I’m doing a model for a school, which starts its fiscal year in July. So, I’m at Month 2 (August), and I want the Opening Balance to be equal to the closing balance of the previous month. I’ve tried this:
Opening Balance = Closing Balance[PREV], skip July
Month2:Opening Balance = Closing Balance[PREV]
I also tried eliminating the Opening Balance and just doing it this way:
Closing Balance[THIS] = Closing Balance[PREV] + Income – (‘One-Time Costs’ + Employee + Expenses), skip July
None of these worked. I kept getting “Recurrance keywords can only be applied to Categories or Groups.”
Month2:Opening Balance=July:Closing Balance
. . . but it doesn’t then repeat when I copy the month
What am I doing wrong?
Hello TPB – Thanks for posting your question.
If I write it out your formula in words, it sounds like you are trying say that the PREVious months closing balance equals THIS months opening balance.
You want to use the THIS and PREV recursion formula statements for your Month category, and then call the items after the ‘:’, so you formula should be something like this:
Month[THIS]:Opening Balance = Month[PREV]:Closing balance
‘Month’ being the name of the category that contains the month items.
Hope this helps!