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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Dual reporting Local G...
Microsoft Dynamics GP (Archived)

Dual reporting Local GAAP and IFRS

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Posted on by Community Member

Hi there - I am wondering if anyone performs dual reporting for statutory and Group purposes and if there is a way to track this within GP?

For example, from next year IFRS 16 will be implemented for leases which will create a disconnect in how many countries account for leases under local GAAP.  At a Group level we will be reporting under IFRS but for statutory purposes we need GP to also reflect local GAAP in our country subsidiaries.

Is there a way to dual report in GP where local GAAP and IFRS postings can be made?

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  • Suggested answer
    twelvestrikes Profile Picture
    twelvestrikes 3,657 on at

    Hi GP Novice

    Yes this is possible.

    You can setup multiple reporting ledgers.

    Go to Microsoft Dynamics GP > tools > Setup > Financial > General Ledger

    There is a section in this window called Reporting Ledgers.

    Mark the box next to allow.

    There is a default Ledger called base which can be used for GAAP.

    Create a new one called IFRS.

    When you create a GL journal entry, you can select which ledger you wish to post to.

    Try this out in your test company first.

  • Community Member Profile Picture
    Community Member on at

    Hi Jeff,

    Thanks for the answer.  It's been of great help.  I've just got a quick follow up question.  Within our GP we have three ledgers (being "base", "IFRS" and "Local").  I notice if we grant permission to IFRS then by default the user also gets access to "Local".  I was wondering if there is a way to lock down the books so a user can only access "base", "IFRS" but not "Local".  Or is it all or nothing as I'm led to believe?

    Thanks for your help in advance.

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