Help centre / Balance sheet

Every balance sheet account,
proved and reviewed.

Financial Close Management › Balance sheet: each account on your trial balance matched or supported, reviewed and, where you want, approved.

01 / Trial balances

One trial balance a month.

Financial Close Management › Trial balances brings the trial balance in from your connected accounting system, one month or a range of up to 24, or from a file. Switch on the automatic monthly pull there; admins are told if it fails.
Your systems can also send it: by email to your statement address with “Trial balance” and the month in the subject, or through the API.
There is one trial balance per month, dated at the month end. A new one replaces the old, and an account signed off for that month reopens if its balance changed or it is no longer on it.
From Odoo and NetSuite you choose the company or subsidiary. Income and expenses are this financial year’s, read from your system, with earlier years in retained earnings.

02 / Match or Support

In an account’s Set up, choose Match to reconcile it line by line on the same matching screen as a bank account: its debits against its credits (clearing, suspense and control accounts), or its ledger lines against another record of the same balance, such as a lender’s statement, another group company’s ledger, a subledger listing or the payroll report.
The ledger lines come from a file, from your connected system by the account’s code, through the API, or by email with “GL”, the account code and the month in the subject.
Or choose a Support type: a schedule, a subledger, an amortisation schedule, a zero balance or a written explanation. Add reconciling items for anything that explains a difference.
With Financial Close Management on, clearing accounts live here, with their history.

03 / Classes

The preparer classes each open item: Supported, Timing (with the date it should clear), Adjustment due to the balance sheet or to the P&L, or Exposure to the balance sheet or to the P&L. Brillrec never chooses or changes a class; it only flags a Timing item past its date.
Anything not classed, and any difference left unexplained, counts as an exposure to the P&L. Each account shows its class summary on its row and at the top of its reconciliation.
An adjustment due prepares its correcting journal in Journals, for approval; the item clears once the journal is posted.

04 / Review and approval

Each account has an owner who prepares it and a reviewer; an approver can be added as a third person. A reconciliation sent back carries the reason and what needs changing.
Each account’s profile holds what it is for, the steps to reconcile it, its usual clearing period and its sign-off tolerance.

05 / Action plans and the exposure report

An account needs an action plan when its adjustments due and exposures pass your threshold, or an exposure is older than its usual clearing period. The plan says what will be done, by whom and by when, and carries forward until it is closed.
An account can’t be signed off while its plan is missing or overdue for an update.
Financial Close Management › Exposure report lists every adjustment due and exposure item by item, the accounts needing a plan first. It exports to Excel, and you can ask an item’s preparer, or anyone else, for commentary. Bank reconciliations’ open items are counted too.

Keep reading

Compare a trial balance with the month before and last year, and explain what moved.

Checklists for each period, with owners, reviewers and due dates, including tax and statutory deadlines.

Prepare, approve and post or export the entries that clear your reconciling items.

Still stuck?

Email hello@brillrec.com with what you were doing and what you saw, and we will help.