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Beginning of the year
At the start of a new accounting year, it is essential to ensure that the opening balances of securities and related account are correctly set. If you are continuing from a previous year, the program will automatically carry over key values such as quantities, prices, and account balances. However, if you need to add new securities, you must manually enter their initial values and ensure that the total matches the related account balances.
Add a new security
To manually add a new security at the beginning of the year in your accounting, you need to enter its initial values in the Items table.
- Initial Quantity: Enter the initial quantity of the security in the QuantityBegin column.
- Initial Price: Enter the initial unit price of the security in the UnitPriceBegin column.
The beginning value of the security (and its value in the base currency if using multi-currency accounting) is automatically calculated based on these values.
When adding a new security, you must also manually update the opening balance of the account it is assigned to. If multiple securities use the same account, the sum of their opening values must match the opening balance of the account.
Like in the following examples, where we have two shares, both uses the Shares CHF account, that means the sum of their values must match the opening balance of the Shares CHF account.
You can see in the following image of the Account table that the begin amounts in the Items table correctly match with the opening balance of the account.
To ensure accuracy, use the Check balances extension to verify that the total opening value of the securities matches the opening balance of the associated account. In the example, everything match so we have no differences.
Creation of a new year
When you create a new year using the create a new year command, the program automatically carries over the current values of each security:
- Current Quantity: The QuantityCurrent column is automatically updated based on transactions throughout the year.
- Current Price: Enter the closing price of the security in the UnitPriceCurrent column.
In the new accounting year, these values automatically become the opening values, appearing in the Initial Quantity and Initial Price columns in the Items table.
The program also automatically retrieves the account balance from the previous year and sets it as the opening balance for the current year. For more details, see Update Opening Balances.
To ensure consistency, use the Check balances extension to verify that the total opening value of the securities matches the opening balance of the associated account.
End of the Year
At the end of the year, when you create a new accounting year, as explained in the previous section, the program automatically carries over the current values of each security in the Items table.
Verify Adjustments Before Closing the Year
Before closing the year, make sure that all necessary adjustments have been correctly recorded. This is particularly important because the price entered in the UnitPriceCurrent column will serve as the new weighted average (WAC) reference price for the following year. Any missing or incorrect adjustments could lead to inconsistencies in the valuation of securities in the new accounting period.
To verify accuracy, use the Check Balances extension to ensure that:
- The total current value of the securities matches the balance of the associated account.
- The UnitPriceCurrent reflects the correct adjusted price before transitioning to the new year.
To ensure consistency, use the Check balances extension to verify that the total opening value of the securities matches the opening balance of the associated account.