Introduction
The debit or credit balance of a ledger account brought forward from the old accounting period to the new accounting period is called opening balance. This will be the first entry in a ledger account at the beginning of an accounting period. The opening balance is being captured based on Department, fund, function etc are based on how system is configured.
If
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an ULB is using another accounting
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system, firstly ULB should close financial statements in that
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system.
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Then closing balance of the accounts should be updated as an opening balance in the
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new application.
Data Table
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Sr No* |
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Financial Year* | Department* |
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Fund Code* |
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Function |
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Code* |
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Major Code
Account Code |
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* |
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Account Head
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Subledger Category | Entity |
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Debit |
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Credit | ||
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1 | 2020-21 | Account Branch |
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Municipal Fund
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Account Central Cell
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Asset
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410 - Fixed Assets
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41010 - Land
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4101010
01 | 000300 | 4101010 | NIL | NIL | 1000000 |
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2 | 2020-21 | Street Light |
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Municipal Fund
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Anti Mosquito Operation
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Liability
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330- Secured Loans
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33010 - Loans from Central Government
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3301010
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NIL
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NIL
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NIL
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2000000
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01 | 202406 | 3301010 | NIL | NIL | 2000000 | ||||
3 | 2020-21 | Street Light | 01 | 202406 | 3401002 | Contractor | MH003 | 1000000 |
Note: Data given in the table is a sample data.
Procedure
Data Definition
Sr No |
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Column Name | Data Type | Data Size | Is Mandatory? | Definition/ Description | |
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1 | Financial Year | Number | 10 | Yes | The Financial year indicates the year for the which the opening balances will be entered for the GL accounts. |
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This can be the opening balance of the year or the date from which the system is going live. | |||||
2 | Department | Text | 250 | Yes | A department indicates to which the GL code is linked, user while entering the opening balance can select a particular department to which amount will be entered. |
3 | Fund |
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Code | Alphanumeric | 50 | Yes | A GL Code can be linked for the validation of the Fund Code, user while entering the opening balance can select a particular |
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fund code to which amount will be entered. | |
4 | Function |
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Code | Alphanumeric | 50 | Yes | A GL Code can be linked for the validation of the Function Code, user while entering the opening balance can select a particular function Code to which amount will be entered. |
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Type: The Type indicates the Liabilities, Assets and Equity which are mapped to each individual GL code. User can easily identify the GL code by this mapping.
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Major Code: The Major Code can be any number of digits, (though NMAM suggest the first 3 digits) of the GL Code to be the Major code, this will help in collating the reports at the Nation level.
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Minor Code: The Minor Code can be any number of digits, the digits are configurable. The Major code will help in collating the reports at the State level. Also State has the flexibility to define the minor codes.
5 | Account Code | Alphanumeric | 50 | Yes | A General Ledger Code (GL Code) is a string of 7 to 9 digit numeric characters assigned to each financial entry in an State/ULB ledger. A GL Code can be assigned to different debit or credit entries to make opening balances. |
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Account Head: The short name for the Ledger Code, wherein users use this account head name while entering the opening balances.
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A detailed GL code to be provided to update the opening balance. | |||||
6 | Subledger Category | Text | 250 | No | The Sub Ledger type indicates if the GL code is linked to a sub ledger account which is contractor, supplier and employee then the user can select the sub ledger type while entering the opening balances. Click SubLedger Category for the master details. |
7 | Entity |
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Alphanumeric | 50 | No | When the Sub Ledger is linked to the individual entity, user can select a entity while entering the opening balances. So when a subledger is “Contractor” then the value here will be “Contractor code”. | |
8 | Credit |
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Number | 50 | No | If the opening balance for a Financial year or a period of a particular GL account is a credit Balance then user need to update the amount under the Credit column. | |
9 | Debit |
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Number | 50 | No | If the opening balance for a Financial year or a period of a particular GL account is a Debit Balance then user need to update the amount under the Debit column. |
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Narration: A shot narration given while entering the opening balance.
Validations
All the fields with * sign are mandatory to be filled in. Without this information, the system configurations cannot be executed.
The format of the GL Code to be 7 to 9 digits numeric and unique no repetitive code should be entered.
The Type Assets and liabilities should be clearly specified.
Attachments
Refer to “Opening Balance Tab” in the uploaded template.
For sample data reference, refer to the uploaded “sample date” file.
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Steps to fill data
Download the data template attached to this page.
Have it open and go through all the headers and understand the meaning of them by referring 'Data Definition' section.
Make sure all the headers, its data type, field size and its definition/ description is understood properly. In case of any doubt, please reach out to the person who has shared this document with you to discuss the same and clear out the doubts.
Identify all the Ledger Codes for which opening balance need to be entered.
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Download both the attached template and to updated all the details as per the above information in the empty template provided. The sample data template can be used as a reference to fill in the data.
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Read through all the information above before updating the template with relevant information.
Start filling the data starting from serial no. and complete a record at once. repeat this exercise till the entire data is filled into a template.
Verify the data once again by going through the checklist and taking care of each and every point mentioned in the checklist.
Checklist
The checklist is a set of activities to be performed once the data is filled into a template to ensure data type, size, and format of data is as per the expectation. These activities have been divided into 2 groups as given below.
Common Checklist
This checklist covers all the activities which are common across the entities.
Sr. No | Checklist Parameter | Example |
|---|---|---|
1 | Make sure that each and every point in this reference list has been taken care of. |
Entity Specific Checklist
This checklist covers the activities which are specific to the entity.
Sr. No. | Activity | Example |
|---|---|---|
1 | The Amount cannot be entered in both the Debit and Credit column for a particular GL code. | Debit:100000 [Allowed] Debit:10000 Credit:10000 [Not Allowed] |
2 | If for a particular account code the data is captured at sub-ledger level then the Sub-ledger and entity should be selected, | Account Head: Security Deposit Subledger Type: Contractor: Entity: Cont003 (Test Contractor) |
Attachments
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