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Some improvements to get a suitable year-end Closing process:
1. Voucher number entry
In the whole system, voucher numbers are created from a number sequence. This is a pretty good way of doing it. Why do we need to enter in a number manually here? This seems a bit odd.
2. Transfer balance sheet transactions
Balance sheet transactions may be treated differently based on what the dimension is for. We should have the possibility to
a. keep and close all
b. ignore the financial dimensions from postings and (i.) define either blank or (ii.) fixed value for all account entries from the year
3. Transfer profit and loss dimensions
HERE the specific setting per single dimension - which is indeed rather needed for balance sheet accounts - should be hardly applied. It could be dismissed.
Instead, a currency conversion into the accounting currency is required. There is no company in the world having foreign currency in the retained earnings! - Correct me if I am wrong
1. Voucher number entry
In the whole system, voucher numbers are created from a number sequence. This is a pretty good way of doing it. Why do we need to enter in a number manually here? This seems a bit odd.
2. Transfer balance sheet transactions
Balance sheet transactions may be treated differently based on what the dimension is for. We should have the possibility to
a. keep and close all
b. ignore the financial dimensions from postings and (i.) define either blank or (ii.) fixed value for all account entries from the year
3. Transfer profit and loss dimensions
HERE the specific setting per single dimension - which is indeed rather needed for balance sheet accounts - should be hardly applied. It could be dismissed.
Instead, a currency conversion into the accounting currency is required. There is no company in the world having foreign currency in the retained earnings! - Correct me if I am wrong
STATUS DETAILS
Completed
Administrator on 1/4/2023 12:49:32 PM
Most of this product suggestion has been delivered, with parts of it not changing.
1 - There are no plans to change how the voucher number is assigned for the YEC. Customers like the flexibility, and often include things such as the fiscal year itself in the number. That isn't easy with the default number sequence and therefore we don't plan to change this functionality.
2 - The ability to define the level of detail for Balance sheet accounts has been delivered with the YEC microservice feature. This feature must first be installed through LCS, and then the feature must be enabled in Feature management. The feature is called "Optimize year-end close." This feature is GA for 10.0.31 but has been backported to .29 and .30 releases.
3 - Customers often use the dimension settings on the P&L accounts to define which dimensions, and at what detail, they want to track for the Retained earnings accounts. That will not be removed. Customers can choose to use it, or not by always keeping the dimension detail (which isn't always recommended). For the gain/losses, customers are again in control of this through the GL Foreign currency revaluation feature. Customers can choose to reverse the FCR right before the YEC so the gain/loss isn't transferred to RE. Again, that's flexibility to our customers to meet their requirements.