What Pension Opening Balances Are
Pension Opening Balances are starting pension values imported when a company begins using BoviHR after pension contributions already exist.
This is usually an onboarding or support task.
Practical Example
A company starts using BoviHR in July but employees already had pension balances from January to June. Support imports opening balances so employee pension statements include the earlier values.
When To Use This
Use opening balances when:
- A company is migrating to BoviHR.
- Pension records existed before BoviHR payroll.
- Employee pension statements need starting balances.
Common Mistakes
- Importing opening balances as regular current-period contributions.
- Missing employee IDs.
- Importing balances twice.
- Not reconciling imported totals to the previous system.
Related Articles
- Pension Contributions
- Payroll Onboarding Data Imports
- Employee Payroll Overview