Topics started by andrei.borromeo

42 Topics

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

9
A
Do Gooder (Customer)
2 hours ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

POC Current Period

HelloTo test Manual POC, 5% was inputted and revenue recognition was rerun. It now shows 5% in the POC Current Period column of the Revenue Recognition Project Log. I am unsure though which amounts underly this 5% (ie. which amounts in the revenue recognition project log is involved to calculate this 5%?). Additionally, I see 14,988.747 of Calculated  Revenue Recognized Accumulated but I cannot figure out how that was calculated. I would appreciate it if someone could advise. I am trying to understand how the 5% and 14,988.747 are being calculated and which amounts are being used for such numbers. I have attached an Excel output file for this. Any help would be much appreciated.     

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

Parent bills customer on behalf of Subsidiary

Hello. We have a situation where our subsidiary will do project work and earn all the revenue and assume all costs but we would like the parent to bill the customer on behalf of the subsidiary. I would appreciate it if someone could advise on the best way to set this up? Any help would be much appreciated.

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

POC Manual Method

Hello. Does anyone have an idea of how to use the POC Method Manual in the financial project of IFS? According to the help description for Manual: “The POC is based on a value manually entered by the user. The method cannot be used by Planning Projects, IFS/Project”. Where or how exactly is this value entered? Would appreciate any help.  

0
A
Do Gooder (Customer)
6 days ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Drop ship orders

Hello everyone. I am hoping someone can advise on how we can deal with the situation below. Parent received an order for $100 . Billing will be done solely by parent utilizing advanced invoices as determined by a billing schedule per the order agreement. Subsidiary will work on the order and deliver to the customer on behalf of parent. Of the $100, the parent will recognize $20 in revenue with no costs, and the subsidiary will recognize $80 in revenue with planned cost of $40. Over the life of the project in the subsidiary, it recognizes revenue based on POC. The parent will recognize revenue based on the subsidiary’s POC. When the subsidiary finishes the project and delivers the item to the customer, it will then invoice the parent for $80. Revenue is recognized each month via revenue recognition.In terms of setting this up, my thought is:Parent creates customer order for $100. A manual POC project is created with planned revenue of $20 and no planned costs. Subsidiary creates a custo

0
A
Do Gooder (Customer)
8 days ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Manual POC

Hello.  I wanted to ask if anyone has ever heard of or implements “manual POC” . We have run into a situation and have heard that “manual POC” may be something that could help. Unfortunately I haven’t been able to get more information on this, so I was hoping someone has an idea about it.

3
A
Do Gooder (Customer)
9 days ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Getting Started with IFS

Change date on an interim voucher

Hello. We have an interim voucher whereby the reversal is currently in the hold table and has not been posted yet. We would like to change the date of this reversal so that it posts to a different period. Is there any way to do this? Any help would be much appreciated.

2
H
Do Gooder (Partner)
4 months ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Getting Started with IFS

Change dates in a period

We currently have the following valid from and valid until dates in this period:  There is transaction in the hold table dated 11/26/2023 that has not been posted yet, coming from an interim voucher. We would like to change the valid until date to 12/21/2023 (and also change the valid from date for the next period to 12/22/2023), but when we try to do so, we get this message:  Is there any way at all to change the dates? We really need to be able to do so. Any help would be much appreciated.

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

Consolidating if subsidiaries have different valid from and to dates for the period

HelloAssuming the following scenario: Period 1 of Subsidiary 1 has valid from and valid to dates of 11/26/2023 to 12/30/2023Period 1 of Subsidiary 2 has valid from and valid to dates of 11/26/2023 to 12/21/2023Period 1 of the Parent has valid from and valid to dates of 11/26/2023 to 12/30/2023 Would it still be possible to consolidate both subsidiaries for period 1 to the parent even if the subsidiaries have different valid from and to dates?

