I have a quick question on the amortisation/prepayment process in IFS.
Take this scenario, we pay a supplier for something in period 1 for $1,00,000 and then we wanted a recurring journal to amortise the costs over 5 years, we have been told that this requires the accounting periods to be open or something similar to be able to do this?
Does anyone know how you might set up recurring journals or similar, or can you point me in the right direction of any documentation that might help?
Thanks,
David
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Hi @david.harmer
I believe your requirement is to create a one single Supplier Invoice and allocate the cost among different periods. If so, your term in IFS is Period Allocation. This function is an extension in the Manual Supplier Invoice window, where the User has the ability to apportion the common costs evenly or based on user-defined allocation percentages. It will create “X” voucher for each period.
You can create a single Supplier Invoice for complete payment and enter the posting information. Then save the invoice and it will go to the posted status. (Note: Make sure you have set the Automatic Payment Authorization to NO) Then RMB on the posting line & select Period Allocation, this will open a dialog box where you can define the allocation period & Allocation method (Even, Proportional or Mixed)
Once these information are defined you can click on Distribute button and application will create and display the allocation list. Then update the I voucher (Preliminary Voucher) to the GL using Update GL Vouchers process. This will also create and update the Period Allocation voucher.
Note : You need to define GP2 posting control to get the relevant Account details (Pre Payment Account) for Period Allocation voucher.
Hope this will help!
Regards,
Akila
@AkilaR thanks so much for your response. Really appreciate it. Great use of the community. I hope someone else gets the benefit of this! Thank you. David.
Hi @david.harmer
I m glad if I able to help with your concern. Is this the solution you looked for or have I misread your issue.
