How To: Import Accrual and Prepaid Actuals for Balance Sheet from Integrations

How To: Import Accrual and Prepaid Actuals for Balance Sheet from Integrations

Situation

Forecast 5 Income & Cost records that are accruals/prepayments and separately invoiced records create a balance sheet data entry field linked to the P&L record but there is no Balance sheet GL Code from which to import the balance each month.

The general ledger financials do not separate these so we have no way of importing them based on the GL Code as it does not exist in the general ledger or Forecast 5.
E.g. a normal sale of an asset will most likely be in the debtors control.

You either need to manually create new records in the other assets and liabilities linked to the GL Code (Except Xero as Xero GL code is not used but an index)

Or manually update the accruals and prepayment entries in balance sheet.


For example
The P&L has a record "Holiday provision" is an accrual record.
In each month, an amount is accrued to the P&L e.g. 1000
The Balance Sheet may hold a Holiday Provision record or it might just be in accruals.

Suggested solution

If you have GL Balance sheet code “Holiday Provision“ then create a separate record in the other assets and liabilities section of the balance sheet and enter the GL Code (1)

​When you import actuals, this record will be populated with the value from the balance sheet.

 

 1)  In Xero, the GL code is a hidden index field and is held in a different field in Forecast 5 so you can not add new GL codes into records as they will not be connected. You will need to redo the import mapping.



    • Related Articles

    • Why are there two opening entries for an Accrued / Prepaid record in the opening balance sheet?

      The reason is that the accrual or provision has an opening balance, i.e. we have an opening balance of a prepaid record called Insurance of $100, and at the same time, the latest invoice may be in the opening balance sheet waiting for payment. So we ...

    • Cannot Import from Clipboard in Actuals or Opening Balances

      Issue: I have exported my actual figures to Excel using "Export to Clipboard", have made changes in Excel and copied the excel figures to my clipboard but now the Import option is not available. Cause: If you forecast name is entirely made up of ...

    • My Balance Sheet is out of balance / my reports are wrong

      Issue: My balance sheet is out of balance or my reports are not showing the correct figures. This can also be for consolidations. Cause: Sometimes this can occur with the calculations have not been properly refreshed. Solution: 1. Under Utilities, ...

    • PAYE is causing an out of balance

      Issue: My balance sheet is not balancing due to my PAYE. Cause: This can be caused when the first data month has been changed from any period except the first, to another period, after the figures have been entered and the PAYE figures get stuck. ...

    • Cashflow: Closing Bank Balance vs Calculated Bank Balance

      Having completed the budget cycle, it is valuable to be able to monitor performance against the budget. Forecast 5 allows you to do this through either integration to common financial packages (refer your reseller) or entry or import in the actuals ...