Currently open item management exists for the sub ledgers of Accounts Receivable, Accounts Payable and Bank Accounts. Extend this functionality to the General Ledger Balance Sheet Accounts. Open item management for Balance Sheet accounts (e.g. accrual, prepayment accounts etc) will provide online reconciliation and clearing of transactional entries than span current and multiple financial years.

Not all G/L Balance Sheets Accounts will require open item management therefore to limit any system overhead that may be caused with the introduction of this functionality and to maintain system integrity the rules will be:

a. Creating a new balance sheet account with not default with open item management.

b. A user must select the open management attribute when creating a new balance sheet account.

c. Once a balance sheet account has been setup with open item management and has transactional entries then the account attribute “Income/Balance” setting cannot be changed from “Balance Sheet” to “Income Statement”.

d. A general ledger account that is an income statement account cannot be setup with open item management.

e. An existing Balance Sheet Account with financial transaction/s cannot be setup with open item management.

f. The balance sheet control accounts for accounts receivable, accounts payable and bank will require to be setup with open item management and the above rules will apply.

This functionality is available in other ERP systems e.g. SAP.