Knowledge Center

Period closure

Accounting period closure is a predefined procedure in RamBase which is mandatory to work through for each accounting period.

Two main purposes
  1. To gain a more correct statement of expenditures and revenues in the period.

  2. To control that there are consistency between the general ledger postings and the "real world" (reconciliations).

To a certain extent, the procedures are to be carried out in a specific order and approved by a financial manager.

  • If needed and desired, period adjustments of supplier invoices and sales invoices are created.

  • Correct cost of goods are calculated by transferring the inventory and product transaction values to the ledger. The calculation also take into account the measurement problems according to which period transactions actually can be counted as stock value.

  • A number of reconciliations has to be approved.

  • Agio for foreign currency balance sheet entries are calculated.

Preparation for period closure

Prior to period closure all postings like supplier invoices and Sales invoices, partial payments etc., for the relevant period have to be completed.

In addition, you ought to perform the following reconciliations:

  1. Reconciliation of the fixed assets register.

  2. VAT reconciliation.

  3. Bank reconciliation.

  4. Inspect period adjustments.

Create Fixed Assets
Add new Fixed Assets
  1. To open the Fixed Assets (FAR) application, find Finance in the RamBase menu and then Asset management. Click Fixed assets to enter the FAR application.

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  2. Press F12 to open the action menu and choose the option Forward new Investments to Fixed Assets Register. A batch job will pick the supplier invoices registered against the investment ledger accounts.

  3. Select the documents you want a depreciation plan for by clicking the + icon to the left on the item line. When the + icon has been clicked, the item will disappear from the popup.

  4. Press Esc to return to the fixed assets menu. The new fixed asset register (FAR)-documents will be listed on top of the table. They are not yet activated (St=1).

  5. Highlight the desired document (St=1) and press ENTER.

  6. Press F12 and choose the option Activate Fixed Asset (St=2).

  7. In the new popup, set the period from when the asset shall be depreciated and click the OK button. The value of the asset is now debited into a balance account.

  8. Press F12 and choose the Register Fixed Asset & Create Plan (St=3) option. The asset is now booked in your balance and a depreciation plan is made, but the depreciation is not initiated (St:3).

  9. Press Esc to return to the fixed assets menu.

  10. Press F12 and choose the option Make Depreciations to Fixed Assets.

  11. In the new popup, set the period for the depreciation. The current period is set by default.

  12. Press the + icon to the right of every item line. Press Esc. The fixed asset is depreciated for the current period (St=4).

  13. Press ENTER.

  14. Press Esc.

  15. Repeat from step 5 for all FAR documents in St:1 listed in the FAR application.

VAT code reconciliation

To perform VAT reconciliation you need to inspect the VAT codes and their connection to the relevant general ledger accounts. Make sure that no sales invoices are booked against an inbound VAT code, and that no supplier invoices are booked against an outbound VAT code.

  1. To open the Finance Workspace (FINANCE) application, find Finance in the RamBase menu and then Overview. Click Overview to enter the FINANCE application.

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  2. Click on the VAT Reconciliation link in the Reports section to generate the VAT report.

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    This report gives an overview of every VAT code's name and amount.

  3. Highlight the specific VAT code and press ENTER to inspect the underlying data.

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    The example shows the VAT code 03- Salg utgående avgift. The amount of NOK 26 853,- on the ACC/3025 and the amount of NOK 8 526,- on ACC/6720 are wrong and have to be corrected.

  4. Highlight the incorrect line and press ENTER to find the documents the postings are based on.

  5. Make corrections.

Bank reconciliation

Before starting a bank reconciliation, the bank statements have to be imported from the bank into RamBase. When bank statements are imported, the transactions are matched with Payment (PAY) documents recorded in the cash management module in RamBase.

The reconciliation job can be initiated manually, or carried out automatically on a regular basis to your company's setup. Regardless of how the reconciliation job is initiated, the reconciliations have to be inspected and confirmed manually.

Bank reconciliation has to be done prior to period closure.

Automated bank reconciliation (BST)
Initiate a bank reconciliation
  1. To open the Pay Management (PAM) application, find Finance in the RamBase menu and then Cash management. Click Inbound payments to enter the PAM application.

  2. Select the Bank Statements folder.

The bank statements folder lists all bank statement documents. These documents are based on the files imported from the bank(s).

Import a new file from the bank
  1. Start in the Bank Statements folder.

  2. Press F12 to open the action menu and choose the option Import Bank Statements from file.

  3. Select the bank you want to import the file from.

  4. Click the Next button.

  5. Browse to the bank statement file and click the Upload button. A progress bar will appear. This process might take a while.

When the import is finished, one or several BST documents are made. One BST document is made for each transaction date. All transactions on the same date will appear as items on the relevant BST document. The recently generated BST documents will be listed in the Bank Statements folder with status 2. This means that they are registered into RamBase, and are ready for reconciliation. If the BST documents are not listed in status 2, there is a deviation.

From the Bank statements folder you may import bank statement-files from bank and initiate an automated bank reconciliation. The reconciliation will be performed automatically on a regular basis due to your company's setup, but there is an option to initiate the bank reconciliation manually whenever you want.

Import bank statements from bank integration

The Activate Bank Integration setting must be active to import bank statements from bank integration.

  1. Start in the Bank Statements folder.

  2. Press F12 to open the action menu and choose the Import Bank Statements from Bank Integration option.

  3. In the popup, select bank in the Bank field and dates in the From Date & To Date fields.

  4. Click the OK button.

When the import is finished, one or several BST documents are made. One BST document is made for each transaction date. All transactions on the same date will appear as items on the relevant BST document. The recently generated BST documents will be listed in the Bank Statements folder with status 2. This means that they are registered into RamBase, and are ready for reconciliation. If the BST documents are not listed in status 2, there is a deviation.

Start a bank reconciliation
  1. Start in the Bank Statements folder.

  2. Press F12 and choose the option Start Bank Statement Reconciliation Job. The reconciliation compares the bank transactions (BST items) against the payment documents (PAY) registered in RamBase.

