What is opening balance in SAP EPM-FC - SAP BusinessObjects Financial Consolidation?

SAP Term: opening balance

• Component: EPM-FC

• Component Name: SAP BusinessObjects Financial Consolidation

• Description: The closing amounts from the previous data entry period that were carried forward to the opening package. These amounts are selected in the preconsolidated and consolidated data sources.

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• Key Concepts: 
  Opening balance is a term used in SAP BusinessObjects Financial Consolidation (EPM-FC) to refer to the initial balance of an account at the start of a period. It is the sum of all transactions that occurred in the previous period and is used to calculate the current period's balance. 
  
  How to use it: 
  In order to use opening balance, you must first enter the initial balance of an account into the system. This can be done by entering the total amount of transactions that occurred in the previous period. Once this is done, the opening balance will be automatically calculated and used to calculate the current period's balance. 
  
  Tips & Tricks: 
  It is important to ensure that all transactions from the previous period are accurately entered into the system in order for the opening balance to be correctly calculated. Additionally, it is important to double-check that all transactions are entered correctly in order to avoid any discrepancies in the opening balance. 
  
  Related Information: 
  For more information on opening balance and how it is used in SAP BusinessObjects Financial Consolidation (EPM-FC), please refer to SAP's official documentation on the topic. Additionally, there are many online resources available that provide further information and tutorials on using opening balance in EPM-FC.