Initial Exercises—Management Accounting

Initial Exercises

Purpose: The purpose of these initial exercises is for the instructor to demonstrate how to set up the basic data needed to use the main functionality of IFS/Internal Ledger, which entails:

• Defining an Internal Ledger

• Connecting Users to an Internal Ledger

• Defining Code Parts for Internal Use

• Defining Internal Posting Methods

Define Internal Ledger

Windows:
Define Internal Ledgers

1. Create a new record. 

2. In the Ledger ID field, enter ILT.

3. In the Description field, enter Internal Ledger Training. 

4. Save your changes.

Note: Any user who defines an internal ledger automatically becomes a user in that ledger. Also, the first internal ledger that the user defines automatically becomes that user's default internal ledger.

Users per Internal Ledger

Windows:
Uses per Internal Ledgers

1. Query for your Internal Ledger, ILT.

2. Create a new record. Enter your user ID, or select an existing user from the List of Values.

3. The Default Ledger check box should be checked.

4. Save your changes. 

Note: You can add users to the internal ledgers as needed, but they must already be defined as Oracle database users.

Internal Code Parts 

Windows:
Internal Code Parts

1. Find  your internal ledger, ILT, and then click OK.

2. Select the Used in IL check box for Code Part B.

3. Save your changes.

Internal Posting Methods

Windows:
Internal Posting Methods

1. Create a new record. 

2. Enter 40% in the Account field.

3. Save your changes.

Note: Company, the Accounting Rules tab, and remove the check in the Method Keep check box.

4. Create another new record.

5. Enter 40% in the Account field. Select Fixed as the method for all included code parts.

6. Save your changes.

7. Select the row, right-click, and then click Details. The Internal Ledger Posting Methods Details window is displayed on the screen.

8. Create a new record, and use the List of Values to specify values for all included code parts. Enter a percentage for each row until the value in the Total Percentage field equals 100%.

9. Save your changes.

Note: The 401% value overrules the 40% value because the account is specified in greater detail. If amount is used as the selection basis in the Internal Ledger Posting Methods Details window, amounts entered will be used as the basis to calculate the percentage for each row.

10. Create a new record.

11. Enter 4021 in the Account field. Select Manual as the method for all included code parts.

12. Save your changes.