    • If RamBase finds a match between a BST item and a PAY document, the BST document will be put to status 8. This means that the automated reconciliation was successful. A bank statement (BST document) in status 8 can be confirmed as reconciled.

    • If RamBase finds a partial match, that is a match with minor deviations, the BST document is put to status 3.

    • If RamBase does not find a match, the BST document will be put to status 2.

    • BST documents in status 1 indicates file error.

BST documents put to status 2 and 3 have to be reconciled manually. Open every document and highlight the item line with status 2 or 3 and press ENTER. The next action depends on the status on the item line. Regardless of the item's initial status, you should end up with a successful reconciliation and a BST document in status 8.

Repeat this reconciliation procedure until all BST documents are in status 8.

Reconcile an unmatched transaction (St:2)
  1. Start in the Bank Statements folder.

  2. Select a BST document in status 2.

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  3. Press ENTER. All transactions for that specific date (BST items) will be listed. The list is sorted by status code, putting transactions with status code 2 on top.

  4. Select an unmatched transaction (St:2).

  5. Press ENTER. The Bank Statement Line popup will appear.

  6. Click the magnifier icon in the Pay Info section to view the PAY documents which can possibly match the transaction (BST item).

  7. Note the default value in the Date (Min-Max) fields. Change them if necessary. You may also use the amount fields to limit the number of possible documents.

  8. Select the matching PAY document. Note: If no PAY document matches, a payment has not been registered yet. If so, follow this procedure:

    1. Inspect your bank statement.

    2. Create a new PAY document based on the information in the bank statement.

    3. Go to the Pay Managements (PAM) Payments folder for creating it.

    4. Go back to the BST folder and repeat from step 1.

  9. Click the Confirm button. If the transaction (BST item) is set to status 3, it has to be confirmed. In such cases, follow this procedure:

    1. Press F12 to open the action menu.

    2. Choose the option Confirm BST item (St=4) to reconcile the transaction.

  10. When the last BST item on this document is reconciled, all BST items and the BST document will be put to status 8.

Reconcile a partial matched transaction (St:3)
  1. Start in the Bank Statements folder.

  2. Select a BST document in status 3.

  3. Press ENTER. All transactions for that specific date (BST items) will be listed. The list is sorted by status code, putting transactions with status code 3 on top.

  4. Select a partial matched transaction (St:3).

  5. Press ENTER. The Bank Statement Line popup will appear.

  6. Inspect the invoice, the bank statement and the PAY document, and compare the amounts.

  7. If the deviation is due to errors when punching the PAY document manually, do as follows:

  8. Click on the trash bin-icon on the line of the incorrect PAY document. It will disappear from the list.

  9. Click on the magnifier-icon and look up the same PAY document.

  10. Do not select it by ticking the check box, but click on the PAY-link. The Pay Document popup appears.

  11. Press F12 and choose the option Backward PAY.

  12. Press ENTER on the item line and make corrections.

  13. Press Esc.

  14. Press F12 and choose the option Forward PAY (St:4).

  15. Press Esc to return to the Link PAY to BST-popup.

  16. Select the same PAY document by ticking the check-box to the left on the line.

  17. Click the Confirm button.

If there are more BST items in status 3, the recently reconciled BST item will be put to status 3. Repeat the procedure until all BST items in status 3 are reconciled. When the last BST item is reconciled, all the BST items and the BST document will be put to status 8.

To complete the bank reconciliation, the bank statements have to be confirmed. There are two ways of doing it either confirming all bank statements for one bank at the same time, or confirming each BST document individually.

Confirm all bank statements for one bank
  1. Start in the Bank Statements folder.

  2. Select a BST document in status 8 from the relevant bank.

  3. Press F12 and choose the option Confirm All Bank Statements for this Bank.

Confirm a single bank statement
  1. Start in the Bank Statements folder.

  2. Select a BST document in status 8 and press ENTER.

  3. Press F12 and choose the option Confirm Bank Statement (St=9).

  4. When the reconciliation of a BST document is confirmed (St:9), the connected payment (PAY) document will be put to status 9 too. This indicates that it is reconciled and there is no need for further handling. Unreconciled PAY documents will remain in status 4.

Deviation

If there is a deviation between the value in the field Amount in the Bank Totals-section and the total amount of the item lines, the BST document will be in status 1, and you will not be allowed to proceed.

Press F12 and select Create new item from deviation amount.

A new item line with the amount of the deviation will appear, the BST document will be in status 2, and you can continue the bank reconciliation procedure.

Create a Payment (PAY) directly from an Bank Statement (BST) document
  1. Enter the Bank Statement (BST) document.

  2. Click the Create Payment icon in the PayRef column to create a PAY in status 1.

  3. Check the payment information and make necessary changes.

  4. Click F12 to open the action menu and choose the Register Payment option.

Manual bank reconciliation

Sometimes the bank reconciliation has to be done manually. PAY Reconciliation (RECPAY) lists all banks registered in RamBase which have un-reconciled payment documents (St:4). Finished reconciliation jobs will also be listed in RECPAY (St:9).

  1. To open the PAY Reconciliation (RECPAY) application, find Finance in the RamBase menu and then Cash management. Click Manual bank reconciliation to enter the RECPAY application.

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  2. Click on the magnifying glass on the upper right of the screen to filter the bank to reconcile. Click on the + icon on the left of the document line.

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  3. To ease the traceability of this manual bank reconciliation, enter a reference to the reconciliation in the BankRef field. The reference should be a combination of year and date (yyyy.mm.dd), or a combination of year and serial number (yyyy.xxx).

  4. Click the OK button.

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    This is the main window for the reconciliation job. Note that the reconciliation is set to status 0 which indicates that this is a new reconciliation which is created by the system. A reconciliation job is not registered before there are PAY documents connected to it.

  5. Click on the magnifying glass in the Title section to bring up the Select Payments popup, and select the documents for this specific period.

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  6. Press Esc.

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  7. Press F12 to open the action menu and choose the option Confirm (St=9). When the reconciliation of a BST document is confirmed (St:9), the connected PAY document will be put to status 9 too. This indicates that it is reconciled and there is no need for further handling. Unreconciled PAY documents will remain in status 4.

