Topics started by andrei.borromeo

43 Topics

A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Revenue Recognition

Hello.  We set up the project below, with only 1 activity, where planned revenue is 100K and planned cost is 70K so that planned margin is 30%. Actual cost is 85K all of which was booked in one period. We set the financial project to a Project Type of Capitalize Rev/Exp and Revenue Recognition Method of POC Revenue First.   When we run revenue recognition, it recognizes revenue of 100K and cost of only 70K even if actual cost is 85K. In this overbudget scenario, we would like to recognize revenue of 100K (ie. the planned revenue) and cost of 85K (ie. the actual revenue).   However, in an underbudget scenario (let’s assume planned revenue is 100K, planned cost is 70K and actual cost is 65K), we would like the cost recognized to be 65K (ie. actual cost) and revenue recognized to be 92,857.14 (ie. the revenue needed so that the planned margin of 30% is achieved). I would appreciate any thoughts on how we could achieve this. The IFS version we are using is Apps 9 U13. Is there a particular

5
A
Hero (Customer)
1 year ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Adding to an FA Object Through PO Receipt

Hello, I am hoping someone can assist or shed light on an issue I am struggling with: I created an FA Object then successfully set its acquisition value ($1,000) through a PO and subsequent PO receipt. I then activated the object. I then increased its value by $10 via a supplier invoice but with no PO. After posting the invoice, I activated this additional investment via the Add Investment - Progress window. Now I would like to increase its value by $100, but this time via a PO receipt. So I entered a PO, assigned it the same FA Object ID, then received, ran transfers and updated the GL. However, when looking at my Distribution and Manufacturing Postings Analysis, I get this error:  “You have specified an object with wrong status.”  This suggests that the object shouldn’t be in a non Active state for the postings to go through. So I tried to deactivate the object, but get an error message: “There are active transactions that needs to be rolled back before deactivating the object.” This

2
Shehan Almeida
Superhero (Employee)
3 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Assign FA Object on Purchase Order

Hello. When a PO is created and a no part order line is entered, is it possible to assign a FA object to this line so that when it is received into the system, the FA object is activated and the acquisition value is set?  I would appreciate assistance/thoughts on this. Thank you.

4
Shehan Almeida
Superhero (Employee)
3 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Adding Custom Field in External File Template

Hello. I have an external file template to upload objects:      We recently created 3 custom fields in the Object window, highlighted below. Now I would like to add these to the external file template, but I am unsure on how to do so. I would appreciate any assistance on this.  Thank you.   

5
Dhananga Jayatilake
Hero (Employee)
3 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Unable to Rollback Posted Depreciation

Hello.  I posted a depreciation proposal with posting date 4/3/2021 .  But when I try to rollback the posted depreciation, I get the below error:  I am not sure why I need to rollback any transactions for this object since the depreciation posting was the most recent transaction. All other transactions for this object were posted before the depreciation.  Any help or guidance on this would be much appreciated. Thank you.

6
Shehan Almeida
Superhero (Employee)
2 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Depreciation Method for Remaining Value over Remaining Life

Hello.  I created the asset below and imported an acquisition value of $2,409.15 and an accumulated depreciation of $2,179.69, so it’s remaining value is $229.46 . It has 8 months of life remaining. Is there a depreciation method that is already in IFS that can be used to depreciate the remaining value over the remaining 8 months of its life? And if so, how can it be set up in the Books tab of the object? Any assistance would be much appreciated.   

4
A
Hero (Customer)
2 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Depreciation Proposal Error

Hello.  When I try to create a depreciation proposal, I get the error below.  Would anyone kindly advise what this error means? Would be much appreciated.  

7
A
Hero (Customer)
2 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Post Import Object Transactions Error

When I try to post imported object transactions, I receive the following error. Does anyone have an idea of what might be causing this? Would appreciate any help. Thank you.   

