Below is a list of tips and tricks for the Period Reconciliation course. Click one of the items below to see information that may be helpful to you as you take the course.
End of Period. Following data is available in the database.
| Data Type | Value | Description |
| Company | 10 | IFS Racing |
| A user group for end of period transactions is created | AC2 | User group is AC2 |
| A user is connected in the window User per user group | David | User is David |
There is no country specific terminology for this subject.
This section contains an example of the basic data and transactions necessary to run the standard training exercises for IFS Consolidated Accounts, version 2002-1. This data is currently not available in the Racing database, so you have to enter this or similar data manually, prior to performing a training session.
This example is based on three companies and two different accounting currencies:
| Company Id | Company Description | Accounting Currency |
| SU | Subsidiary in USD | USD |
| SS | Subsidiary in SEK | SEK |
| PS | Parent in SEK | SEK |
It is necessary to enter all the basic data in the parent company, in the below order, before moving over to the subsidiaries.
The following set-up should be done for company PS:
| Code Part | Internal Name | Code Used | Code Part function |
| C | Subsidiary | Yes | Consoldiation |
The following values must exist:
| Subsidiary | Description | Valid From | Valid Until |
| SU | Subsidiary in USD | 2001-01-01 | 2049-12-31 |
| SS | Subsidiary in SEK | 2001-01-01 | 2049-12-31 |
The following values must exist:
| Currency Rate Type | Currency Rate Type Description |
| BAL | Balance Date Rate |
| AV | Average Period Rate |
BAL should be used for Balance Sheet accounts and AV should be used for P&L accounts.
The following values must exist:
| Currency Rate Type | Currency Code | Rate | Valid From |
| BAL | USD | 9.00 | 2001-12-01 |
| BAL | USD | 10.00 | 2002-01-01 |
| BAL | USD | 9.50 | 2002-02-01 |
| AV | USD | 8.50 | 2001-12-01 |
| AV | USD | 9.50 | 2002-01-01 |
| AV | USD | 9.75 | 2002-02-01 |
The following company connections must
be entered:
| Subsidiary Company | Parent Company | Cons Code Part Value |
| SU | PS | SU |
| SS | PS | SS |
The following set-up should be done
for company SU:
| Code Part | Internal Name | Code Used | Parent Code Part |
| A | Account | Yes | A |
The following new accounts should be
added, based on the Swedish standard Chart of Accounts:
| New Account | Copy Of | Valid From | Valid Until | Parent Company Account |
| 1400U | 1400 | 2001-01-01 | 2049-12-31 | 1400 |
| 1940U | 1940 | 2001-01-01 | 2049-12-31 | 1940 |
| 2099U | 2099 | 2001-01-01 | 2049-12-31 | 2099 |
| 2470U | 2470 | 2001-01-01 | 2049-12-31 | 2470 |
| 2840U | 2840 | 2001-01-01 | 2049-12-31 | 2840 |
| 3011U | 3011 | 2001-01-01 | 2049-12-31 | 3011 |
| 4021U | 4021 | 2001-01-01 | 2049-12-31 | 4021 |
| 7200U | 7200 | 2001-01-01 | 2049-12-31 | 7200 |
| 8999U | 8999 | 2001-01-01 | 2049-12-31 | 8999 |
Make a copy of the existing account in column “Copy Of” and modify indicated information. Make sure that non of the new accounts are “Ledger” accounts!
The following set-up should be done for company SS:
| Code Part | Internal Name | Code Used | Parent Code Part |
| A | Account | Yes | A |
The following new accounts should be
added, based on the Swedish standard Chart of Accounts:
| New Account | Copy Of | Valid From | Valid Until | Parent Company Account |
| 1400S | 1400 | 2001-01-01 | 2049-12-31 | 1400 |
| 1940S | 1940 | 2001-01-01 | 2049-12-31 | 1940 |
| 2099S | 2099 | 2001-01-01 | 2049-12-31 | 2099 |
| 2470S | 2470 | 2001-01-01 | 2049-12-31 | 2470 |
| 2840S | 2840 | 2001-01-01 | 2049-12-31 | 2840 |
| 3011S | 3011 | 2001-01-01 | 2049-12-31 | 3011 |
| 4021S | 4021 | 2001-01-01 | 2049-12-31 | 4021 |
| 7200S | 7200 | 2001-01-01 | 2049-12-31 | 7200 |
| 8999S | 8999 | 2001-01-01 | 2049-12-31 | 8999 |
Make a copy of the existing account in column “Copy Of” and modify indicated information. Make sure that non of the new accounts are “Ledger” accounts!
