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Financial System Processing with Management Reporting
Financial System Processing with Management Reporting
When using various features or requesting reports in a management reporting system, you may be asked to specify a reporting class. However, most of the processing necessary to maintain the two sets of books will be handled through the use of new logical files that distinguish between managerial, fiscal, and common accounts/transactions.
Posting
When posting accounting transactions to the General Ledger, fiscal accounting transactions update the Fiscal Retained Earnings Account, managerial accounting transactions update the Managerial Retained Earnings Account, and common accounting transactions update both the Fiscal and Managerial Retained Earnings Accounts.
The summary sections at the end of the General Ledger Post Report show the totals for both fiscal and managerial transactions. Common transactions are included in both fiscal and managerial totals.
Adjustment journals may also be entered for fiscal, managerial, or common accounts. The Fiscal and Managerial Retained Earnings Accounts will be updated appropriately.
Suspense Processing
Only one suspense account is used by the system, and it must be defined with a common reporting class. This account may be used on any journal - fiscal, managerial, or common.
When posting is done to the General Ledger, the appropriate suspense transactions are posted to the corresponding retained earnings account: fiscal suspense transactions to the fiscal retained earnings account, managerial suspense transactions to the managerial retained earnings account; and common suspense transactions to both retained earnings accounts.
Fiscal, management, and common suspense totals are also displayed on the General Ledger Post Summary reports.
Revaluation Processing
When you choose the report only option on the General Ledger Currency Revaluation Screen, you may enter a reporting class for the revaluation. If you choose the post option, the reporting class must be blank.
When posting, up to three journals will be created for the three reporting classes (only one if not using management reporting). Also, transactions will be posted to the three types of unrealized exchange gain/loss accounts defined on Reference File category 131.
The revaluation report will show the reporting class of each account processed during revaluation.
General Ledger Reporting
When you set up your financial statements, you may define different balance sheet and income statement layouts for fiscal and managerial accounts. In the Financial Statement Title File Maintenance conversation, you must enter a reporting class on the Report Heading Screen. The figure below shows a sample of this screen with the reporting class highlighted.
WILLIAMS GENERAL LEDGER 12/22/92
DSP01 FINANCIAL STATEMENT TITLE FILE MAINTENANCE REPORT HEADING
ENTER
Report Group Company/Location 001 BRU
Center Report Type B
Line No 1 Reporting Class C
Heading Description
ANDERSEN SOFTWARE - BRUSSELS
1 1 2 3 4 5 6 6
0 0 0 0 0 0 6
7 8 9 0 1 2 3
0 0 0 0 0 0 0
F2=Command F3=Exit F4=Prompt F8=Line Desc
F10=Search F19=Mass Maint
|
Report Heading Screen - Financial Statement Title File Maintenance
When you request financial statements, you must specify whether the fiscal or managerial statements are to be printed. Fiscal statements will print fiscal and common statement titles, and will process fiscal and common accounting transactions. Managerial statements will print managerial and common statement titles, and will process managerial and common accounting transactions