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Adjustments -Accounting Period

  • 5 July 2021
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I
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Hello,

 

Is there any possibility in IFS to define an ADJUSTMENTS accounting period?

Most of the business are  having a 13th period  to adjust balances prior to the closing.

 I tried to create such a period (type Ordinary) and I am getting an error:

Date 31-MAR-2022 is already part of another period.

 

Regards,

 

 

 

 

 

 

 

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Best answer by Shehan Almeida 5 July 2021, 19:44

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6 replies

Sachin Vithanage
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Hi @ioana.ionescu ,

Please see the below screenshot. Period Type should be ‘Year Closing’ and the ‘valid from’ and ‘Valid to’ dates should be the last date of the accounting year.

Hope this explanation helps you.

Best Regards,

Sachin

S
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Hi @ioana.ionescu ,

You can create a 13th Period. But you have to use ‘Year Closing’ as ‘Period Type’.

Since you have already included 31 March in the March period (under ‘ordinary’ type), You won’t be allowed to use same period again.

Hope this would be helpful.

Best Regards

Sugandi

Shehan Almeida
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Hi Ioana,

 

You can create year end period as explained by Sachin and Sugandi in previous comments.

 

However, the period 13 or ‘Year Closing’ periods cannot be used for manual vouchers/entries. 

 

Only transactions posted when executing ‘Clear revenue/Cost Balances’ and and final year end will be posted to these year closing and opening periods.

 

Therefore, if you want to post adjustment entries for year end,  You have to use Ordinary type periods only . (Period 12 most likely)

 

You can use new voucher type and a user group for this adjustment entries, which will give you some what control. 

 

Hope this helps.

 

Shehan Almeida.

 

I
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Hello,

 

Thank you all for your answers. Indeed a ‘Year Closing’ Period Type is not helpful for this business scenario. Other ERP systems are having the possibility of defining adjustment periods and I thought maybe there is a way also in IFS. 

I will try to create a new voucher type and see what I can do with that.

 

Thank you!

 

 

 

A
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I am not sure if Shehan is right saying “However, the period 13 or ‘Year Closing’ periods cannot be used for manual vouchers/entries”.

Well, I was using IFS system up to version 8 and it was always possible to create specific manual voucher type, assign its number series to Year End user group and use this user group to book manual adjustments in period 13 (other than regular year end). 

Regards, Adam
Shehan Almeida
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Hi Ioana,

 

Adam is correct. My apologies. I have to correct myself as follows.

 

You cannot use YE voucher type for manual vouchers for period 13.

 

However, you can connect Year End user group to voucher type M and Period 13 (Year Closing) then use that manual voucher to post against period 13.

@Adam Bereda thank you for commenting.

 

Shehan Almeida.

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