Update Opening Balances

Explanation

Use this activity to update opening balances of the subsidiary to the parent's View/ Modify Accumulated Balances. In each accounting year, this activity should be performed before making the currency adjustment for period one.

Prerequisites

The subsidiary must have consolidated the balances for period 00. In Parent Consolidations, there must be a checkmark in the Balance Transferred box  for the   period 00 of the subsidiary.

System Effects

As a result of the activity, opening balances of the subsidiary are updated to View/ Modify Accumulated Balances. In both Parent Consolidations and Subsidiary Consolidations, the Balance Consolidated box for period 00 is marked automatically. This activity enables the parent company to do the currency adjustment for the subsidiary.

The transfer can be reversed via the Rollback Opening Balances operation in Parent Consolidations.

Window

Parent Consolidations

Related Window Descriptions

Parent Consolidations / Subsidiary Consolidations

Procedure

Use the following procedure to start the balance consolidation. The subsidiary and the parent company must use the same database.

1. Make sure that you are in the parent company.
2. Select Parent Consolidations and select the line containing a check mark in the Balance Transferred box for period 00.
3. Select the Update Opening Balances operation. Information with regard to this activity will be shown in a dialog box. No data can be modified. It can be either confirmed or cancelled by using OK or Cancel buttons, respectively.