Set Up Basic Data Accounting Rules
When starting to use IFS Cloud, 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 Cloud. 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.
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
Cloud.
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 Cloud, 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 Cloud.
- Rules. All products in IFS Cloud 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 Cloud/Payment are installed, the
Payment Terms and the
Payment Term pages 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 Cloud use the
currency information in IFS Cloud/Accounting Rules. Use the pages in the
currency section 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.
- Tax Code Information. Depending on the component, a set of codes can
be created automatically at installation. When IFS Cloud/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 Cloud/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.