Inspect period adjustments

Usually period adjustments will be made to the Supplier Invoices (SIN) and Sales Invoices (CIN) when they are added to the accounting. However, prior to every period closure you should still check that everything that has been period adjusted will be reversed at a later time. This means that the sum of the general ledger accounts that the automatic period adjustments are connected to, must be 0.

In addition, it may be advisable to check each account's period amount to make sure that there are no large deviations.

Open the relevant report
  1. To open the Finance Workspace (FINANCE) application, find Finance in the RamBase menu and then Overview. Click Overview to enter the FINANCE application.

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  2. In the Reports section, select the Account Balances per Period-report.

  3. Press ENTER. This report lists general ledger accounts sorted by account number, displaying period 00-12 + Balance Out. For every account, inspect the balances for each period.

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  4. If there are large deviations from one period to another, highlight the specific account, press ENTER and inspect the underlying information.

Closing the accounting period

Accounting period closure is carried out from the Period Account Register (PAR) application in RamBase. Reconciliations during period closure is about approval or rejecting. No reconciliations is actually done from the PAR application, but reconciliations are to be approved from PAR.

Open the Period Account Register application

To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

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Make sure to keep the closing account period in an editable mode (St:8) until all reconciliations and inspections are completed, then confirm the period closure (St:9) to close the period in the PAR application.

Change the default period
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In order to close an accounting period, you have to set the new default period for the system.

Set the new default period
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Highlight the period after the one which is going to be closed and press ENTER.

  3. Press F12 to open the action menu and choose the Set this period to : Default period option.

The new default period will be listed in the PAR marked with status 4, which indicates that this is an open accounting period. When to change the default period depends on your company's routines, but is often to be done either the first day of the new period or at the time you are to perform period closure.

In order to perform period closure, the current period has to be set to closed.

Close the current period
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Highlight the actual period which is going to be closed and press ENTER.

  3. Press F12 to open the action menu and choose the Set this period to : Closed period option.

The period to be closed will be listed in the PAR application marked with status 6, which indicates that this period is no longer open for entries and only authorized accounting personnel may continue working on this period.

Re-open the current period

The period to be re-open will be listed in the PAR application marked with status 6. Mark the period previous to the period you want to re-open as closed. In the picture above, you need to mark the period 201404 as closed to re-open 201405.

  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Highlight the period which is going to be closed and press ENTER.

  3. Press F12 to open the action menu and choose the Set this period to : Closed Period option.

Transfer of provisions for future income (Auction only)

When a Sales Order (COA) is created during an auction settlement, a Supplier Invoice (SIN) is created simultaneously. The item(s) on this invoice will be reckoned as a cost in the GL. To ensure that the financial report is as accurate as possible it is necessary to make provisions for the future income by importing the customer backlog.

Transfer of the provisions for future income may be done in either one operation (a) or two operations (b+c).

  1. Import and reverse the provisions for future income in one operation.

  2. Reverse the last period's balances.

  3. Import the balances for the current period.

a) Reverse and import provisions for future income in one operation
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Select the Customer Backlog folder.

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  3. Highlight one of the lines.

  4. Press F12 to open the action menu and choose the option Start all import/reversal jobs. A progress bar will appear.

If everything is correct, the line will now be marked with status 4.

Note the Reconc St-icon in the Extended data section to the upper right of the screen. The status 4-icon indicates that there was no deviations during the reconciliations.

Alternatively, you may perform the reversal- and import jobs separately:

b) Reverse the last period's balances
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Select the Customer Backlog folder.

  3. Click on the + icon on the line marked with Reversal in the Type column. A progress bar appears.

If everything is correct, the line will now be marked with status 4.

c) Import the balances for the current period
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Select the Customer Backlog folder.

  3. Click on the + icon on the line marked with Import in the Type column. A progress bar appears.

If everything is correct, the line will now be marked with status 4.

Manually import inventory balances

Inventory accounting is a separate register in RamBase.

Three main categories used when calculating inventory balances
  • Value of goods in stock (StockAmt).

  • Value of goods in production (ProdAmt) - only relevant for the Production module.

  • Value of goods on order (BacklogAmt) - only relevant for the Auction module.

One of the procedures during period closure is to import the inventory balance to the general ledger. A decrease in stock value gives an increase in cost of goods, which again has a negative impact of this periods net margin.

When closing an accounting period, the closing period's opening balance has to be reversed, and the current period's balance has to be imported.

Based on your company's setup it is possible to import inventory balances automatically on a nightly or monthly basis.

Import inventory balances
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Highlight the relevant period and press ENTER. Periods in status 4 are open for posting, periods in status 6 are closed, but finance superusers can still make changes.

  3. Select the Inventory Balances folder.

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Reverse the last period's inventory balances
  • Click on the + icon on the line marked with Invent in the Transaction column and Reversal in the Type column. A progress bar appears.

A General ledger (ATR) posting will be created, and you will see a link to it.

Import the current inventory balances
  • Click on the + icon on the line marked with Invent in the Trans column and Import in the Type column. A progress bar appears.

A ATR posting will be created, and you will see a link to it.

When the inventory balances are imported there will be an amount showing on the right side on the Imported line. This is the new balance and shows the impact on the balance account. On the bottom right corner there will be an amount on the Change in period line, this balance shows the impact on the cost account.

Note the amount showing on the Imported line. Click the numbers and you will be redirected to the Inventory Balances (INVBAL). The amount in the StockAmt-column on the bottom right corner of INVBAL should be equal to the amount on the Imported line in the (PAR) application.

For manufacturing companies, subtract the amount in the ProdAmt column from the amount in the StockAmt column in INVBAL and the sum should be equal to the amount on the Imported line in PAR.

Transfer product account values

Product accounting handles balance sheet allocations for accrued, not billed, costs from purchase or goods returned.

Such alterations can be:

  • Product claims (PROCLA): Faulty or wrong deliveries pending for crediting or re-delivery.

  • Goods no invoice (PROGNI): Goods entered into stock where no invoice is received.

There are three methods to transfer the product account values:

  • Reverse and import all values in one operation.