1
M
Do Gooder (Employee)
5 months ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

Running Lease Periodic Accounting for Periods Already Closed

Hello. Is it possible to run periodic lease accounting for periods already closed? For example, assume period 1 to 11, 2023 is already closed. We want to implement operating lease accounting in IFS. The lease contract has payments at the beginning of each period. First payment occurred at the beginning of period 1. All payments have been made already for period 1 to 11. We want to enter the full lease contract in IFS, generate the amortization schedule, then create the recognition posting for the ROU asset and lease liability and have it post at the beginning of period 12. Then we want to run lease payable accounting and periodic lease accounting for P01-P11 and post to beginning of period 12. Is this possible even if period 1-11 is already closed? Would appreciate any input/insight. Thank you.

2
A
Do Gooder (Customer)
6 months ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

MPL Vouchers are Unbalanced

Hello. We have 4 MPL transactions below that are unbalanced. This is the first time we’ve seen this and we don’t even know why it is unbalanced and why IFS allowed it to be unbalanced. I cannot modify it to force it to be balanced.  Does anyone know what can be done to fix this? Any ideas/suggestions would be much appreciated.    

1
P
Hero (Employee)
6 months ago
A
Do Gooder (Customer)
andrei.borromeoDo Gooder (Customer)
asked in Finance (Financials)

CD Invoice cannot be posted

We have a CD invoice in a Printed state with invioce date 1/25/2023. Unfortunately, the period for this date is now closed and this invoice hasn’t been posted. Is there a way to get this invoice to post in the current period?  I would appreciate any help on this.    

3
T
Superhero (Employee)
8 months 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)

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)

Small balance remaining after consolidation

When we consolidate, a small balance remains on the parent’s account even if the subsidiary account balance is zero. This seems to be caused by the exchange rate and possibly the decimal places used. For example: Account 1456 in company CCIBU (base currency CAD) had a balance of CAD 2,001 at the end of Period 2. When this was consolidated to parent company CCICN (base currency USD) at the exchange rate of 1.239130, the balance in CCI is USD 1,564.01. In Period 3, this balance in CCIBU was cleared by a CAD (2,001) transaction, so at the end of Period 3 its balance is CAD 0.00 .  But when consolidated to CCICN at the exchange rate of 1.26465, IFS books USD (1,564.02) against the balance and USD 18.24 to a currency translation account. So in Period 3, there is a remaining balance of USD 1,564.01 - USD 1,564.02 = (0.01) . The balance should be zero instead.  So it seems like in the course of converting amounts when consolidating, IFS is missing small amounts when it clears balances. In the

0
A
Do Gooder (Customer)
1 year 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)

MARCRS Depreciation with Switching

Hello. In our previous fixed asset software (SAGE), it had a MACRS depreciation method with automatic switching to straight line when optimal. Is there something similar in IFS Fixed Assets? Below is one of the default MACRS depreciation methods in IFS. Is it possible to modify this so that it automatically switches to straight line when it is optimal (ie. when depreciation under straight line becomes larger than under declining balance)?  Below is an example what we would like to achieve. Is there a depreciation method available in IFS that would depreciate like below?   I would appreciate any help on this. Thank you.

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

Depreciation Proposal Posting Error (Tax Book)

Hello. I recently created a Tax book for depreciating assets for tax purposes. This isn’t supposed to post anything into the GL. I am testing on the object below:  I created a depreciation proposal for this object:  Below are the proposal details. Depreciation starts from 11/25/2017 (its acquisition date) to 1/29/2022 which is Depreciation Period 4 as specified above. After authorizing the proposal, I tried to post the proposal but I am getting this message:  Would someone be able to advise on what this means and possible solutions? I would like to post so that I can run reports on the tax book to determine the depreciation for tax purposes. I would appreciate any insight/suggestions. Thank you.

1
A
Hero (Employee)
1 year 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
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)

Depreciation Method MACRS with 168(k) Bonus Allowance

Hello We have US assets that will required MACRS depreciation that includes a 168(k) Allowance % of 50%. For example, we have this asset with a 168(k) allowance % of 50% and a depreciable % of 200. Is there a depreciation method from the existing ones below that would be appropriate to use ? Or if there is none, how could one be set up? When I look at some of these methods I do not see a field where I can specify a 168(k) allowance %.   Would appreciate any input and assistance on this.  

0
A
Do Gooder (Customer)
1 year ago
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)

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)

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)

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

Badges

Show all badges
Terms & ConditionsCookie settings