Enter Opening Balance is to key in the opening amount for the starting period (served as balance b/f for current year/period ledgers).
Enter Last Year Figure is to key in the closing amount for the last accounting year (will be displayed as last year's figure in financial reports);
You only need to key in each once when you start using UBSACC. The figures will be auto-updated after the year-end process.
When keying in Enter Last Year Figure, for example, for the year ended 31 Dec 2021, we take the amount of Balance C/F as at 31 Dec 2021 for all ledger accounts (all balance sheet accounts and income/expenses accounts), BUT for retained earnings, the amount of Balance B/F as at 01 Jan 2022 should be adopted.
When Last year's Figure is missing, reports will be affected. Make sure that the information is available before you generate those reports.