Hi. We need to export a customized trial balance that follows a prescribed format. Opening Balance as of Current Year | Postings in Current Period | Postings YTD | Current Balance.
Assume standard calendar year
For Opening Balance as of Current Year:
We're using Trial Balance: Amount > Last Fiscal Period for the Opening Balance of current year. It pulls the aggregated, Life-to-Date account balance as of the end of December. For P&L accounts, we want to start these as of Jan 1 as $0.00; i.e. not the 'true' balance of the account, because we understand the consolidation to retained earnings is not journalized activity, but the 'conceptual' balance, had the expense been flushed to income summary and reset for the current year.
Question 1: Can/how can we have the Opening Balance for P&L accounts report as $0?
For Postings YTD:
We're using a formula to calculate the x-y of Current Balance and Opening Balance
Because the Opening balances do not account for the end-of-year Income Summary placeholder allocation to RE, but the Current Balance does reflect it, the calculation result is including the income summary placeholder non-activity activity
For example:
What we're getting:
Account | OpeningBalance | PostingsinCurrentPeriod | PostingsYTD | CurrentBalance |
|---|
Operating Expense 1 | 20000.00 | 5.00 | -19990.00 | 10.00 |
What we need:
Account | OpeningBalance | PostinginCurrentPeriod | PostingsYTD | CurrentBalance |
|---|
Operating Expense 1 | 0.00 | 5.00 | 10.00 | 10.00 |
Question 2: If we cannot pull 'adjusted' Opening Balances as of Jan 1 which reflect the reset to $0 (income summary placeholder activity; understanding this is not actual general ledger activity), is there a more effective way to pull or calculate YTD activity (Postings YTD) in a way that is not dependent on the Opening Balances?
Many thanks in advance
