Add opening balances to your budget

Opening balances for your budget are an important part of your balance sheet and cash plan. Your opening balance should be the same as your actuals closing balance from the last day prior to the starting month of your budget plan.

Opening balances can be added by either populating your budget with data from Intacct when you create your budget, re-import balance sheet actuals, or by manually entering the data. For more information, see Create your plan.

When you import actuals from Intacct, the beginning balances appearing in Intacct are re-imported to SIP. This means that if something changed, after re-importing actuals you see the most updated data in SIP.

To manually set your opening balances:

  1. From the Input or Actuals tab, open Budget Settings .

  2. Click on the Opening Balances tab to see a list of your assets, liabilities and equity.

    Opening balances tab in the Settings window.

  3. Enter the opening balances for each budget line and choose the currency from the dropdown list.

    Make sure that the opening balances you add are reconciled, otherwise your data will be inconsistent. Before finalizing your budget, make sure you have all of the data updated from the previous time period.

  4. Click Save.

  5. In the Sheets > Balance Sheet. tab, select the Budget vs. Actuals view to see the actuals amounts that you defined in your budget settings.

    Budget versus actuals view.