Recommended
We recommend setting both compute_opening_balances and compute_retained_earnings to true in your request. This allows Silverfin to automatically compute Opening Balances and Retained Earnings, ensuring data consistency.
Rationale
- Flexibility: Silverfin allows users to adjust financial years and create special book years. With automatic computation, the correct figures are always calculated.
- Accuracy: Users can choose the Retained Earnings account and decide whether it should roll forward. Automatic computation ensures these preferences are accurately reflected.
- Avoiding Duplicates: This setting prevents potential issues with double Opening Balances and Retained Earnings.
Handling Partial Data Push
Q: If we push only a limited number of years instead of all available years, how does Silverfin determine the initial Opening Balance?
A: For partial data pushes, follow these steps:
- First Year: Push the Opening Balance as a regular transaction in the first financial year you're pushing to Silverfin.
- Subsequent Years: Do not send the Opening Balance for any years after the first.
This approach allows Silverfin to establish the correct starting point and maintain accurate calculations for all subsequent years.