through adjusting journal entries. Enter current year non-project activity through adjusting journal entries so that the rate calculation programs can recognize and include these balances in the calculations.
|
|
Note: If you enter prior fiscal year balances through journal entries, the prior fiscal year amounts will also be included in your rate calculations, and will result in inaccurate rates. |
Use this screen when initializing the system. After you have entered all beginning balances for project and non-project accounts, print the Trial Balance or General Ledger to verify that amounts were properly entered.
|
|
Note: You can apply org security to this
function. Use this optional feature to grant or remove rights for individual
users to view and/or update specific organizations. |
Once the system is initialized, you can use this screen to make post-year-end adjustments to non-project beginning balances.
Can use this screen to initialize project beginning balances?
No - you should initialize project beginning balances in the Project Beginning Balances screen.
What must I do before updating beginning balances?
You must first set up your account and organization tables, in the Accounts and in Organization Elements screens, respectively, and link organizations to the appropriate accounts.
Should I allow open access to this screen?
No - you should restrict access to this screen once initialization is complete.
Use the fields in this block to select a fiscal year and organization.
Enter, or use Lookup to select, the appropriate fiscal year. You can also use the Query function to select the correct fiscal year if you have previously initialized data or run the Update GL Beginning Balance for the selected fiscal year.
In addition, you can also use the Query function to select and view previous entries made in this screen.
|
|
Note: The balances you enter here should be the account-to-date beginning balances as of the start of the current fiscal year. If you want to initialize balances on a year-by-year basis for later trend reporting, enter the information by fiscal year in the Maintain Prior Year Non-Project Beginning Balances screen. The Maintain Prior Year Non-Project Beginning Balances screen does not update the Non-Project Beginning Balances screen, and vice versa. |
Enter, or use Lookup to select, the appropriate organization. The organization name will display in the field to the right, once you have made your selection. To access the table window, place your cursor anywhere within the box encircling the table window and click.
Once you have highlighted the border of the box, click on the New Record icon in the upper left-hand corner of the toolbar or once you have accessed the table window, select Line/New Record.
Running Balances
In each session, the system keeps a running balance amount of all accounts initialized during the session.
It is helpful to know in advance the net cost amount and hours of all the accounts you are going to enter in a session. By checking these hash totals against the running balances, you can catch data entry errors more easily.
Account *
Enter, or use Lookup to select, the appropriate account for which you want to enter beginning balance information. If you use Lookup, only asset, liability, and stockholder's equity type accounts will display for selection.
This non-editable field displays the name of the account that you have selected to update.
This non-editable field displays the Proj Required flag from the Accounts screen. You are restricted to updating account balances for non-project accounts, which have a value of "N" in this field.
Enter the opening balance, in your company's functional currency, for the selected account. Regardless of the type of account (e.g., asset, liability), enter the number as a positive amount if the account should have a debit balance. If the account should have a credit balance, enter a negative amount by preceding the number with a dash.
Enter the beginning balance in hours (if applicable) for the selected account.
* A red asterisk denotes a required field.
Changes in this screen update the FS_SUM (Financial Statement Summary) and GL_POST_SUM (GL Posting Summary) tables.