  • Reverse and import all values in two operations, first reverse all values, then import all values.

  • Reverse and import values one by one.

In addition to this product values may be transferred automatically on a daily or monthly basis.

a) Reverse and import all values in one operation
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Highlight the Period you want to work with and press ENTER.

  3. Select the Product Balances folder.

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    The product accounts are Product claims, Goods no invoice and Invoice no goods.

  4. Highlight one of the lines.

  5. Press F12 to open the action menu and choose the option Start all import/reversal jobs. A progress bar will appear.

If everything is correct, the lines will now be marked with status 4.

Note the Reconc St-icon in the Extended data section to the upper right of the screen. The status 4-icon indicates that there was no deviations during the reconciliations.

b) Reverse and import all values in two operations
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Highlight the period you want to work with and press ENTER.

  3. Select the Product Balances folder.

  4. Highlight one of the item lines.

  5. Press F12 to open the action menu and choose either the option Start all reverse jobs or Start all import jobs option. A progress bar appears.

If everything is correct, the lines will now be marked with status 4.

c) Reverse and import values one by one
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Highlight the period you want to work with and press ENTER.

  3. Select the Product folder.

  4. Click on the + icon on each of the item lines. A progress bar appears.

If everything is correct, the lines will now be marked with status 4.

When the product values are imported there will be an amount showing on the right side on the Imported-line. This is the new balance and shows the impact on the balance account. In the lower right corner there will be an amount on the Change in period-line, this balance shows the impact on the cost account.

Note the amount in the bottom right of the table on the Product-balance, Year to Date-line. Click the numbers and you will be redirected to the PROBAL application. The amount on the bottom of the Balance-column in the PROBAL application should be equal to the amount on the Product-balance, Year to Date-line in PAR.

Reconcile entries in the general ledger

In RamBase there is usually one entry in the General Ledger (ATR) per Payment (PAY) document - or transaction type per day. New or altered documents are accumulated on the same ATR.

For example all Sales Invoices (CIN) registered on the same date will be entered in the general ledger as one entry (one ATR document). The CIN will be registered in both the customer ledger (CAT document) and as a post in the customer account specification (CAS document). The entry in the general ledger (ATR document) consists of all CAS documents registered on that specific date. The CAS documents holds the details about all CINs registered on that specific date, and forms the basis for the general ledger entry.

The general ledger reconciliation verifies that all three types of documents are created, and that the quantity and amount are equal on all of them.

If there is any deviation, it means that there are some kind of errors that make your accounting not updated properly.

Reconcile the entries in the general ledger
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Highlight the period you want to work with and press ENTER.

  3. Select the ATR Reconc folder.

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    This folder lists all entries in the general ledger with corresponding entries in the subledgers in the period to be closed.

  4. Press F12 to open the action menu and choose the option Start job: Load General Ledger (ATR) for Period.

  5. All lines should be marked with status 4.

If not, click on the ATR/xxxxxx link to the right on the specific item line to get more information about the entries. Make corrections.

  1. Make sure to do this procedure for all options in the dropdown-menu in the Read field located right above the table.

  2. When all lines, for all options in the dropdown, are marked with status 4, press F12 to open the action menu and choose the option Approve ATR Reconciliation.

  3. Optionally, write a comment.

  4. Click the OK button.

Approve the reconciliation of intercompany transactions

Reconciliation of intercompany transactions only apply for companies in a corporate group.

This reconciliation validates that an entry in one company equals an entry in another company when it comes to intercompany transactions. The reconciliation is updated in real-time, and it is approved during the period closure. Note that the reconciliation must be approved even though there are no intercompany transactions.

Approve the reconciled intercompany transactions
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Highlight the period you want to work with and press ENTER.

  3. Select the ICT Reconc folder.

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    This folder lists all intercompany transactions made in the period to be closed. If there is a value greater than 0,- in the Deviation column, there is a deviation between entries within the group.

  4. Make sure that the transaction is entered in both companies' books. If you do not have access to the relevant company, contact their accounting responsible.

  5. When all deviations are reconciled, press F12 to open the action menu and choose the option Approve ICT Reconciliation.

  6. Optionally, make a comment.

  7. Click the OK button.

Reconcile deviations between the GL and the cash management module

As a part of the preparation for period closure, a bank reconciliation has to be performed either automated via BST or manually via RECPAY. A bank reconciliation performed prior to period closure matches the bank transactions with the Payment (PAY) documents recorded in the cash management module in RamBase. A bank reconciliation performed during the period closure (Bank Reconc folder in PAR) validates that all PAYs are registered in the general ledger.

It is important that the bank reconciliation from BST and RECPAY are performed prior to period closure in PAR in order to avoid major deviations.

  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Highlight the period you want to work with and press ENTER.

  3. Select the BANK Reconc folder.

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    This folder lists the recorded balances for the bank accounts in the General Ledger (ATR), the balances for PAYs reconciled with the bank statements. These two balances should match for each account, if not, the deviation will be displayed in the Dev,YTD-column to the very right of the table.

  4. If there is a value in the Dev,YTD column, it has to be reconciled.

  5. Highlight the line for the account with deviation and press ENTER to see more details about the deviation.

  6. Identify the problem and correct it.

  7. When all deviations are reconciled, press F12 to open the action menu and choose the option Approve Bank Reconciliation.

  8. Optionally, make a comment.

  9. Click the OK button.

Review and validate VAT-included entries

The VAT reconciliation validates that the VAT calculated from goods and services purchased and sold is identical to the VAT amount entered in to the general ledger. Deviations are found when a calculated VAT amount (sales * VAT%) differs from the amount actually posted on the VAT accounts.

Manual entries made directly in the VAT code account (i.e payments) will generate a deviation. This deviation is usually accepted.

Inspect the VAT reconciliation
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Highlight the period you want to work with and press ENTER.

  3. Select the VAT Reconc folder.

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  4. If there is any value in the Deviation-column, highlight the line and press ENTER to view more details about the deviation.

