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| Accpac tip about Accounting and I/C, O/E, P/O |
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Dec week 1 2011 |
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Subject |
Entering Account Balances, Historical Data, and Quantities |
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Details
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Entering multicurrency historical data |
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If you want to show source-currency balances for all past periods, you must enter transactions in each of the originating currencies, along with the exchange rate at the time, and the functional-currency equivalent amount. |
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Modifying historical data |
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If you need to change account data in the previous year after you have created your chart of accounts, you should enter the adjustments in a batch, then post the batch to the previous year. |
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Entering Current Year-To-Date Transactions |
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When you set up a General Ledger system partway through a fiscal year, you must enter the transaction data for the current year to date, in addition to the closing balances from the previous year. |
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For ways to add the data, |
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 Enter all the current-year transactions, one at a time, period by period. |
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This provides full detail (that is, a complete audit trail) for current-year transactions. |
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Enter all the transactions for the current period, and the net changes for the earlier periods in the current year. |
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This provides full detail for current-period transactions, and creates accurate balances for previous periods in the current year. You can print comparative financial statements for all the current-year periods to date, and detailed audit trail reports for the current period. |
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Enter the net change (net increase or decrease) for each account in each period to date, including the current period. |
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This produces accurate balances for each account in each period of the current year, allowing you to print comparative financial statements. However, it does not provide transaction detail (such as date, reference code, and description) for the audit trail reports. |
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Enter the net change between the opening and current balances for each account. |
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This is the quickest method, but it does not let you print financial statements for past periods in the current year and does not provide transaction detail for audit trail reports. Using this method, you would have to rely on your manually prepared financial statements for comparisons. |
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