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IFRS Accounting with Microsoft Dynamics GP®: Sub-ledger Transaction Level (Part 2)

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Deploying IFRS in Dynamics GP with the Addition of a Parallel Set of Accounts or by Adding a Dimension to Your Existing Chart of Accounts.

In this blog, we examine two more methods of deploying IFRS at the Sub-level Transaction Level. We’ll look at Adding of a Parallel Set of Accounts and Adding a Dimension to Your Existing Chart of Accounts. 

Miss our first discussion on the Sub-ledger Transaction Level and Duplicating your Database?

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Method 2 – Adding a Parallel Set of Accounts

As an alternative, one may choose to simply rely on an additional segment within the chart of accounts. This provides an even simpler method of presenting GAAP, IFRS, and the transactions which translate the financial reports from one standard to the other. This may result in a doubling of the size of the chart, but, more likely, only an increase in those specific accounts subject to the different standards.

Account NumberAccount DescriptionAccount Category
000-1100-00Cash – Operating AccountCash-GAAP
000-1100-98Cash – Operating Account-IFRSCash-IFRS
000-1101-00Cash in Bank – CanadaCash-GAAP
000-1101-98Cash in Bank – Canada-IFRSCash-IFRS
000-1102-00Cash in Bank – AustraliaCash-GAAP
000-1102-98Cash in Bank – Australia-IFRSCash-IFRS
000-1103-00Cash in Bank – New ZealandCash-GAAP
000-1103-98Cash in Bank – New Zealand-IFRSCash-IFRS
000-1104-00Cash in Bank – GermanyCash-GAAP
000-1104-98Cash in Bank – Germany-IFRSCash-IFRS
000-1105-00Cash in Bank – United KingdomCash-GAAP
000-1105-98Cash in Bank – United Kingdom-IFRSCash-IFRS
000-1106-00Cash in Bank – South AfricaCash-GAAP
000-1106-98Cash in Bank – South Africa-IFRSCash-IFRS
000-1107-00Cash in Bank – SingaporeCash-GAAP
000-1107-98Cash in Bank – Singapore-IFRSCash-IFRS
000-1110-00Cash – PayrollCash-GAAP
000-1110-98Cash – Payroll-IFRSCash-IFRS
000-1120-00Cash – Flex Benefits ProgramCash-GAAP
000-1120-98Cash – Flex Benefits Program-IFRSCash-IFRS
000-1130-00Petty CashCash-GAAP
000-1130-98Petty Cash-IFRSCash-IFRS
000-1140-00SavingsCash-GAAP
000-1140-98Savings-IFRSCash-IFRS
000-1190-00Cash SuspenseCash-GAAP
000-1190-98Cash Suspense-IFRSCash-IFRS

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Method 3 – Adding a Dimension to Your Existing Chart of Accounts

Analytical Accounting interfaces with all distribution areas and transactions within Dynamics® GP. Its use is powerful for IFRS and GAAP accounting when used simultaneously with Revenue Deferrals, Purchase and Sales Retroactive Transactions, Contract Accounting, or Fixed Asset Management.

Both FRx and Management Reporter interact with Analytical Accounting, so Consolidated Reporting and General Ledger Level deployment of IFRS and GAAP may be utilized with this method.

Within Microsoft Dynamics® GP, if Analytical Accounting has not been deployed for other uses, it may be put activated at no additional charge for software licenses if a company is on BRL licensing. Microsoft Dynamics® GP Professional users (pre-2006 licensing) may purchase the module.

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In the next blog, IFRS Accounting: Deploying IFRS at the Sub-ledger Transaction Level: Classifying Transactions by Ledger and A Hybrid Approach, we’ll complete our discussion with the last two available methods.

©2011, Computeration®, Inc.

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Coming soon…our free IFRS white paper. Reserve your copy of  “If IFRS is on Your Horizon, What are Your Choices?” now.

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By Gloria Braunschweig, The IFRS Implementation Expert for Dynamics GP, with Computeration, a Pacific Northwest Microsoft Dynamics GP Partner.

Computeration specializes in ways to enhance your company’s solutions with Microsoft Dynamics GP in Idaho, Oregon, and Southwest Washington, with clients around the world, Computeration makes your implementation successful by offering experienced project management, data integration, training, and consulting services.

IFRS Accounting with Microsoft Dynamics GP®: Sub-ledger Transaction Level (Part 2) is a post from: ERP Software Blog

Related Posts

  1. IFRS Accounting with Microsoft Dynamics GP®: Sub-ledger Transaction Level (Part 1)
  2. IFRS Accounting with Microsoft Dynamics® GP: General Ledger Level
  3. IFRS Accounting with Microsoft Dynamics GP®: Where Do You Start?

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