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Question

Accounting Journal to meet Italian Law Requirements

  • 24 July 2023
  • 4 replies
  • 157 views

Hi everybody,

 

Does anyone has experience with the Accounting Journals definition to meet the Italian Law requirements (Libro Giornale)?

Customer needs to have all the GL transactions, sort by registration date, but here in IFS I see I need to choose the vouchers that I want to be included.

Should I select all of them or some need to be excluded? I do not have so much experience with the Italian Law and I expected to fine this report in the ones particular for Italian Localization but as I could not find it, I suppose I have to define it.

 

4 replies

T
Rank
Userlevel 7
Badge +18

Hi, 

 

The Italian localization / Italian Laws are pretty sophisticated.   Typically, I would reach out to IFS Italy / consultants from that office.    

Other counties the local solution is not nearly as unique.  

 

Best regards, 

Thomas

J
Rank
Userlevel 1
Badge +1

Hi Violeta,

We are also facing issues related to the Libro Giornale, IFS does not fit the legal requirements that are absolutely not new.

Attached the Business Requirements that we provided to IFS as a request for change of the IFS fonctionnality used to process the Libro Giornale.

To summarize, sequence number (assigned when IFS PGM runs) must be assigned based on the entry date and booking date, what is not the case today, so 2 vouchers in the same booking period are not given the sequence in the right order, depending on the entry date, today the earlier  entry date has not always the lower sequence number. Example in the attached file is described.

Then the Libro Giornale is sorted per sequence number and then this does not give the right order related to the time line in the LIbro Giornale.

 

1 Attachment
R
Rank
Badge +1

Hello Jboudeau; 
Did you get a solution to this requirement?
We have the same problem.
If not, I would appreciate it if you could tell me how you have solved it.
Thanks a lot

 

Hi Violeta,

We are also facing issues related to the Libro Giornale, IFS does not fit the legal requirements that are absolutely not new.

Attached the Business Requirements that we provided to IFS as a request for change of the IFS fonctionnality used to process the Libro Giornale.

To summarize, sequence number (assigned when IFS PGM runs) must be assigned based on the entry date and booking date, what is not the case today, so 2 vouchers in the same booking period are not given the sequence in the right order, depending on the entry date, today the earlier  entry date has not always the lower sequence number. Example in the attached file is described.

Then the Libro Giornale is sorted per sequence number and then this does not give the right order related to the time line in the LIbro Giornale.

 

 

J
Rank
Userlevel 1
Badge +1

Hi RMARTINEZ,

After many discussions with the local users and PWC Italian auditors, it appears that the legal requirement is based on the voucher/booking date only, and this is the only required and mandatory date that must appear on the Libro Giornale. Then no matter for 2 vouchers with the same voucher date/booking date wich sequence number there are assigned when the Libro Giornale is run. There is no need to assign the sequence numbers in the chronological order of the system date/entry date within to vouchers booked at the same voucher/booking date. Anyway there is no knowledge of the rule of sequence number assignement within the same voucher/accounting date, but again what is expected is that the sequence number must be assigned based on the voucher/booking date and the voucher with the lower voucher/booking date must be assigned  with the lower sequence number within 2 vouchers with 2 different voucher/booking dates.

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