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Hi everyone,

My customer wants to implement 2 charts of accounts in IFS Cloud

  1. One will be the Group chart of account (GCOA)
  2. The second will be the local COA by country (LCOA)
  3. A transcodification table between GCOA and   LCOA will be put in place with a 1 to 1 approach and set via code string completion (A to B and B to A)

As far as i know,

  1. all financials standard queries and reports within IFS Cloud can be  reported based on code part A 
  2. some can also be extracted based on code part B but not all 

 

My question is : Is there an existing table of all standard financials Queries and Reports available in IFS Cloud that shows this provision ?  

 

 

 

Many thanks for your help and happy Friday,

 

Eric

Eric-

 

Have you thought about setting up a company per country (to capture localizations) and then utilize the consolidation feature?

 

Best-  Christy

Hi Christy, 

Group consolidation is not part of the scope of this project unfortunately. 

 

Best

 

Eric

Hi, Eric,

I think solution you are describing is standard one for multi-national, multi-company groups. I am used to a solution where group common accounting standards (e.g. IAS or US GAAP) are supported by chart of account on code part A and General Ledger, and Statutory (local) standards by some other code part and Internal ledger. It is possible to have opposite solution as well (common in IL, local in GL), it depends on the way your organization is reporting internally - it makes sense if consolidation, internal elimination etc. are performed externally and you need a small set of supporting reports for internal reporting purpose. 
Anyway, to fulfill statutory requirements, you do not need normally a huge set of reports. In older versions of IFS I was using Business Analytics or Report Generator to build them (for code part element used for LCOA it would be useful to create attributes indicating account type and account group) - they usually were variations of trial balance (balance sheet, year result etc.). I am not very familiar with new reporting tool available in Cloud, Business Reporter, but I suspect it have similar capabilities.
 

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