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Suggested answer

Implement Parallel accounting (IFRS & GAAP) in D365FO

Posted on by 972

Dear Experts,

Could some one please share your experiences when implementing Parallel accounting (IFRS & GAAP) in D365FO?

Which area get will get the big impact except for Fixed asset?

My company is using Project management and accounting module and look like the "Project invoice proposals" will  select Transaction from other posting layers (Operation posting layer) and post into Current posting layer => which is wrong according to my understanding.

Thank in advance,

Best regards,

Thu Ngo.

  • ThuNgo Profile Picture
    ThuNgo 972 on at
    RE: Implement Parallel accounting (IFRS & GAAP) in D365FO

    Hi Ludwig,

    The "separate (sub-)projects" here meaning 1 project will record under GAAP requirement, I have to specify the separate ledger account for 2 posting profile and create 2 version for Financial reports (one for IFRS accounts and another is for GAAP)?

    Thank you.

    Best regards,

    Thu,

  • Suggested answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Implement Parallel accounting (IFRS & GAAP) in D365FO

    Hi Thu,

    For the projects module there is no out of the box parallel book - or something alike - that can be setup in a similar way as you can do this for fixed assets.

    There are some possibilities to set up extra postings that only apply for one accounting standard such as expected losses that can be posted according to local GAAP but not for IFRS if you like.

    Where things get tricky is if you want to account for revenues and costs in line with the POC and CC method.

    That cannot be setup in parallel but requires either a system modification or a workaround such as setting up separate (sub-)projects.

    Best regards,

    Ludwig

  • ThuNgo Profile Picture
    ThuNgo 972 on at
    RE: Implement Parallel accounting (IFRS & GAAP) in D365FO

    Hi Ludwig,

    I'm at the early stage for this implementation.

    So currently i'm checking all of the possibilities for this high level request and the pros and cons in each solution. Because for me this is complex.

    So it is verry appreciated if you could share your expertise.

    Thank you.

    Best regards,

    Thu,

  • Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Implement Parallel accounting (IFRS & GAAP) in D365FO

    Hi Thu,

    For the project management and accounting module there is no linked book functionality that is similar to what you have available for fixed assets.

    What is your business scenario there in regards to parallel accounting?

    Best regards,

    Ludwig

  • ThuNgo Profile Picture
    ThuNgo 972 on at
    RE: Implement Parallel accounting (IFRS & GAAP) in D365FO

    Hi Ludwig,

    Thank for your post, it is helpful.

    How about the adjustment for Project management and accounting module? Could you give me some advices?

    Manual adjustment for Project is not quite effective.

    Best regards,

    Thu Ngo.

  • Suggested answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Implement Parallel accounting (IFRS & GAAP) in D365FO

    Good morning Thu,

    Here is a video that illustrates how you can implement parallel accounting for fixed assets.

    dynamicsax-fico.com/.../

    Best regards,

    Ludwig

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