This example allows you to consolidate opening balances and periods 2002-1 and 2002-2. In order to achieve that, you have to enter transactions in periods 2001-12, 2002-1 and 2002-2 in both subsidiaries.
The following three vouchers should be entered:
1. Voucher Date 2001-12-31 (Period
2001-12)
| Account | Debit Currency Amount | Credit Currency Amount |
| 1400U | 100.000 | |
| 1940U | 50.000 | |
| 2099U | 10.000 | |
| 2470U | 80.000 | |
| 2840U | 60.000 | |
| 3011U | 200.000 | |
| 4021U | 70.000 | |
| 7200U | 120.000 | |
| 8999U | 10.000 |
2. Voucher Date 2002-01-31 (Period 2002-1)
| Account | Debit Currency Amount | Credit Currency Amount |
| 1400U | 10.000 | |
| 1940U | 5.000 | |
| 2099U | 1.000 | |
| 2470U | 8.000 | |
| 2840U | 6.000 | |
| 3011U | 20.000 | |
| 4021U | 7.000 | |
| 7200U | 12.000 | |
| 8999U | 1.000 |
3. Voucher Date 2002-02-28 (Period 2002-2)
| Account | Debit Currency Amount | Credit Currency Amount |
| 1400U | 4.000 | |
| 1940U | 3.000 | |
| 2099U | 2.000 | |
| 2470U | 4.000 | |
| 2840U | 1.000 | |
| 3011U | 25.000 | |
| 4021U | 9.000 | |
| 7200U | 14.000 | |
| 8999U | 2.000 |
Once these three vouchers are entered, do the following:
1.Update the GL with all three vouchers
2.Close all periods for year 2001.
3.Run Final Year End for year 2001, creating final opening balances for year 2002.
4. Company SU is now ready for consolidation!
The following three vouchers should be entered:
1. Voucher Date 2001-12-31 (Period 2001-12)
| Account | Debit Currency Amount | Credit Currency Amount |
| 1400S | 200.000 | |
| 1940S | 100.000 | |
| 2099S | 20.000 | |
| 2470S | 160.000 | |
| 2840S | 120.000 | |
| 3011S | 400.000 | |
| 4021S | 140.000 | |
| 7200S | 240.000 | |
| 8999S | 20.000 |
2. Voucher Date 2002-01-31 (Period 2002-1)
| Account | Debit Currency Amount | Credir Currency Amount |
| 1400S | 20.000 | |
| 1940S | 10.000 | |
| 2099S | 2.000 | |
| 2470S | 16.000 | |
| 2840S | 12.000 | |
| 3011S | 40.000 | |
| 4021S | 14.000 | |
| 7200S | 24.000 | |
| 8999S | 2.000 |
3. Voucher Date 2002-02-28 (Period 2002-2)
| Account | Debit Currency Amount | Credit Currency Amount |
| 1400S | 8.000 | |
| 1940S | 6.000 | |
| 2099S | 4.000 | |
| 2470S | 8.000 | |
| 2840S | 2.000 | |
| 3011S | 50.000 | |
| 4021S | 18.000 | |
| 7200S | 28.000 | |
| 8999S | 4.000 |
Once these three vouchers are entered, do the following:
Update the GL with all three vouchers
Close all periods for year 2001.
Run Final Year End for year 2001, creating final opening balances for year 2002.
Company SS is now ready for consolidation!
The exercise also covers consolidation of budget. This example does not cover this. As this process is much simpler, use your imagination and just punch in some budget numbers in each subsidiary. Also, create an empty budget version in the parent company.