3
V
Hero (Employee)
3 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Field Not Populating in Import Object After Upload of Object

Hello.I have the following template to upload an object.    I used this template to upload this object, UPLOADOBJ6 :   The template has fields for Acquisition Value and Acquisition Value in Parallel Currency, which I filled out. My understanding is that this same template would also upload these values to the two highlighted fields below under Import Object. However, it did not go through when I did the upload. Does anyone know have an idea of what might be causing this? Any help would be much appreciated.  Thank you.  

4
MadushaDissanayake
Superhero (Employee)
3 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Reverse Shipment

We have a shipment that we would like to reverse so that we can change the price on the customer order. Would this be possible? Any help would be much appreciated.  

3
Ozgun BAL
Sidekick (Customer)
1 year ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Upload FA Objects

Hello. I would appreciate guidance on how to upload fixed asset objects. Is this possible and is there a template for this?  Thank you.

4
Shehan Almeida
Superhero (Employee)
3 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Multiple match in posting proposal to PO reeipt

Hello. I have a PO with 5 of the same items. These were all received at once. In the posting information section of the posting proposal of the supplier invoice, is it possible to have 5 lines where each line matches to a receipt quantity of 1?   Or should the 5 items be received separately for this to be possible? I would appreciate any assistance/thoughts on this. thanky ou

2
A
Hero (Customer)
3 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Unable to Clear Errors in Revenue Recognition

Hello I have these two errors in revenue recognition:   When I check the project, B25857 for example, the estimated revenue matches in the Project and Financial Project.      But when I recalculate revenue recognition, I get an error that revenue cannot be recognized.  Is there something that I am missing? I would appreciate any assistance on this.  

5
A
Hero (Customer)
2 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Event Date

Hello.Under System Info of the Import Object window, there is ObjectTransactionDate and EventDate (highlighted below). Does anyone know what the difference between these are? I would appreciate any assistance. Thank you.   

1
MadushaDissanayake
Superhero (Employee)
2 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Two Year Closing Periods in a Fiscal Year?

Hello. Our fiscal year 2022 starts in October 2021. At the end of December, there will be a change of owners / acquisition so we would like to do a year close to clear the income statement (Period 1 to Period 3  FY2022) to retained earnings. At the start of January 2022 (Period 4 FY2022), we will manually upload balances under this new ownership. Then at at then of September 2022 (Period 12 FY2022), will do a year close to clear the income statement to retained. So essentially, we would like to do close to mark the ownership change/acquisition then a another close to end the year. As such, we will have two year closings (ie. two year closing periods in FY2022).  Is this possible? I would appreciate any thoughts on this or other alternatives. Thank you.

1
T
Superhero (Employee)
2 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

What is FA_OBJECT_TRANS_VALUE_TYPE ?

Hello. I am testing an upload template to upload Depreciation Data that, if done manually, would have been entered into the Import Object window of an object. I am getting an error that says that an FA_OBJECT_TRANS_VALUE_TYPE is required. Could someone advise on what this is or what field in the IFS window it refers to? Any assistance would be much appreciated. Thank you.    

3
A
Do Gooder (Customer)
3 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Lease Accounting

I have a queston about lease accounting for operating leasing. The IFS documentation online states that “Under Operating Leasing, it is not required to depreciate the ROU Asset.”   So my understanding is an (operating) lease contract needs to be entered via the Lease Accounting window. And that contract should still be connected to an FA object in order to create the recognition posting. And since the documentation says that under operating leasing, depreciation of the ROU asset is not required, then a separate depreciation via Depreciation Proposal is not needed. Only amortization of the ROU Asset via Periodic Lease Accounting should be done. Is this correct?

0
A
Do Gooder (Customer)
1 year ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Fixed Asset Report with Remaining Life

Hello. I am trying to find a fixed asset report in IFS that shows the objects and their remaining (undepreciated) life in years and/or months. Does IFS have something like this? I would appreciate any help. Thank you.

