It’s Time For A Mock-tale! 2429

It’s Time For A Mock-tale!

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As I said in my last blog, I’ve been around Blackbaud and Financial Edge for a while. I’ve heard the same questions from all different areas of the company. And yet, every once in a while I get hit with a question that makes me say, “Gee, I haven’t heard that one in a while!” 

Recently, I was asked, “Which reports in Financial Edge perform a mock close?” I’m going to share some of my Financial Edge acumen, and give you some tools to address this uncommon question—whether it’s on your mind today or five years down the road. 

First, let me explain why some reports perform a mock close. Here’s the gist. Mock close is a term used to describe the rollover of equity (net surplus/deficit) into the fund balance accounts, for reporting purposes only. This event does NOT create a journal entry; it is merely a representation of revenue-less-expense on reports. 

You might be thinking, “So, which reports are impacted by a mock close?” That’s where this blog is heading ...

As a general rule, any report that requires an up-to-date equity balance performs the mock close. The most prominent of those reports are the Balance Sheet and Statement of Financial Position. The mock close for these reports is for both the current year (as of the report date) and the previous year. All other financial statements (income statements, FASB statements) and Project Activity reports will mock close as of the report date. The Trial Balance mock closes last year’s Net Surplus/Deficit (NSD) for the fund balance accounts designated as closing accounts (on the fund record), as of the first of the fiscal year.

Those are a few key reports that perform the mock close. For more information, consult this Knowledgebase article.

And if you take pride in being the resource everyone counts on for “all things Financial Edge,” here are some great resources that will help you answer just about any question tossed your way!
  • If you’re looking to improve your financial reporting prowess, you might consider signing up for Financial Edge: Building Financial Reports for Specific Audiences (this class is included with your Learn More subscription)
  • If you’re thinking you need a refresher on financial statements, consider attending an upcoming session of Blackbaud University’s instructor-led class, General Ledger: Financial Statements (this class is included with your Learn More subscription)
  • For a quick refresher on financial statements and Visual Chart Organizers (VCOs), try the Financial Edge: Basics of General Ledger eLearning lesson, and select to view only the Visual Chart Organizer and Financial Statements sections (this class is available with any Learn® training subscription)
Not a Learn subscriber? Consider the benefits of ongoing product training and talk to us today about how you can increase your Financial Edge knowledge and efficiency!
 
News ARCHIVED | Financial Edge® Tips and Tricks 06/28/2016 1:51pm EDT

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