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One of my customers has a company in the US that uses cash accounting as accounting method. They will use accrual acounting in IFS Cloud but need a report to do cash accounting manually, outside of IFS Cloud.

Do you have a report (or report design) to extract relevant data from IFS Cloud to support cash accounting?

 

Cash accounting is an accounting method where revenues and expenses are recorded when cash is received and paid, respectively. With accrual accounting, income is recognized at the time the revenue is earned and expenses are recorded when liabilities are incurred regardless of when cash is actually received or paid.

Hello ​@12Guide_PaulB 

to support a similar process in one of my project in IFS9, I added a custom field in mixed payment lines with enumeration. The enumeration values are type of cost. Whenever there was a supplier payment the user selected type of payment. In my case, payment orders was not implemented. Supplier payments were entered per line.

Then with a quick report, it was reported to user. 
This may not be best solution but It might give you some idea.

regards

Furkan

Hi, 

My self and coworkers have done countless US clients.   I don’t recall any client that uses the cash accounting method.   I believe one of my clients had a subsidiary that “was” previously using cash method. - The key take away - is the sub was previously using cash method.   For the IFS project, we moved away from that. Cash accounting for a typical US company is unusual, especially for any client big enough to use IFS.  

If this was my client, persuade them to make a better decision. When moving to IFS it would be natural to adapt to more common processes. 

Best regards, 

Thomas

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