cancel
Showing results for 
Search instead for 
Did you mean: 

​Opening Balances for FC - 1 period

Eyal_Feiler
Participant
0 Kudos

Hi Experts,

Is there any reason that we would need to load data prior to the first go live period other than having the opening balances and investment and equity balances aligned?

We are going live in a quarterly system with 2024.03 data and are planning on loading 2023.12 opening balances for the reasons above.

Comparative reporting would be gathered from outside FC.

Any other considerations of leaving out prior balances?

Regards,

Eyal

Accepted Solutions (0)

Answers (3)

Answers (3)

Eyal_Feiler
Participant
0 Kudos

Thank you Adelaide and Olga. These are the considerations we are thinking about. In the interest of cost/benefit we will forgo but do want the initial investment data and to complete another parallel run with 2023.12.

olga_vasilieva
Employee
Employee
0 Kudos

Some companies prefer to have historical consolidation data for easier reporting with comparative periods, as well as preemptive testing of full consolidation run.
However please keep in mind that load of historical consolidation data (including checking it with published data and aligning by means of manual journal adjustments) can be a considerably time-consuming task to run before the go-live.

adelaide_brunel
Employee
Employee
0 Kudos

Hi Eyal,

It depends on the historical data you want to retrieve in your system, in addition to the opening balances data.

Best regards