Set Up Basic Data Accounting Rules
When starting to use IFS Applications, the
activities in the Set Up Basic Accounting Rules process model must be modified according
to the requirements from the company using the system. The activities in the
Define System Basics main process must have been performed before the activities in the Set Up Basic
Data Accounting Rules process are checked/modified. The former main process also includes
the creation of a company. Creating a company also creates basic data affecting other
modules in IFS Applications. Several posting types and control types are created, as
well as basic data for the code string, rules, and user data.
Note: It is very important to check and modify the default data before the system is
put into operation!
The Set Up Basic Data Accounting Rules process model
contains activities for the following basic data:
- User Information. The activities for user information concerns
information on the users who will work on the various components in
IFS Applications. The system can handle several
user groups per company. Enter information on the user groups before using the system. A
user group with the identity AC is created automatically when a new company is created. A
user must be linked to at least one user group before the user can start using the system.
The system allows the user to use several companies at once. A user can have access to
several companies, but each user must be linked to a default company. The default company
is automatically displayed when you start IFS Financials.
- Voucher Type Information. The voucher type information is used when
financial transactions are created in the various components in IFS Applications. When a
new company is created, the system automatically creates function groups, voucher types,
and voucher number series.
- Accounting Calendar Information. The accounting
calendar consists of a main calendar and calendars for
each user group.
- Code String Information. When starting
to use IFS Applications, the code string information must be modified/completed, i.e.,
information on the code parts, code parts values and the functions connected to the code
string. The code string information is used when financial transactions are created in the
various components in IFS Applications.
- Rules. All products in IFS Applications use the same set of rules
to create and validate accounting transactions. The set of rules includes information
about posting controls, code string completion, and combination rules.
- Payment Terms. If IFS/Invoice and IFS/Payment are installed, the
Payment
Terms and the Payment Term windows are used to enter and view details of payment terms. Enter
payment terms when entering information on customers and suppliers. When entering
invoices, the user can change any default payment terms shown for either customer or
supplier. There is at least one installment connected to each payment term. They are used to create installment plans for invoices.
- Currency Information. All products in IFS Applications use the
information in the Currencies folder in IFS/Accounting Rules. Use the windows in the
folder to enter information about how the company will use currency codes, currency rates,
and currency rate types. A currency rate type is a list of
currencies and allows the user to assign different exchange rates to a currency. For
example, there can be one currency rate type for supplier invoices and another for
customer invoices.
- Fee Code Information. Depending on the component, a set of codes can be
created automatically at installation. When IFS/Invoice is installed, a set of
tax codes is created. Tax codes are used when entering information on customers and suppliers
or when entering invoices with mandatory tax reporting requirements.
Default Data in IFS/Accounting Rules
Default data is created in a company for the component IFS/Accounting Rules
when creating a company These default data depend on the company template used
when creating the company. It is important to check and modify this data before
the system goes live.