| IMPORTANT |
| It is extremely important that you set up and work within your own company to maintain your data integrity. If you work within any other company, your exercises will not function as intended and the data of other students might be affected. Predictable exercise results require that your data is isolated in your own company. |
No basic data set up is required for this exercise. You do not perform these processes until you have processed transactions in IFS Applications for a month. Therefore, you will have set up a company and entered transactions before beginning this exercise.
Purpose: The purpose of this lesson is to show you how to complete processing for a period. If the general ledger and monthly reports are incorrect at the end of an accounting period, the finance or accounting department must correct these problems, even if they are the result of transactions that originated elsewhere. For this reason, this exercise is designed to help you understand where all financial activity is generated and how to correct the problems that may occur, regardless of the module. The End of Period Key Exercise exist of exercises from several components in Financials, Distribution, Manufacturing and Maintenance. You may choose to skip some exercises below if they are not applicable to your company. An example: If you do not report labor or operations on shop orders, you will have nothing to transfer from IFS/Shop Order, and you may choose to skip the Transferring Shop Order Transactions exercise.
Purpose: The purpose of this exercise is to show you how to close an accounting period. Before the end of period transactions occur, the period should be closed to all users except those who are completing the end-of-period processes. Closing ensures that the normal daily operating transactions are entered into the current operating period and prevents them from being entered into the prior period.
Windows:
Accounting Periods
Query for the year in which the consolidation will occur.
Select the line for the period that was just completed. Right-click and then click User Groups per Period.
Change the period status to Closed for all user groups except the group or groups that will be processing end-of-period transactions.
Save your changes.
Purpose: The purpose of this exercise is to ensure that all inventory transactions for a period are included in the period´s balances. These transactions are transferred from IFS/Inventory to the hold table in IFS/Accounting Rules. A voucher for Function Group L is created each time an inventory transfer is processed. When transactions are in error, they cannot be transferred. A common error is that the user is not in a correct user group. Also common are errors in posting control and part setup. These errors must be corrected before the transactions can be transferred. Inventory and non-inventory parts have the same processes, but the transactions occur in different windows. If you have both types of parts, you must go through this process for both each type.
Inventory Windows:
Transfer Inventory Transactions
Non-Inventory Windows:
Transfer Purchase Transactions
Open the window. The default values for the To Date and Site fields are displayed automatically. Change the To date to the last date of the period being closed. Click OK.
Repeat the above step for each site. To change sites, use the List of Values.
For each transfer, a voucher is created in the hold table in IFS Financials.
Repeat this process for both inventory and non-inventory parts.
Purpose: The purpose of this exercise is to ensure that all inventory transactions for the period are transferred to IFS Financials. If you have both inventory and non-inventory parts, you must perform this process in both of the following windows.
Inventory Windows:
Distribution and Manufacturing Posting Analysis
Non-Inventory Windows:
Purchase Transactions History
Open the window. Query for transactions that have not been transferred and are dated on or before the closing date. In the query form, enter "!=Transferred" in the Status field and "<=" along with the ending date of the period in the Dated field. Click OK.
If there are no lines or data, then all inventory transactions were transferred to IFS Financials and you can go on to the next closing process. If you would like to view the transactions that were transferred, query for all transactions within the period.
For inventory parts if there are non-transferred lines for your period, then you need to figure out why the transactions did not transfer. Select the lines, right-click, and then click Query – Inventory Transaction History. When you open the window, the General tab is selected. It displays the part number and the type of transaction.
For non-inventory parts if there are non-transferred lines for your period, then you need to figure out why the transactions did not transfer. Select the lines, right-click, and then click Purchase Transaction History. When you open the window, the General tab is selected. It displays the part description and the type of transaction.
Click the Accounting tab to see the financial details of the transaction.
Note the part number/part description for non-inventory parts), site, and posting types that are in error. You will need this information to correct the errors.
