Hi,
How can we explain “logical account type” and its’ use in IFS Cloud.
Many Thanks
Lakna
Solved
Logical Account Type
Best answer by TimeMarBou
Hello,
For IFS system defined the Logical Account Types are:
- Assets
- Liabilities
- Revenues
- Cost
- Statistics
- Statistics-Opening Balance
So, IFS allows you to create your own Account Types, but you need the “IFS Translation” always to one of the previous six for the control of behaviour.
For example, I can have two different Cost Account Types (COST-DIRECT, COST-INDIRECT) for my business and reporting… But for IFS, they are a Logical Account Type = Cost.
Regards.
+9Hello,
For IFS system defined the Logical Account Types are:
- Assets
- Liabilities
- Revenues
- Cost
- Statistics
- Statistics-Opening Balance
So, IFS allows you to create your own Account Types, but you need the “IFS Translation” always to one of the previous six for the control of behaviour.
For example, I can have two different Cost Account Types (COST-DIRECT, COST-INDIRECT) for my business and reporting… But for IFS, they are a Logical Account Type = Cost.
Regards.
Hi,
Logical Account Types are the System Identifier of the Type of Account (simply through this the System understands whether the Account is Asset, Liability, Revenue or Cost). When we create Account Type, we basically inform the system to which Account Type it belongs to. Keeping this record the system derives action,
- when we do Year End Process (mainly)
- Project and Activity Sequence Capture for Cost and Revenue Accounts Etc
Thank You
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