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In this article, you will learn how to use the ‘Correct values based upon reclass codes’ template within the working papers. This template helps you check whether all balances are correctly displayed on the appropriate side of the balance sheet based on their RGS allocation codes.


Table of contents

What does the 'Correct values based upon reclass codes' template do?

  • Every general ledger account in Silverfin is linked to an RGS code.
  • This code determines not only the classification of the account, but also on which side of the balance sheet (assets or liabilities) the item should be displayed.
  • The 'Correct values based upon reclass codes' template automatically checks whether each balance aligns with the correct side of the balance sheet.
  • If a negative balance or incorrect presentation is detected, the system performs a correcting entry based on the configured conversion code.
  • This keeps the balance sheet clear and complete.

How does the check using reclass codes work?

For each account or group of accounts, the system checks:

  • what the current balance is,
  • and whether this balance corresponds to the expected side of the balance sheet according to the account code (assets or liabilities).

If this is not the case, adjustment entries are automatically generated to balance the accounts.

These adjustments are displayed in the template so that you can review and confirm them.

What should you pay attention to when using this template?

  • Always verify that the accounts are correctly linked to the appropriate RGS reclass code.
  • Carefully review the proposed correcting entries before confirming them.
  • Keep in mind that a correction may sometimes also be required in a prior financial year, especially when this is the first year the financial statements are being prepared through Silverfin.
Perform this check before closing the financial year to ensure your balance sheet aligns with the official RGS structure and contains no negative items.