  5. It there is no deviation, press F12 to open the action menu and choose the Approve VAT Reconciliation option.

  6. Optionally, make a comment.

  7. Click the OK button.

Calculate the VAT settlement

A company is obligated to do a VAT settlement and report their VAT balance to the authorities.

A company has to pay outbound VAT. The outbound VAT amount can be seen upon as a tax collected on behalf of the authorities. Inbound VAT is deducted from the outbound VAT amount. The inbound VAT can be seen upon as a tax the company has to pay, but this amount is reckoned as collected on behalf of the authorities by one of the suppliers.

Calculate the VAT settlement
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Highlight the period you want to work with and press ENTER.

  3. Select the Vat Spec folder.

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    In accordance with the Norwegian Accounting Act, a VAT period consists of two accounting periods. Every second accounting period (02, 04, 06, 08, 10, 12) you have to calculate the VAT settlement. The VAT settlement shows the liability or the claim between the company and the authorities.

  4. To calculate the VAT settlement, click the + icon on the lower left side of the window. The system transfers the balances from the respective VAT accounts to the VAT settlement account.

Verify that the new balances on the VAT accounts are 0,- and that the balance on the VAT settlement account is equal to the amount at the very bottom of the VatAmt,Total column. Make sure to use the correct VAT period in the VatPeriod field.

Calculate agio

The agio calculation computes the impact of currency changes on the different balances. The agio calculation is put almost at the end of the period closure procedure. The reason for this is to include possible adjustments done through the previous reconciliations. After the agio has been calculated no changes are allowed.

Agio calculation from the Period Account Register (PAR)

Agio calculation in PAR will create 3 ATR documents:

  • CUSBAL - Agio on Account Receivable (AR)

  • SUPBAL - Agio on Account Payables (AP)

  • ACCBAL - Agio on all other GL accounts (Not AR & AP)

General ledger postings (ATR) documents for CUSBAL and SUPBAL will be calculated based on customer and supplier balances in foreign currencies. Each ATR item will have a reference to a Customer / Supplier Account and currency. The amount will be calculated based on:

  • For all transactions (CAT & SAT) that are open by the end of current period, but registered in earlier periods. Agio will be calculated based on change in exchange rate from last period to current period (Rate at the last day of the period), as these transactions already have had agio calculated last period.

  • For all transactions (CAT & SAT) that are open by the end of current period and also registered in current period. Agio will be calculated based on change in exchange rate from the transaction document to current period (Rate at the last day of the period).

ATR document with transaction type ACCBAL will handle all other GL accounts (Not AR & AP) and agio will be calculated this way:

  • For all transactions (ATR items) that are registered in earlier periods. Agio will be calculated based on change in exchange rate from last period to current period (Rate at the last day of the period), as these transactions already have had agio calculated last period.

  • For all transactions (ATR items) that are registered in current period. Agio will be calculated based on change in exchange rate from ATR item that are registered to current period (Rate at the last day of the period).

Calculate agio
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Highlight the period you want to work with and press ENTER.

  3. Select the Agio folder.

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  4. Press F12 to open the action menu and choose the option Create Agio. The system calculates the agio to the respective balance sheet accounts, and Agio Status in the Extended data section changes to 4. Ledger documents are generated, one for each transaction type.

Reconcile balances in the subledgers and the general ledger

Entries in the subledgers (accounts receivable and accounts payable) give a detailed view of claims against customers and debts against suppliers. Invoices, credit notes, reminders, interest invoices and payment documents are posted against the subledgers. As the actual accounts are held in the general ledger, similar posting has to be drawn against the subledger as well. The BAL Reconc verifies that these postings are even.

Reconcile the subledgers
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Make sure that the agio has been calculated prior to this reconciliation.

  3. Highlight the period you want to work with and press ENTER.

  4. Select the BAL Reconc folder.

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  5. Pay attention to the View-field situated on the top left of the table in this folder. The information displayed in the table depends on the view selected. Make sure to inspect all views. It is normal that there are minor deviations. You may inspect the balances in foreign or local currency.

  6. View:

    1. CUS by CUR: Reconciles the currency recorded in the general ledger and the currency recorded in the accounts receivable ledger.

    2. SUP by CUR: Reconciles the currency recorded in the general ledger and the currency recorded in the accounts payable ledger.

      1. To inspect the underlying data; Click on the link in the LocBal.ATR column.

  7. View:

    • CUS by ICTDB: Reconciles the intercompany balances in the general ledger and the balance in the accounts receivables ledger.

      1. Click on the Bal.ATR link.

    • SUP by ICTDB: Reconciles the intercompany balances in the general ledger and the balance in the accounts payables ledger.

      1. To inspect the underlying data; Click on the link in the Bal.ATR column.

  8. When all deviations are reconciled, press F12 to open the action menu and choose the Approve Balance Reconciliation option.

  9. Optionally, make a comment.

  10. Click the OK button.

The PAR will be put to status 8, which means that the agio is calculated. It is now recommended to inspect the reconciliations. Note that only authorized accounting personnel have access to make any changes to a period in status 8.

Inspect balance sheet values

When all the various balance accounts have been reconciled and have got their new opening balances, it is recommend to inspect the reconciliations to make sure that everything is correct.

See separate topics for deviation handling.

Inspect the reconciliation of the customers' ledger

Note that the Agio reconciliation has to be complete prior to this control!

Make sure that:

  • The saldo of the customers' ledger is equal to the accounts receivable in the general ledger.

Inspect the balance of the customers' ledger per period
  1. Write CUSBAL and the current period in the program field (for example CUSBAL/201410 for the tenth period in 2014) and press ENTER.

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  2. In the Group by field, select the CUR option.

  3. Make sure that the value in the Balance by-field reflects the correct period (for example 201410).

  4. Note the amount on the bottom in the BalanceNOK column. This amount is to be compared to the amount on the accounts receivables for the same period.

Inspect the balance of the accounts receivable in the general ledger
  1. Write ACC/1xxx in the program field and press ENTER.

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  2. Highlight the item line presenting the correct period.

  3. Note the amount in the Year To Date column on this item line.

  4. Compare this amount to the amount from the CUSBAL application.

If any deviation, see the topic: Deviation between the GL and the subledgers

Inspect the reconciliation of the suppliers' ledger

Note that the Agio reconciliation has to be complete prior to this control!

