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Consolidated accounts - opening balance transfer - Apps8, Apps10

  • 16 February 2024
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Dear Community, 

 

We have a process related question / issue which belongs to IFS Apps8 and IFS Apps10. 

I tried to find answer in different places but unfortunately we are stuck, so I hope you have any idea. 

We had the following process in IFS Apps8 and we continue to doing this in Apps10, but it looks - currently it is not working neither in Apps8 nor in Apps10: 

 

We transfer the subsidiary’s opening balances to e.g.: 2024 period 0 from COMP1(subsidiary) company to GROUP (parent) company.

During the transfer, it looks the balances are transferring, but there is no amounts for year 2024 period 0 (opening balances)  in GROUP company in GL Balance Analysis window.

Process:

  1. Create the Subsidiary Consolidation in company: COMP1 for year-per: 2024-0 in Financials - Consolidation\Consolidated Accounts\Subsidiary Consolidations window
  2. switch company to GROUP. 
  3. Check the new line Financials - Consolidation\Consolidated Accounts\Parent Consolidations in company GROUP
  4. on the new line (Company: COMP1, year-per 2024-0): RMB/Details… : we can see the transferred opening balances (RMB/View/Modify Accumulated Balances is empty which is ok)
  5. on the line: RMB/Update Opening Balances
  6. on the line: RMB/View/Modify Accumulated Balances : we can see the opening balances
  7. Financials\General Ledger\GL Balance Analysis in GROUP company for Year-Per: 2024-0, but that is completely empty. 

Do you have idea, which step is missing to have the opening balances in GROUP company for 2024-0.

(We have no voucher for opening balances - period 0 - so we can’t transfer anything form hold table). 

 

Thank you very much in advance for any idea. 

Kind regards, 

Balazs

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Best answer by Adam Bereda 17 February 2024, 18:04

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A
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Userlevel 7
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Hello,
Consolidation of opening balances is needed for initialization of currency adjustments functionality (used in case accounting currency of child company is different than mother one), it does not create C voucher in GL of mother company.

Period 0 balances in GL Analysis window are created only by GL Year end process (Preliminary or final).
Is the period 0 of 2024 the first one you ever consolidate the  COMP1 to parent GROUP? 
If you did consolidation in 2023, balances are there already in Group GL and all you need is to close 2023, you do not need to create GL voucher from consolidation for period 0, it would double the GL figures in mother.

Regards, Adam
B
Rank
Userlevel 1
Badge +6

Hello,
Consolidation of opening balances is needed for initialization of currency adjustments functionality (used in case accounting currency of child company is different than mother one), it does not create C voucher in GL of mother company.

Period 0 balances in GL Analysis window are created only by GL Year end process (Preliminary or final).
Is the period 0 of 2024 the first one you ever consolidate the  COMP1 to parent GROUP? 
If you did consolidation in 2023, balances are there already in Group GL and all you need is to close 2023, you do not need to create GL voucher from consolidation for period 0, it would double the GL figures in mother.

Thank you very much Adam! 

Yes, this was the issue. Business didn’t perform the preliminary year end step. 

(But then we face an other issue, but I found the answer here: https://community.ifs.com/ifs-applications-239/what-causes-the-error-the-accounting-balance-object-already-exists-when-executing-preliminary-year-end-9478)

 

Thank you again!

Regards, 

Balazs

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