Note: Some zero-cost or no-cost transactions do not transfer. There are four statuses. They are labeled with either descriptions or codes, depending on the query that you are viewing. The table below shows the relationship between the status descriptions and codes.
| Status Description | Status Code |
| Created | 1 |
| Completed (Created) | 2 |
| Transferred | 3 |
| Incorrect Accounting | 99 |
Purpose: The purpose of this exercise is to show you how to correct transactions that have accounting errors so that they can be transferred to IFS Financials. To do this, you may need to repeat the process many times and work in many windows. The main items to check are the part setup and posting control. You may need to check account dates, user group permissions, code string combinations, and other basic data setup. Once the system has been running one to two months, you should see errors only if the basic data has been changed or new parts have been created. If at any point in this exercise you correct an error, then move on to the Rerunning Erroneous Error exercise.
Windows:
Inventory Part
Posting Control
Accounts
Open the Inventory Part window, and query for the part.
View all part data that affects the posting of inventory. If you see an error, fix it, and save your changes. If everything is correct, then continue going through the related setup data.
Open the Posting Control window, and query for the posting type that was in error. If the control type is not Fixed Value, right-click and then click Details.
Verify that all detail lines exist and are correct. Check the validity dates for each line, fix all errors, and save your changes. If everything is correct, then continue with this process.
Open the Accounts window, and query for the account numbers to which the transaction should be posted.
Verify that the dates are correct and that the required code parts are not blocked. Fix any errors, and save your changes.
If everything is correct, then continue going through the related setup data until the error is fixed.
Purpose: The purpose of this exercise is to show you how to generate correct accountings on the inventory and non-inventory transactions.
Windows:
Rerun Erroneous Distribution and Manufacturing Postings
Background Jobs
Open the Distribution and Manufacturing Posting Analysis window.
From the List of Values, select the site where the erroneous transaction occurs.
Click OK.
Continue the process for all sites as required.
Open the Background Jobs window, and populate it. View the lines that have the description Rerun Erroneous Accountings.
Once the status is Ready, repeat the Transfer Inventory Transaction process.
Go back to the Transferring Inventory Transactions exercise, and repeat the steps as necessary until all transactions for the closed period have been transferred to the hold table.
Purpose: The purpose of this exercise is to ensure that all period shop order transactions are included in the period balances.
Windows:
Transfer Processing Transactions
The default values in the To Date and Site fields are displayed automatically in this window. Change the To date so that it is the last date of the period being closed. Click OK.
Repeat step one for each site. To change sites, use the List of Values.
For each transfer, a voucher is created in the hold table in IFS Financials.
Purpose: The purpose of this exercise is to ensure that all period shop order transactions are transferred to IFS Financials and included in the period balances. If you report both labor and operations, you must go through this process in both of the windows listed below.
Windows:
Labor History
Operation Windows:
Operation History
Open the window. Query for transactions that have not been transferred and that are dated on or before the closing date. In the query window, specify transaction dates that are within the period, e.g., 10/1/XXXX and 10/31/XXXX and a voucher type of null !.
Click OK. The transactions for the period that did not transfer are displayed on the screen.
If there is no data, then all shop order transactions were transferred to IFS Financials, and you can move on to the next closing process. If you would like to view the transactions that were transferred, query for transactions within the period.
If there are non-transferred transactions for your period, then you need to understand why the transactions did not transfer. View the shop order data.
Click the Accounting tab, and view the accounting and posting control data for the shop order transaction.
Record the transaction ID, shop order number, site, and posting types for each transaction that is in error. You will need this information to correct the errors.
Note: If many transactions are in error, you may initially want to complete this process for a few transactions. Once you correct a few of them, many others may be corrected as a result. Some zero-cost or no-cost transactions do not transfer.
Purpose: The purpose of this exercise is to show you how to correct transactions that have accounting errors so that they can be transferred to IFS Financials. To do this, you may need to repeat the process many times and work in many windows. The main items to check are the product structure, routings, and posting control. You may also need to check account dates, user group permissions, code string combinations, and other basic data setup. Once the system has been running for a month or two, you should see errors only if the basic data has been changed or new parts have been created. If at any point in this exercise you correct an error, then move to the Rerunning Erroneous Accountings exercise.
