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.