How do I generate opening balances from one period to next for Management Acc?

Article ID

ias-12191

Article Name

How do I generate opening balances from one period to next for Management Acc?

Created Date

8th December 2015

Product

IRIS Accounts Production

Problem

When producing Management Accounts should I generate Opening Balances from one period to the next?

Resolution

Working Papers

When posting Management Accounts from Working Papers, Opening Balances only need to be generated in the first Management period and not in the second and subsequent Management periods as only movements will be posted.

Trial Balance

When Management accounts are prepared from a Trial Balance, Opening Balances do not need to be run in the first Management period but ‘reverse opening balances’ must be generated at the start of each subsequent period. To do this, enter the Management posting entry Posting | Select. Within the posting entry select Batch Control | New Enter ‘Document Type’ as 1 (Opening Balances) and select Yes. IRIS will reverse the Opening Balances accordingly. Refer to the Management Accounts Tutorial for more information via Help | Tutorials.

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