Windows:
Product Structure (or other structure)
Routing
(or Routing Template)
Posting Control
Accounts
Open the Product Structure (or other structure) window, and query for the structure.
View all structure data that affects the posting of a shop order. If you see an error, fix it, and then save your changes. If everything is correct, then continue this process.
Open the Routing (or Routing Template) window, and query for the structure.
View all routing data that affects the posting of a shop order. If you see an error, fix it, and then save your changes. If everything is correct, then continue with this process.
Open the Inventory Part window, and query for the part.
View all part data that affects the posting of inventory. If you see an error, fix it, and then save your changes. If everything is correct, then continue going through the related setup data.
Open the Posting Control window, and query for the posting type that was in error. If the control type is not Fixed Value, right-click, and then click Details.
Verify that all necessary detail lines exist and are correct. Check the validity dates for each line. Fix all errors, and save your changes. If everything is correct, then continue with this process.
Open the Accounts window, and query for the account numbers of the accounts to which the transaction should be posted.
Verify that the dates are correct and that the required code parts are not blocked. Fix any errors, and save your changes.
If everything is correct, then continue going through the related setup data until the error is fixed.
Purpose: The purpose of this exercise is to show you how to generate correct accountings on the inventory and non-inventory transactions.
Windows:
Rerun Erroneous Distribution and Manufacturing Postings
Background Jobs
Open the Rerun Erroneous Distribution and Manufacturing Postings window.
From the List of Values, select the site where the erroneous transaction occurs.
Click OK.
Repeat steps 1–3 for all sites as required.
Open the Background Jobs window, and populate it. View the lines with the description Rerun Erroneous Accountings.
Once the status is Ready, then repeat the Transfer Inventory Transaction process.
Go back to the Transfer Inventory Transactions exercise, and repeat the steps as necessary until all transactions for the closed period have been transferred to the hold table.
Note: If the transaction is not in the Ready status, you can execute the line by selecting it, right-clicking, and clicking Execute. This speeds up the processing of the job.
Purpose: The purpose of this exercise is to show you how to create vouchers in the hold table for time reported on work orders. This transaction is found in maintenance and service management business.
Windows:
Transfer Maintenance Time Transactions
In the Until Date field, enter the date that covers all work that was actually done in the period being closed.
In the Voucher Date field, enter the last date of the period being closed.
Click OK.
Repeat steps 1–3 for each site. To change sites, use the List of Values. For each transfer, a voucher is created in the hold table in IFS Accounting Rules.
Purpose: The purpose of this exercise is to show you how to create vouchers in the hold table for time reported by shop-floor personnel. The system specifies information about individual operations from the production process. These operations will be transferred to the accounting system for posting when you enter a start and ending date in the window. This transaction is found in IFS Human Resources.
Windows:
Create Operation Cost Accounting
Change the date range for the period being closed.
Click OK. For each transfer, a voucher is created in the hold table in IFS/Accounting Rules.
Purpose: The purpose of this exercise is to show you how to create vouchers in the hold table for project time reported by project personnel. The first step is to check to see whether the employees have confirmed all project hours and then to have them confirm any that are unconfirmed. The second step is to transfer the cost of project time to the hold table in IFS Financials.
Windows:
Unconfirmed Days
Project Time Registration
Transfer Project Cost Accounting Transactions
Open the Unconfirmed Days window, and change the date range for the period being closed.
Query for the employees whose time is to be verified. Click OK.
If any time is unconfirmed, you will need to have the appropriate employees confirm the time as follows:
Purpose: The purpose of this exercise is to show you how to create work-in-progress (WIP) accounting entries. Work in progress consists of project transactions that are invoiceable (including delayed invoicing) but are not yet invoiced. This means that accrued income for the time period between the registration date and the invoicing date of a transaction is included. Work-in-progress accounting entries are created in the general ledger for the uninvoiced transactions. These entries are in the accounting currency. This enables you to include this accrued income in the project follow-up activities performed in IFS Financials.