2
Ralph Gericke
Hero (Employee)
9 months ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Revenue Recognition

Hello. I am hoping someone can advise or give some direction on how to handle this situation in IFS. Parent company received an order. Billing for the order will be done by parent and depends on milestones achieved. Parent sets up the customer order. Most of the work will be done by subsidiary. Part of the revenue will be earned by parent. The rest of the revenue will be earned by the subsidiary. Subsidiary sets up an intercompany order (customer is parent) and project. The amount of revenue to be recognized by parent each month depends on the percentage of completion of the project in the subsidiary. Parent will not recognize cost.  Subsidiary recognizes revenue each month based on percentage of completion. Cost recognized is actual cost. After subsidiary completes project, it ships to the customer. It will then bill the parent. For example,Assume the parent received a $100 order.  Parent sets up customer order for $100. Revenue allocated to parent is $20. Revenue allocated to subsidi

10
Lauri
Sidekick (Customer)
4 days ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Automatic External Voucher

Hello Currently, we have some automatic MPL vouchers hitting a non-ledger account (account 1270 Manual WIP) monthly which should be hitting a ledger account (account 1271 WIP) . So we do a manual external voucher to move these transactions to the ledger account . We would like to cut down on this extra manual entry.  Is it possible to write some sort of script in IFS that automatically creates and posts this external voucher to move those transactions that hit the non-ledger account to the ledger account? 

2
Zuha Samsudeen
Hero (Partner)
2 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Why did depreciation stop on an Object?

Hello I have an object / asset , 2021-33 that was activated in October 2021.  In November 2021, a manual entry was entered to adjust the value of the asset.   After this, it stopped depreciating. When we run a depreciation proposal, we get this message in the log:  I would appreciate any help on how to correct this and get the object to depreciate again. Thank you.

3
Ralph Gericke
Hero (Employee)
1 year ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Exclude Certain Series IDs in Supplier Ledger Age Analysis Report

When I run the Supplier Ledger Age Analysis Report, is there a way to exclude the following Series IDs: SUCHECK, SUPOA .   If not, would it be possible to modify the report so that it does not show amounts under these series IDs? Any assistance would be much appreciated.

1
N
Hero (Employee)
2 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Is a Mid Year Hard Close Possible ?

Hello.  Our company will be acquired and so we will need to do a hard close in the middle of our fiscal year.  Then start again under the new ownership.  So for example, our 2022 fiscal year is from October 2021 to September 2022 . Acquisition will finalize at the end of March 2022, so at this point we would like to have a hard close since it is under the old ownership (and as such, we would like to be able to run financial reports etc. for the period/ time span under old ownership) where income items are closed to retained earnings etc.  Then we would like to move all ending balances to the beginning of April 2022 then start anew under the new ownership.   Is this possible to do in IFS?  I would appreciate any advice on how to go about this. Thank you.

3
N
Superhero (Employee)
2 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Start Currency Balance Adjustment

Hello. In Parent Consolidation, there is as an option when right clicking called Start Currency Balance Adjustment. Would anyone be so kind as to explain what this does?  Thank you.   

1
A
Sidekick (Partner)
2 years ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Assets with Depreciation Method MACRS with 168(k) Bonus Allowance

Hello. Is anyone familiar with MACRS depreciation with 168(k) Bonus allowance?We have a number of assets in our old system (we used SAGE Fixed Assets before and have a Tax book there that we use to calculate depreciation for tax purposes) that we would like to move to IFS that use the aforementioned depreciation method. For example, we have this asset with a 168(k) allowance % of 50% and a depreciable % of 200  In the default depreciation methods, I see this the depreciation method below but there doesn’t seem to be a field where you can specify the 168 Allowance %. Is there a way to set up a depreciation method similar to below but with a 168 Allowance % ?  I would appreciate any suggestions or ideas. Thank you.

0
A
Do Gooder (Customer)
1 year ago

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