We use transaction based parallel currency where accounting currency is in GBP and parallel currency is in USD. Currency rates for both accounting and parallel currency are updated monthly. In this scenario, transaction and accounting currency are the same (GBP). When posting receipt of goods in Month1, Inventory is debited and GRNI is credited. In Month2, the supplier invoice debits GRNI and credits AP, however, the GRNI amount in parallel currency is different due to a new currency rate, thus the amount in the GRNI account is not fully reversed in parallel currency. What is the recommended solution to manage these balances when this can potentially affect thousands of transactions? A gross month-end adjustment? There is concern this creates another set of books to reconcile every month, adding more work for the users.
Hello, Is there any documentation about how to use Statistical Accounts? They are a system defined account type but there is no Help info or any guidance on what they are best used for. Any suggestions or info on best practices on how to use them? We are considering using these as accounts that do not affect the balancing of the BS. For example, for a posting control for project time reporting for costing. There will already be payroll entries for actual labor costs and the time reporting would be informational only.
Hello,In IFS Apps 10, when the customer makes an Advance payment, the advance is applied to the subsequent invoices to pay them in full until the advance is fully consumed. We need to be able to apply a portion or percentage of the advance to the subsequent invoices.For example, an advance payment is made on an advance invoice for $100, the subsequent invoice for delivered goods is $100, we would need to apply $50 from the advance and the customer would be responsible for the remaining $50. The same is done on the next invoice. Instead, IFS applies the full $100 advance to the first invoice. We looked at trying to do this in the Installments window but there is no option to apply a portion of the advance to the invoice.
Hi,We are using the ISO20022 payment format with BOFA in the U.S. and will require ability to send supplier payment instructions to the bank for ACH, Wire and Check payments in the pain 001.001.03 format. We are on Apps 10 Updt 13. I have successfully configured and tested the CHK pmt method in the supplier basic data, however, I cannot find the link to instruct IFS to provide the next check number from Payment Document Series.The required XML tag is <ChqNb> but I cannot get the system to generate this check number.Does anyone have guidance on this topic?Thanks,VC
Once transfer of reporting entity balances is done, is it true that one cannot go back and change the Reporting Entity Reporting Currency Base? We initially started using the Accounting Currency as a base, but determined we wanted to use Parallel Currency instead. When I tried to make the change, the system gave an error that Reported Balances exist and the change could not be made. Is there a solution for this? This is in Apps 10 UPD 7.
When transferring an Inventory item to Company Rental Asset using the RMB on the Inventory Part in Stock screen, the system requires posting control M259 for Pre Posting to the FA Object ID. However, this was not in place when the initial transfer from Company Owned to Company Rental Asset occurred. How do we fix the transaction record to add the FA Object ID to the transaction line? It is stuck in Inventory Transaction History and we will not be able to close the books until we can resolve. I have a similar error when we pre posted with a FA object with the wrong status. A recommended solution would be appreciated.
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