Make sure that:

  • The saldo of the suppliers' ledger is equal to the accounts payable in the general ledger.

Inspect the balance of the suppliers' ledger per period
  1. Write SUPBAL and the current period in the program field (for example SUPBAL/201410 for the tenth period in 2014) and press ENTER.

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  2. In the Group by field, select the CUR-option.

  3. Make sure that the value in the Balance by field reflects the correct period (for example 201410).

  4. Note the amount on the bottom in the BalanceNOK-column. This amount is to be compared to the amount on the accounts payable for the same period.

Inspect the balance of the accounts payable in the general ledger
  1. Write ACC/2xxx in the program field and press ENTER.

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  2. Highlight the item line presenting the correct period.

  3. Note the amount in the Year To Date column on this item line.

  4. Compare this amount to the amount from the SUPBAL application.

If any deviation, see the topic: Deviation between the GL and the subledgers

Inspect the provision for liabilities

Make sure that:

  • The total product balance is equal to the saldo on the appropriation account for products.

  • The balance of the appropriation account is 0,-.

During period closure appropriations are automatically reversed in the correct period, which means that the balance of the appropriation account shall be 0,-

Inspect the saldo of the appropriation account for products per period
  1. Write PROBAL and the current period in the program field (for example PROBAL/201410 for the tenth period in 2014) and press ENTER.

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  2. In the Group by field, select the CUR option.

  3. Verify that the Rate field value (current/historic) is correct according to your system setup.

  4. Note the amount on the bottom in the Balance column. This amount is to be compared to the amount on the balance on the appropriation account for products for the same period.

Inspect the balance on the appropriation account for products
  1. Write ACC/2xxx in the program field and press ENTER.

  2. Highlight the item line presenting the correct period.

  3. Note the amount in the Year To Date column on this item line.

  4. Compare this amount to the amount from the PROBAL application.

If any deviation, see the topic: Deviation between the product balance report and the GL product balances

Inspect the value of stocks

Make sure that:

  • The saldo of the value of stock report is equal to the inventory account in the general ledger.

Inspect the saldo of the value of stock report

NetAmount is used in the Inventory balances (INVBAL) application.

  1. Write INVBAL and the current period in the program field (for example INVBAL/201410 for the tenth period in 2014) and press ENTER.

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  2. Verify that the Rate-field value (current/historic) is correct according to your system setup.

  3. Note the amount on the bottom right of the report. This amount is to be compared with the saldo of the inventory account in the general ledger. For manufacturing companies, subtract the amount in the ProdAmt cloumn from the amount in the StockAmt column in INVBAL and the sum should be equal to the amount on the Imported-line in PAR.

Inspect the saldo of the inventory account in the general ledger
  1. Write ACC/1xxx in the program field and press ENTER.

  2. Highlight the item line presenting the correct period.

  3. Note the amount in the Year To Date column on this item line.

  4. Compare this amount to the amount from the value of stock report (INVBAL).

If any deviation, see several possible scenarios under the topic: Deviation between the value of the inventory subledger and the GL inventory balances.

Inspect the balance on each BANK overview
  • Inspect the balance on each BANK overview.

Inspect the bank account balances
  1. Write BANK in the program field and press ENTER.

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  2. Do the following steps for each of the bank overviews.

  3. Highlight the item line and press ENTER to open the Bank Account Info window.

  4. Note the amount in the Balance, NOK column on the item line for the current period.

  5. Click on the magnifier icon in the MISC section to inspect the GL account info.

  6. The amount in the YearToDate column for the current period should be equal to the amount in the Balance, NOK-column in the BANK application.

  7. Compare this amount to the saldo from the bank statement too.

Make sure to repeat this procedure for all bank overviews / GL bank accounts.

There may be some deviations even though the bank reconciliation has been done in PAR, because the reconciliation does not pay attention to any manual entries in the GL.

If any deviation, see several possible scenarios under the topic: Deviation between the cash management module and the GL.

Inspect the recorded assets account balance

Make sure that:

  • The saldo of the fixed assets report is equal to sum of all inventory GL accounts.

Inspect the saldo of the fixed assets report
  1. Write FAR in the program field and press ENTER.

  2. Press F12 to open the action menu and choose the option Report: Fixed Assets. Reconcile to ATR.

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Possible reason for deviation is manual posting directly against the assets accounts in the GL.

Inspect gross margin calculations

Make sure that:

  • The gross margin (GM) in the customer billing report is equal to the result calculated in the general ledger.

Reconciliation of the GM is recommended for companies involved in selling of goods.

Inspect the saldo in the customer billing report
  1. Write CUSBILL in the program field.

  2. Write Period:201410 in the filter field for the tenth period in 2014) and press ENTER.

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  3. Make sure to use Date as the value in the Group By field on the upper right side of the window.

  4. Click on the link in the Bill, Year column on the item line with the most recent date, or the last date for the specific period.

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  5. Note the amount on the bottom of the Landedcost column. This is to be compared to the saldo of costs of goods sold in the financial report.

  6. Note the amount on the bottom of the Amount/nok column. This is to be compared to the saldo of income in the financial report.

Automated period adjustments (ASA) will not show in CUSBILL, this may be a reason for deviations.

Inspect the result of the financial report
  1. Write FRP/RESBAL in the program field and press ENTER to open the financial report.

  2. Compare the cost of goods sold (COGS) to the amount on the bottom of the Landedcost column in CUSBILL.

  3. Compare the sales income to the amount on the bottom of the Amount/nok column in CUSBILL.

The customer billing report (CUSBILL) shows the total sale and cost of goods sold, based on invoices and related shipping advices.

The general ledger financial report (RESBAL) is calculating the cost of goods sold based on the period's Opening balance + sales (SIN / SCN) - Closing balance.

It is normal that there are minor deviations due to agio. Any manual entries to COGS-accounts in the GL will also generate deviations between the billing report and the GL.

If any deviation, see several possible scenarios under the topic: Deviation between gross margin calculations.

