FY Balance Details

The Fiscal Year Balance Details (BBALFY) page provides a way to view balances at a more detailed level than the other balance pages of ITD Balance Sheet Summary and ITD Balance Sheet Detail. This page contains Fiscal Year in addition to Fund, Sub Fund, BSA, and Sub BSA chart of accounts elements. An important piece of information that this page has that the two ITD pages do not have is the Beginning Balance. Records that match on the four COA are automatically connected as the ‘ending’ Balance of the prior year record is used to set the Beginning Balance of the current year record so that most records give you an anticipated Beginning Balance if an Annual Close were to occur today. While this is not the case with accounts like Fund Balance, that are updated as part of Annual Close, it is true for most accounts.

When closing a year, the resulting entries from the close ensure that the Debit Amount equals the Credit Amount, resulting in a Balance value of $0.00 for that year being closed. This is true for all accounts linked to posting codes that are rolled. Those left in the old year and not acted upon by the Annual Close process do not necessarily balance to zero. When the Balance amount goes to $0.00 for the closing year, the Beginning Balance amount for the subsequent year is automatically set to $0.00.

To allow users to continue to use the inquiry page to see beginning and ending balances after a close, the page has two new hidden (tertiary) fields and there is a batch process to update them before a year is closed. After making the fields for Opening Balance and Closing Balance visible, the Fiscal Year Balance Annual Update process is run after all adjusting entries have been made and prior to the Annual Close.  In the event more adjustments were made after running the process and before closing, the process can be run again. The key is that it must be run before Annual Close sets the two amounts to $0.00 as described above.

• Opening Balance: An amount to represent the ‘opening’ amount in the current year as rolled forward with Annual Close from the prior year, as the existing Beginning Balance amount is calculated as $0.00 after a close.

• Closing Balance: An amount to capture the ‘closing’ balance of the prior year, as the existing Balance amount is calculated as $0.00 after a close.

For accounts that are updated and not just rolled during Annual Close, like Fund Balance, Agency Due, Retained Earnings, Net Assets, and where the Chart of Account Crosswalk feature is used to change one or more of the four COA, there is a System Maintenance Utility update required to take the balances for these accounts as found in Accounting Period 0 of the current year and update the Opening Balance of the current year records. Updates to the Closing Balance are optional for all but the records changed with a Chart of Account Crosswalk.