WHAT IS A BALANCE SHEET ITEM?
A balance sheet item is a free-form identifier that can contain numbers and letters. These items can be used to track open balances of various account items and using these items makes balance sheet itemization easier. The Search open balance sheet items search finds all the items used on the selected account and calculates their open balance. Balance sheet items can be enabled in the Usage settings in Management > Company info > Usage settings > Balance sheet item on accounting page.
After enabling this feature, the Balance sheet item field is visible on the accounting page and the bank statement posting defaults. The balance sheet items are administered in the Balance sheet item register.
BALANCE SHEET ITEM REGISTER
The Balance sheet item register (Management > Accounting info > Balance sheet item register) aims to help the use and managing of the balance sheet items. Users can create new balance sheet item identifiers, and rename, remove, or passivize existing identifiers. The Balance sheet item register is visible in the Accounting info menu even if the balancer sheet item identifiers have not been enabled on the accounting pages.
BALANCE SHEET ITEM REGISTER VIEW
Balance sheet item register columns
- Freeform, can contain numbers and letters.
- Unneeded balance sheet items can be made passive by unchecking this box
- Usage quantity
- If the balance sheet item has been used, it can no longer be removed.
- Additional information
- Freeform field for additional information
- Creator, creation time, modifier, modification time
- This information is recorded when changes are saved
- Older balance sheet items that have been created before the balance sheet item register release date do not contain creator or creation time.
CREATING A BALANCE SHEET ITEM
New balance sheet item is created with the New item button. The new item name must be unique and are not case sensitive. Capitalized and non-capitalized variations of the same item name will be considered as one item. When an item is renamed, the new name will also be updated to closed tracking periods and financial years. This makes it possible to correct and erroneous balance sheet item name.
IMPORT BALANCE SHEET ITEMS WITH CSV FILE
It is possible to import balance sheet items into the balance sheet item register with a CSV file.
The import is done with the Import button. You can also select a template file from the drop-down menu of the button, which users can use as template for bringing balance sheet times to register.
Validations for import:
- Name can’t exist already in the register
- Mark "€" can not be used
- Name’s max length is 255 character
- Import file’s max number of balance sheet items are 100
- Import file must be in csv format
PASSIVIZING AND REMOVING A BALANCE SHEET ITEM
Balance sheet items can be removed only is it has never been used and has not been added to bank statement posting defaults. In other cases, balance sheet items can be passivized instead of removing them. Passivized balance sheet items will not be shown in the balance sheet item drop-down menu on the accounting pages. Passivized balance sheet items cannot be selected to postings.
BALANCE SHEET ITEM DROP-DOWN MENU
The balance sheet item drop-down menu helps to select the correct balance sheet item. Selecting a balance sheet item from the list reduces possible errors in item names.
The drop-down menu has two options: Popular and All
- Popular category contains all the most often used balance sheet items, and regularly used items can be easily selected from here.
- All category contains all the balance sheet items.
SELECTING AN ITEM
You can either start typing the name of the item in the field and select the desired item from the list, open the drop-down menu and select the item directly from the list, or type the item name in its entirety in the field.
NEW BALANCE SHEET ITEM
New balance sheet items can be created and saved in the balance sheet item register. Please note that items created by other users can take up to 10 minutes to update on the view due to the database saving cycle. The accounting pages show up to 20 000 items, and the bank statement default postings show up to 5 000 items.
PASSIVIZING AND REMOVING AN ITEM
Items can be passivized and removed in the balance sheet item register (Management > Accounting info > Balance sheet item register).
Possibility to passivate multiple balance sheet items at the same time.
The balance sheet item register and drop-down menu are also available in group accounting.
RECOMMENDATION NOTE FOR BALANCE SHEET ITEMS
Is possible to add a recommendation to remember to use balance sheet items in accounting views and in ledger entry tool view. Only new environment with new chart of accounts and environments which has migrated to use new chart of accounts has access to Chart of accounts (new) view.
Recommendation needs to set on in two places:
- Management > Company info > Usage settings > Balance sheet item on accounting page > Show recommendation note for balance sheet items
- Management > Accounting info > Chart of accounts (new) > Balance sheet accounts settings > Balance sheet item usage recommendation
Balance sheet item in Balance sheet itemisation
- Balance sheet item has its own column in the Balance sheet itemisation view. The column shows the balance sheet item separately after manual or automatic itemisation
- Balance sheet item is shown separately with actions: Search open balance sheet items, Search transactions and with Bring previous balance itemisation
- After performing Bring previous balance itemisation action for given account, all transactions from previous financial year are brought with filled Balance sheet item column if previous transactions had Balance sheet item assigned
- If Combine rows action has been performed, new combined row doesn’t have Balance sheet item field filled in
Balance sheet item as search criteria
Only new environment with new chart of accounts and environments which has migrated to use new chart of accounts has access to Chart of accounts (new) view.
Balance sheet item as search criteria can be found on Accounting report (new) (Accounting > Accounting reports (new) > General ledger > More options)
Balance sheet items in transactions
Three different quick filter in dropdown
- Transactions for accounts with recommendation
- Transactions with balance sheet items
- Transactions without recommended items
Balance sheet items
- Search for certain balance sheet item(s)
Notice regarding balance sheet items on journals created by the accrual tool:
During summer 2021 a change was made to the way that balance sheet items are added to the journals created with the accrual tool.
In Procountor at Management > Company info > Usage settings it is possible to determine whether balance sheet items are used or not. This setting can be made by adding a marker to the option "Show balance sheet item identifier information on the accounting page".
Previously, if this option was not chosen, journals created by the accrual tool would still feature balance sheet items. These would not be visible to the user but would be hidden in the journals' information nevertheless. The balance sheet item would feature the original receipt type and number where the accrual was made. Since the balance sheet item was in the journal's information, even though the user could not see it, also balance sheet itemisation could be made to these journals by using the Search open balance sheet items option on the Balance sheet itemisation page.
Currently in order for the balance sheet items to be formed to the journals created by the accrual tool, the setting "Show balance sheet item identifier information on the accounting page" must be chosen active. If it not, then no balance sheet items will not be formed to the journals' information. If there is no balance sheet items on the journal, the Search open balance sheet items option cannot be utilized on the Balance sheet itemisation page. Other options can be utilized normally, such as Search transactions.