Windows:
Create WiP Accounting
Purpose: The purpose of this exercise is to show you how to verify, complete, and post invoices for accounts payable and accounts receivable so that they are included in period balances. Invoices are generated as the result of orders, projects, and manual entries.
Windows:
Create Customer Invoices
Print Customer Invoices
Print Invoice
Open the Create Customer Invoices window, and populate it.
Select the customer order lines, right-click, and click Create Invoice.
You are prompted to indicate whether you want to create invoices for the selected customer orders.
Press OK to create the invoices.
Open either the Print Customer Invoices or the Print Invoice window, and populate it.
Select the customer order invoice lines to be printed. Right-click and then click either Print Invoice or Printout, depending on the window that you are using.
If you are in the Print Customer Invoices window, a message is displayed to inform you that the invoices will be printed.
Click OK. Printing the invoices generates a voucher in the hold table in IFS/Accounting Rules.
Purpose: The purpose of this exercise is to show you how to post manual customer invoices to the hold table. Instant invoices are manual customer invoices, and they are used to invoice non-inventory related sales such as maintenance agreements, rental of parking lot spaces, and services not invoiced through a project. The process of posting an instant invoice is exactly the same as posting a customer order invoice.
Windows:
Print Invoice
Open the Print Invoice window, and populate it.
Proposed value for voucher date, period, user-group and voucher type are displayed.
Make changes as necessary, and save them.
Select the instant invoice to be posted, right-click and the click Printout.
Printing the invoice generated a voucher in the hold table in IFS/Accounting Rules.
Purpose: The purpose of this exercise is to show you how to create purchase orders that were received during the period and to post them to the the hold table so that the general ledger balances are correct.
Windows:
Manual Supplier Invoice
Open the window, and create a new record.
From the List of Values, select the purchase order to be invoiced. The supplier information is displayed on the screen.
Enter the invoice number from the invoice sent by the supplier. Adjust the invoice dates and payment terms as necessary.
Right-click and then click Match Receipts Purchase.
A window is displayed showing the purchase order lines that have been received. Make any necessary price or quantity adjustments, match all lines that should be invoiced before closing the books, and click OK.
The posting lines are automatically displayed on the Postings tab.
Verify that the total balance is correct, and then click the Lines tab.
Create a new record in the table, and enter the gross amount for the invoice.
Save your changes.
Right-click and then click Post Invoice. Posting the invoice creates a voucher in the hold table.
Continue this process to steps 1-10 until all purchase orders that were received during the month being closed have been posted.
Windows:
Manual Supplier Invoice
Query for all invoices dated prior to the closing of the books that are in any status other than Posted, PostedAuth, or PostedPaid. These invoices must be posted to be included in the general-ledger balances.
Verify that the invoice is in balance and that all entries are correct.
Right-click and the click Post Invoice. A voucher is created.
Windows:
Create Project Invoice
Project Invoice
Open the Create Project Invoice window, and enter the date range for the invoices to be created. Query for your projects by entering your project ID in the Project field.
Select the rows that should be included in an invoice. Right-click and then click Create Invoice. A message is displayed informing you that a preliminary invoice will be created.
Click Yes to review the invoice.
Click the Lines tab, and review all time and expenses for the invoice. Make changes as required, and save them. Print the preliminary invoice.
Generally, the project manager stops at this point in the process and informs the finance or accounting department that the preliminary invoices have been completed.
Open the Project Invoice window, and query for Invoice Series = PR. Right-click, and then click Release Invoice.
Right-click again, and then click Printout. A voucher is created, and the project invoice is printed.
Note: If you have created new invoice series for your company, you will have to adjust the exercise accordingly.
Purpose: The purpose of this exercise is to ensure that all vouchers are updated to the general ledger so that they are included in period reporting. The transactions in the exercises above have generated many vouchers. These vouchers are waiting in the hold table to be viewed, approved, and updated to the general ledger. Vouchers that are in Not Approved or Error status cannot be updated to the general ledger and will not be included in the balances for the period. If subledger reports do not balance to ledger reports, check the hold table for unapproved or vouchers in error.
