Datasets - an overview
The accounting industry is able to work with a myriad of different accounting systems because of the common system of double-entry bookkeeping. Reportance leverages this concept and uses the trial balance as the common language with which to communicate between all different systems.
A 'Dataset' in Reportance is simply a trial balance from a particular accounting file or source for a particular date range. For this reason, when setting up a dataset, we need to know two things:
1) The date range of the trial balance
2) The source of data for the trial balance
Reportance will also ask you to name this trial balance, so you can easily reference this in other areas such as Reporting or Workpapers. We suggest using a naming convention that gives you enough information to uniquely identify the trial balance within a given entity. For example, an entity where you have one accounting file and say a budget, you might name the trial balances something like:
2020 Actual
2021 Budget
2021 Actual
2022 Budget
Another entity might run multiple business divisions or stores through different accounting files, so you might use the following descriptions:
2020 Actual - Melbourne Store
2020 Actual - Sydney Store
2020 Actual - Consolidated (for the consolidation of the two stores)
2021 Budget - Melbourne Store
Creating a new dataset
To create a new dataset click on Open next to the relevant entity in the Client screen. You will be taken to the entity's file where you can click on the New Dataset button.
The following fields are required to be entered when creating a new dataset:
| Field | Detail | Validation |
|---|---|---|
| Name | A field which makes identifying the dataset easy. See above for examples. | Required |
| Start Date | The beginning date for the dataset (i.e. trial balance). | Required |
| End Date | The end date for the dataset (i.e. trial balance). | Required |
| Source* | The source is where the data are coming from (i.e. MYOB, Xero). To add a new source select the source from the drop-down menu. If no source exists yet follow the knowledge article Datasets - Manage Sources. | Required |
| Reporting Frequency (only shown after selecting a source) | This identifies the interval that data are imported into the system. This enables journals and reporting to be done at different intervals. | Required Three options: Annual Quarterly Monthly |
| Roll over opening balance (checkbox) | This will automatically post opening balance journal entries into a dataset. This is useful when starting a new compliance year. It is not required if using opening balances from the client's live file. | |
| Opening Balance Dataset (only shown after selecting a source) | This is the dataset which opening balance journal entries will be imported from. | Required if 'Roll over opening balance' field is ticked |
* a source cannot be changed after it has been added to a dataset
Note: After completing the form it is necessary to click on the Load Data button. This will 'fetch' the data from the source using the dates and import frequency specified. A date will appear in the Load Data button to show that the data have actually been loaded.
Finally, select Save Dataset.
Once a Dataset has been saved more sections become available; Journals, Balances, and Other Info. For information on these topics see the following knowledge articles:
Datasets - Balances - Trial Balance
Datasets - Balances - Tax Forms
Datasets - Other Info - Distributions
Datasets - Other Info - Primary Production
Editing and deleting a dataset
To edit a dataset, navigate to the Datasets screen of the entity file and select the dataset to be edited. This will open the dataset at the information tab. The only properties that can be edited are the Name and Import Frequency.
To delete a dataset, select Delete from the bottom left.
WARNING: Deleting a dataset cannot be undone. Be extremely careful when deleting datasets.
Next article: Datasets - Manage Sources