Hi Colleagues,
We have a peculiar request where the Month End has to be done in 2 Days,
Do we have an option to do Month Ends with 2 Dates without Using General Ledger and Internal Ledger and identify the Transactions Separately?
Appreciate your Suggesstion/Recommendation and Solution
Thank You
Best Regards
Ramessh Kanna
Hi,
I think month-end is usually time-consuming process and may start earlier than last day of calendar month in various companies.
IFS customer I am working currently for is doing quarterly reporting only, starting around 20th of the last month of quarter (this is the day AP and AR subledger books are closed - since that date all invoices and payments are registered with voucher date in the future - first day of next month). Estimated missing transactions for several last days of the month are accrued by manual vouchers (reversed next month), and regular month-end processing happens (revenue recognition, revaluation, consolidation) so final month-end reports are ready on the 1st day of next month. Currency revaluation is executed as a last step - once final closing rates are known.
It is fine for statutory requirements to have accruals instead of actual transactions, as long as the accruals are accurate enough - and indirect taxes are reported from tax ledger using calendar months (following invoice/payment date for AR and voucher date for AP - it means some of the AP invoices are deducted in tax reporting with one month delay, which is fine as well; in case of significant impact tax liability date can be manually adjusted in tax ledger anyway).
Summarizing - solution used here is not fully automated, relies on closing period for selected user groups at specific days (e.g. 20th for AP and AR, 22nd for treasury team, 25th for cost accounting and accruals), while actual accounting period is defined as calendar month still.
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