Windows:
Voucher Entry
Query for vouchers in the Not Approved status.
Approve all vouchers for the period being closed.
Query for vouchers in the Error status.
In the table, the Update Error field indicates the error that is preventing the voucher from updating to the general ledger, e.g., Invalid Code String Combination for User Group 1.
Correct the error in the appropriate window, and return to the voucher.
Change the status to Approved, and save your changes.
Repeat steps 1–6 until all vouchers have been corrected and approved.
Note: If the incorrect voucher was created in IFS/Accounts Payable, IFS/Accounts Receivable, or IFS/Project Reporting, you may have to return to these modules to correct the errors, depending on the error description.
Windows:
Update GL Vouchers
Open the window and review the default parameters. If necessary, adjust the year and periods to include the period being closed.
You may update vouchers to the general ledger by user or by voucher type if you wish. Press OK.
A pop-up box will inform you of the journal number when the process is complete.
Continue this process until all vouchers have been updated.
Windows:
GL Update History
Populate the window. Verify that all vouchers are updated and that there are no journals with errors.
If there are journals with errors, return to the Viewing and Approving Vouchers exercise above, and query for vouchers in error status.
Repeat steps 1 and 2 until all vouchers for the period being closed have been updated to the general ledger.
Purpose: The purpose of this exercise is to show you how to print the trial balance sheet and other reports used in closing the books and reporting corporate financial performance to management. The general-ledger reports, such as the trial balance sheet, are found under Report Generator. Other reports, such as customer open ledger items, can be found under Info Services. Reports may be printed at any time during the closing process and will need to be printed when all adjustments and allocations have been completed.
Windows:
Report Generator/Order Report
Info Services/Order Report
Choose the required report from the list.
In the reference period fields, enter the year and period being closed.
If required, choose a budget version from the list.
Click OK. The Print Report window is displayed on the screen.
Change the defaults if needed. Click OK to print the report, or click Preview to preview it.
If you click Preview, you can still print the report by clicking the Printer icon.
Continue with this process until all reports have been printed or previewed.
Open the Order Report window, and select the desired report from the Report list.
Enter the selection criteria values for the report. Click OK. The Print Report Window is displayed on the screen.
Change the defaults if needed.
Click OK to print the report, or click Preview to view it on the screen.
Purpose: The purpose of this process is to show you how to create adjusting entries to correct, revaluate, accrue, or allocate period end balances. Allocating period balances can be manually created using the voucher entry window or created using the Periodic Cost Allocation Process, which has its own training exercises.
Link to the Periodic Cost Allocation exercise
Windows:
Voucher Entry
Create a new record.
Create manual adjusting entries for end-of-period adjustments.
Save your changes.
Right-click and then click Instant Update General Ledger.
Repeat steps 1-4 until all adjusting entries have been created.
Reprint the final period closing reports or move on to the other exercises below.
Purpose: The purpose of this exercise is to familiarize you with the final closing processes, which include running final period end reports and closing the period for all users.
Windows:
Report Generator/Order Report
Info Services/Order Reports
Accounting Periods
Choose the required report from the list.
In the reference period fields, enter the year and period being closed.
If required, choose a budget version from the list.
Click OK. The Print Report window is displayed on the screen.
Change the defaults if needed. Click OK to print the report, or click Preview to preview it.
If you choose to preview the report, you can still print it by clicking the Printer icon.
Continue with steps 1-6 until all reports have been printed or previewed.
Select the desired report from the Report list.
Enter the selection criteria for the report. Click OK.
The Print Report Window is displayed on the screen. Change the defaults if needed.
Click OK to print the report, or click Preview to view it on the screen.
Query for the year in which the consolidation will occur.
Change the period status to Closed.
Save your changes.
Note: Depending on company requirements, the period close may now be complete. Some companies need to consolidate the end-of-period data to a parent company or continue with year-end processes if the period is also the end of the accounting year. Each of these activities has separate exercises.