Inspect relevant reports
Entries in the general ledger
  • ATRLIST

  • REP/100436   Entries per account per period - accumulated.

  • REP/100433   Entries per account per period - not accumulated.

Suppliers
  • REP/100128   Supplier invoices (SIN) / Supplier credit notes (SCN).

  • REP/100392   Supplier Account Transactions.

Customers
  • REP/100105   Sales invoices (CIN) and sales credit notes (CCN).

  • REP/100393   Customer Account Transactions.

Open a sorted list of frequently used reports
  1. Write FRP in the program field and press ENTER.

  2. Highlight the preferred report and press ENTER to open it.

List all finance reports in RamBase
  1. Write FINANCE in the program field and press ENTER to open the Finance workspace.

  2. In the lower left corner of the workspace, click on the link Show all reports.

  3. To filter the finance reports, select the preferred category from the drop-down menu in the empty field in the upper left corner of the window.

  4. Highlight the preferred report and press ENTER to open it.

Deviation handling

During period closure there have been many reconciliations and inspections. Some deviations may be detected and there are many possible reasons for these deviations. Some of the most frequent scenarios are described in separate topics.

Deviation between the GL and the subledgers
Possible reasons for deviation
  • The Agio calculation has not been done prior to the reconciliation.

  • The GL not updated prior to reconciliation.

  • Using date instead of period in the Balance by field when calling the report.

  • Using incorrect value in the Rate field (current/historic).

  • Using incorrect value in the Group by field.

  • Transactions posted manually against the accounts receivable in the general ledger.

    1. Check this by writing ATRLIST/1xxx in the program field to list the GL entries for this specific account.

    2. To filter the list to a specific period and to manual postings, write this command in the filter field: PERIOD="201410",TRANS="*MAN*"

  • Transactions posted manually against the accounts payable in the general ledger.

    1. Check this by writing ATRLIST/2xxx in the program field to list the GL entries for this specific account.

    2. To filter the list to a specific period and to manual postings, write this command in the filter field: PERIOD="201410",TRANS="*MAN*"

Deviation between the product balance report and the GL product balances
Possible reasons for deviation
  • Using date in stead of period in the Balance by field when calling the report.

  • Using incorrect value in the Rate field (current/historic).

  • Using incorrect value in the Group by field.

  • The product balance has not been transferred in the Period Account Register (PAR).

  • Transactions posted manually against the product accounts in the general ledger.

    1. Check this by writing ATRLIST/2xxx in the program field to list the GL entries for this specific account.

    2. To filter the list to a specific period and to manual postings, write this command in the filter field: PERIOD="201410",TRANS="*MAN*"

  • Minor deviations may be caused by agio.

Deviation between the value of the inventory subledger and the GL inventory balances
Possible reasons for deviation
  • Using date instead of period in the Balance by field when calling the report.

  • Using incorrect value in the Rate field (current/historic).

  • Using incorrect value in the Group by field.

  • The inventory balance has not been transferred in the Period Account Register (PAR).

  • Transactions posted manually against the inventory accounts in the general ledger.

    1. Check this by writing ATRLIST/1xxx in the program field to list the GL entries for this specific account.

    2. To filter the list to a specific period and to manual postings, write this command in the filter field: PERIOD="201410",TRANS="*MAN*"

  • Minor deviations may be caused by agio.

Deviation between the cash management module and the GL
Possible reasons for deviations between the cash management module and the general ledger
  • The Bank reconciliation has not been done, this must be done prior to closing the period (PAR st:6)

  • A PAY document in the period that has not been reconciled, which means that it is still in st:4. Pay documents in st:4 have been posted against the general ledger.

    1. Check this by writing PAY in the program field and press ENTER to list all payment documents.

    2. To filter the list to a specific status and period, write this command in the filter field: ST=4,PERIOD="201410".

  • Loading the ATR to the general ledger has been interrupted. See the topic: Deviation in general ledger entries.

  • A PAY document is reconciled, but in an incorrect period.

    1. Check this by writing PAY in the program field and press ENTER to list all payment documents.

    2. To filter the list to a specific status, period and omit the bank reconciliation for the current period, write this command in the filter field: ST=9, PERIOD=201410,BSTREF<>"2014.10*".If you are using RECPAY, change the bank statement-reference in the filter: ST=9, PERIOD=201410,BSTREF<>"201410*".

  • The opening balance for the specific bank account has not been entered, or is incorrect.

    1. Check this by writing BANK and the GL account number for the specific bank (for example BANK/101).

    2. Click the magnifier icon in the Key figures section.

    3. Make sure that the opening balance is correct for the current year.

Deviation between gross margin (GM) calculations

It is normal to have some minor deviations due to agio, but other deviations should be reconciled.

If deviation in the sales amount in the customer billing report and the financial report
  • Start by comparing the sales amount per ledger account in the customer billing report (CUSBILL) and the amount on each GL sales account.

    1. Not all sales accounts are included in the sales report. Inspect the postings against these accounts to make sure that they are correct.

    2. When deviation in the sales amount/-accounts are reconciled, inspect the cost of goods sold (COGS).

Possible reasons for deviation between COGS in the customer billing report and the financial report
  • Manual stock corrections.

    1. Write REP/100104 in the program field.

    2. Write PERIOD:201410 in the filter field for a report from the tenth period of 2014.

    3. Press ENTER. This report lists documents where manual stock corrections have been made. The Amount column shows the impact this corrections have on the value of stock. In cases where goods have been registered into stock with another price than the price on the invoice, normally the Goods Reception (SSA) price will be corrected when the SSA is transferred to an invoice (SIN). The correction will show in the Supgniamount column. If the amount in the Amount column and the Supgniamount column for this item line are equal, it will not generate a deviation in the report. All posting of the type Qty Correction and Scrapping will generate a deviation.

  • Invoices (SIN) without any connection to a stock transaction document posted against COGS-accounts.

    1. Write ITM/SIN in the program field.

    2. Write SOURCE<>"*SSA*",ACCNO="4*" in the filter field to list invoices not connected to a shipping advice posted on GL accounts starting with 4.

