Nandni Makhija

Enhancement to the feature Awareness between ledger settlement and year-end close

Issue: If we are using ledger settlement and above feature retrospectively we are facing an issue related to same. Since the ledger settlement page does not allow to post the cross year settlements in the system and it throws an error that we need to select the same fiscal year. This type of the cross year settled transactions are generated and are related to AP or AR transactions which is a standard process followed in the business.

Solution:

To identify whether the settled transactions are done through the ledger settlement functionality when reviewing the cross year settlement page, we can add a flag indicating if the customers has generated this transactions using the ledger settlement functionality or not. This will allow customers to implement ledger settlement functionality retrospectively by not reversing the cross year settled transactions.

Additionally to the above process we can have a field indicating date when the ledger settlement functionality and advanced awareness options parameters was turned on and also history related to when the toggles were set to No.(As provided in the budget control configuration change history. Path: Budgeting > Setup > Budget control > Budget control configuration)

Ability to define the settlement ID number sequence to be used in the ledger settlement functionality and advanced awareness option.

Example: We are currently using 10.0.41 version and wanted to use the ledger settlement functionality and advanced awareness option retrospectively. For example for the year 2020 we wanted to use both the features and there were cross year settled transactions which we did not want to reverse the transactions as those transactions were related to AP or AR module. Hence, we were not able to use the functionality in the system.

Conclusion:

By implementing these changes, customers will be able to effectively leverage the ledger settlement functionality without disrupting their historical transactions or requiring reversals, even for cross-year settled AP/AR transactions. This solution will improve operational efficiency and ensure that the system supports both new and legacy business processes.