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ReportClient wants to use all dimensions on all accounts, for uniformity in the trial balance and on reports. What are the pitfalls of doing this? Thanks
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Client wants to use all dimensions on all accounts, for uniformity in the trial balance and on reports. What are the pitfalls of doing this? Thanks
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Hi
Pitfalls are that users have to decide if values must be selected and spend time moving through the accountstring.
Now that Power BI can filter on financial dimension values and Financial report as always can I will use different account structures and advanced rules to make it easier for users to create journals.
Br Sten
Hello,
From my experience you can do but Users need to be quite smart on how to use them, therefore advanced rule will help you control data accuracy as Andre said.
If the Question is answered can you please verify it to update its status in the community?
Best,
Most of their transaction are integrated from other systems, so they can supply the zeroes in the source files. For manual transactions, I'm envisioning allowing blanks, so the ledger overrides wouldn't be needed because as you note, that's hard to manage across that many LE's. Thanks
Hi Frank,
Are they used to fill 0 values or would it also be an option to have blank values for balance accounts? If they would love to stick to zeros, the ledger overrides needs to be used to default/fix the zeros. So for automatic accounts and balance accounts a default or fixed value can be handled, but is cumbersome for 150 LE's. Also when adding a new ledger account it should be overridden for all LE's.
I don't expect issues with IC transactions from journals. IC project invoices could have some quirks.
Yes, you're right Ludwig. It's a case of the client being used to a static vs. dynamic account string in their old system. Trying to find additional reasons why they should not attempt to make their new system like the old one :) Thanks for the response.
Hi Frank Hamelly,
Just an additional question/remark in regards to the use of the financial dimensions with the BS accounts. The example that you provided above does not seem add value. Just adding ...0-0-0-0 is something pretty useless unless you need it for creating separate Balance sheet reports . Let's say a Balance sheet by business unit, etc.
Best regards,
Ludwig
Thanks Andre for the response. We're looking at main account + four dimensions. Another couple issues I could think of:
1. Accounts for automatic transactions - have to use Advanced rules or Legal entity overrides and this client has ~150 legal entities to maintain
2. Is there any impact on creation of intercompany transactions?
3. Definitely will use all 4 dimensions on P&L accounts but they would like to use all four for balance sheet as well, i.e., 12000-0-0-0-0 would be A/R account, 20000-0-0-0-0 A/P, 10001-0-0-0-0 cash, etc.
Thanks, Frank
Hi Frank,
Some thoughts:
- User can make wrong selections and get confused by thinking which dimensions and values needs to be selected per ledger account. How many dimensions are we talking about here?
- For limiting valid dimension values, advanced rules needs to be created and maintained!
- Within financial reports you can create separate columns for each dimension and have a best practice setup where multiple account structures are used.
- What setting to use when creating opening balances? With or without dimensions for balance accounts?
- When there are different dimension values used for an invoice and payment, the settlement will create additional ledger transactions to clear it.
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