    3. Press ENTER.

  • Credit notes (SCN) without any connection to a stock transaction document posted against COGS-accounts.

    1. Write ITM/SCN in the program field.

    2. Write SOURCE<>"*SCC*",SOURCE<>"*SRT*",ACCNO="4*" in the filter field to list credit notes not connected to a shipping advice posted on GL accounts starting with 4.

    3. Press ENTER.

  • Supplier invoices that have been credited, where the invoice (SIN) and the credit note (SCN) are posted in separate periods.

  • Manual GL entries not in the default flow of goods.

    1. Write ACC/4* in the program field.

    2. Write TYPE="MAN*" in the filter field to list manual GL entries not connected to normal flow of goods posted on GL accounts.

    3. Press ENTER.

  • CUSBILL will only include documents like sales invoices (CIN) and sales credit notes (CCN). Any other documents (for example SIN and PAY) posted against any of the GL sales account will generate a deviation between CUSBILL and the financial report.

  • To inspect possible other documents posted on sales ledger accounts:

    1. Write CASLIST in the program field.

    2. Write ACCCODE="3*",PERIOD:202XXX,DOC<>"C*" in the filter field.

  • Goods transferred from one location to another, where the goods are not confirmed as received at the new location (SSA st:3).

  • Manually closed liabilities on the product balance where you have made changes to the provision for liabilities/claims without making equivalent changes in the GL.

    1. Write PROBAL/201410 in the program field.

    2. Write CLOSEDOC="MAN*" in the filter field to list manually closed liabilities on the product balance in the tenth period of 2014.

    3. Press ENTER.

  • Shipping advices (CSA) that are not transferred a sales invoice (CIN). It is the CSA that reduces the value of stock. If the period is closed without the CSA being transferred to a CIN,  only the cost of goods sold will registered, not the income.

  • Sales invoices that have been credited, where the sales invoice (CIN) and the sales credit note (CCN) are posted in separate periods.

Deviation in general ledger entries
Possible reasons for deviation
  • Documents posted against the GL in a specific period after the period has been closed (PAR st:6).

  • Project number missing on entries in accounts where project is required. Set project in the Parameters section in ACCNO.

  • Department missing on entries in accounts where department i required. Set department in the Parameters section in ACCNO.

  • Use of accounts, projects, departments and other dimensions no longer valid.

Filter GL entries with deviations
  1. Write ATR in the program field.

  2. Write ST<4,PERIOD:201410 in the filter field to list GL entries in need of correction and press ENTER.

  3. On each item line, highlight it and press ENTER, and read the error message in the Msg field.

  4. Make corrections.

  5. When all deviations are reconciled, go back to the period account register (PAR) and enter on the line for this closing period (PAR st:6, possibly st:8).

  6. Select the ATR Reconc folder.

  7. Press F12 to open the action menu and choose the option Start job: Finance Reconciliation.

Deviation between the inbound and outbound intercompany postings
Possible reasons for deviations between inbound and outbound intercompany postings
  • The transaction is not booked in both companies' GL.

  • The transaction is booked in different periods.

  • Some of the supplier invoices and sales invoices are still in status 1 in one of the companies.

  • Some of the credit notes and payment documents are still in status 1 in one of the companies.

  • Compare the postings accounts payable for one company vs. accounts receivable in the other company. If you do not have access to the other company's GL, contact their accounting responsible to reconcile the deviations.

Deviation in the VAT reconciliation

Manual entries posted directly to a VAT account will generate a deviation in the VAT rec folder in PAR.

  1. Highlight the item line with deviation and press ENTER.

  2. Click on the numbers in the DirVAT,Doc column.

  3. Inspect the information and verify that the direct posting is correct.

Deviation between the VAT specification and the total amount of all VAT accounts

Any deviation here indicates that the VAT report does not mirror what have been registered into the VAT accounts in the general ledger.

Possible reasons for deviation
  • Previous VAT-period not reconciled. Compare the total amount on the VAT spec folder (PAR) to the saldo of the VAT closing account. The deviation is most likely equal to the previous VAT period's VAT return.

  • Make sure that the amounts per period on the VAT specification report are equal to the amounts in the VAT spec folder.

REP/100523 - VAT specification report:

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PAR - VAT spec folder:

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If there are deviations between these amounts, search for manual entries in the respective GL account.

If there are deviations between the total sales amount (1. row in the table) in the VAT specification report and the total turnover (3. row in the table) it is usually due to use of incorrect VAT code on sales invoices (CIN), and the VAT report has to be inspected once more. (See the topic: Review and validate VAT-included entries).

Confirm the period closure

Make sure that all reconciliations and inspections are completed prior to confirming the period closure. Note that only authorized accounting personnel have access to make any changes to a period in status 8.

  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application. The current accounting period will now be listed with status 8.

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  2. Highlight the period and press ENTER.

  3. When you have completed the period closure procedure, press F12 to open the action menu and choose the option Close period in PAR (St=9).

It can not be done any changes to this period anymore.

Import the ingoing balances

Note! Before importing the ingoing balances, make sure that the annual result has been posted in period 20xx14.

Import the ingoing balances
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Open the period 20xx00 in PAR.

  3. Click on the folder IB 20xx.

  4. Click on the + icons to import the balances.

  5. Make sure that the total amount summed in the lower right corner is 0,- If it is not, a possible reason can be that the annual result has not been posted before importing the IB.

  6. Inspect the import:

    1. Highlight the relevant import.

    2. Press F12 to open the action menu and choose the option Report: Ingoing Bal. vs Outgoing.

    3. Identify and handle possible deviations.

  7. Close period 00 in accordance with the standard procedure for period closure.

Reverse the ingoing balances
  1. To open the Period Account Register (PAR) application, find Finance in the RamBase menu and then General ledger. Click Accounting periods to enter the PAR application.

  2. Open the period 20xx00 in PAR.

  3. Click on the folder IB 20xx.

  4. Highlight one of the lines presenting the imported the balances.

  5. Press F12 to open the action menu and choose the option Reverse Ingoing Balance.

  6. To update the General ledger with new IB, follow the procedure for importing the ingoing balances.