The Perform Opening Review feature compares the account balances from the current general ledger product with the corresponding account balances in the client's AccountRight or Essentials Accounting ledger. Where there are differences between the two, the Perform Opening Review feature posts journals to the ledger to align balances with the general ledger product. The updated ledger can then be used as the general ledger for the client.
Reviewing trade payable and receivable accounts
Performing an opening review may post to bank, trade debtor and trade creditor accounts if there's a variance between your account balances and your client's balances. This may impact reconciliation reports.
To avoid impacting reconciliation reports, it's a good idea to check your reconciliations. This means checking that your client's bank account balance, receivables and payables reconcile at year-end.
Checking reconciliations will tell you if you need an adjustment journal to correct the balance. Here are some reports to help.
If you're using...
Run the following reports from within AccountRight:
You may want to run the Run the Company Data Auditor tool from within the Accounts Command Centre to help reconcile transactions.
Run the following reports from Essentials:
Using the Perform Opening Review feature, see Using the Opening Review Wizard