Setup Basic Company Data

Explanation

Use this activity to specify detailed company information. Some of this information is mandatory in order to create a company.

Source/Template or User Defined

Specify the calendar creation method for the company. Depending on the method that you select the fixed asset calendar will also be created identically. If the Source/Template option is selected then the calendar will be created based on an existing company template or company. Else if you want to create the company calendar based on your requirement select the User Defined option.

Use Voucher Number Series Per Period

The Use Voucher Number Series Per Period check box must be selected if the voucher number series should be defined per period. By default, the check box is not selected, which means that the voucher series are defined per year.
You cannot modify this check box value in the Company/Accounting Rules tab. 

Accounting Currency

Accounting currency defines the base currency of the company. All financial transactions will have credit or debit amounts in this currency. The accounting currency must be specified.

Valid From

This signifies the date from which the company and related basic data will be valid. One example is the chart of accounts that will be valid from this date.

Parallel Currency

Optionally, you can specify a currency to serve as a parallel base currency. If specified, all financial transactions will have credit or debit amounts calculated in this currency.

Parallel Currency Base

The currency base used to calculate amounts in parallel currency for the company. If Transaction Currency is selected, parallel currency amounts are calculated based on the currency in which the relevant transactions are carried out. If Accounting Currency is selected, parallel currency amounts are calculated based on the currency entered as the company's accounting currency.

Default Language

Specify the default language for the company. The specified language has no impact on the IFS/Enterprise component but is used by other company related components in IFS Applications if no other language code is available. The value list consists of active ISO languages (see ISO Code Usage). The default language must be specified.

Country

Specify the country for the company. The specified country will be set as the default country for each address entry in the Address tab in the Company window. The country code is also important for functionality related to IFS/Invoicing and IFS/Payment.
The value list consists of active ISO countries (see Application Services/Manager/ISO Code Usage). The country must be specified.

Prerequisites

• The company ID, company name, and whether the company is a template company must have been previously defined.
• The company source, a company template or an existing company, must have been defined. 

System Effects

• The accounting currency specified will be used as the base currency, and postings will create transactions with amounts in this currency. Once specified, it cannot be changed.
• It is important to choose an accurate value of the valid from date since all basic data will be valid from this date.
• If the base currency is not the EUR currency, then currency rates will be handled as follows:

• Currency Rate Type 1 and 2 will be created.
• Currency rates for rate type 1 will be defined and will contain rates for the base currency, with the base currency as reference currency.
• Currency rates for rate type 2 will be defined and will contain rates for the EUR currency, with EUR as the reference currency.

• If the base currency is the EUR currency, then the currency rates will be handled as follows:

• Only currency rate type 2 will be created.
• Currency rates for rate type 2 will be defined and will contain rates for the EUR currency, with EUR as the reference currency.

• If the parallel currency is defined when creating the company, then the currency rates will be handled as follows:

• Currency Rate Type 1, 2 and 3 will be created if the parallel currency base is set to Transaction Currency. Currency Rate Type 3 is created with Rate Type Category Parallel Currency. Currency rates for the rate type 3 will be defined and will contain rates for the parallel currency, with parallel currency as the reference currency.
• Currency Rate Type 1 and 2 will be created if the parallel currency base is set to Accounting Currency.

Window

Create Company Assistant

Related Window Descriptions

Create Company Assistant

Procedure

Source Template

1. Select the Source Template/Company option.
2. The Use Voucher Number Series Per Period check box is used to select whether the company should use voucher number series per period or per year.  
3. Enter the base currency in the Accounting Currency field, i.e., the currency the company will use as the base currency for accounting transactions.
4. Enter the Valid From date for the currency.
5. Enter a Parallel Currency if required.
6. Enter the Parallel Currency Base. This can be either Accounting Currency or Transaction Currency.
7. Select the Default Language.
8. Select the default Country.
9. Click Next.

User Defined

1. Select the User Defined option.
2. Enter the First Accounting Year for your calendar.
3. Enter the starting year and month for the calendar in the Start from Year-Month field.
4. Enter the number of years that you want the calendar to be valid in the Number of Years field.
5. The Use Voucher Number Series Per Period check box is used to select whether the company should use voucher number series per period or per year.  
6. Enter the base currency in the Accounting Currency field, i.e., the currency the company will use as the base currency for accounting transactions.
7. Enter the Valid From date for the currency.
8. Enter a Parallel Currency if required.
9. Enter the Parallel Currency Base. This can be either Accounting Currency or Transaction Currency.
10. Enter the Default Language.
11. Enter default Country.
12. Click Next.