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?
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 Number||Account Description||Account Category|
|000-1100-00||Cash - Operating Account||Cash-GAAP|
|000-1100-98||Cash - Operating Account-IFRS||Cash-IFRS|
|000-1101-00||Cash in Bank - Canada||Cash-GAAP|
|000-1101-98||Cash in Bank - Canada-IFRS||Cash-IFRS|
|000-1102-00||Cash in Bank - Australia||Cash-GAAP|
|000-1102-98||Cash in Bank - Australia-IFRS||Cash-IFRS|
|000-1103-00||Cash in Bank - New Zealand||Cash-GAAP|
|000-1103-98||Cash in Bank - New Zealand-IFRS||Cash-IFRS|
|000-1104-00||Cash in Bank - Germany||Cash-GAAP|
|000-1104-98||Cash in Bank - Germany-IFRS||Cash-IFRS|
|000-1105-00||Cash in Bank - United Kingdom||Cash-GAAP|
|000-1105-98||Cash in Bank - United Kingdom-IFRS||Cash-IFRS|
|000-1106-00||Cash in Bank - South Africa||Cash-GAAP|
|000-1106-98||Cash in Bank - South Africa-IFRS||Cash-IFRS|
|000-1107-00||Cash in Bank - Singapore||Cash-GAAP|
|000-1107-98||Cash in Bank - Singapore-IFRS||Cash-IFRS|
|000-1110-00||Cash - Payroll||Cash-GAAP|
|000-1110-98||Cash - Payroll-IFRS||Cash-IFRS|
|000-1120-00||Cash - Flex Benefits Program||Cash-GAAP|
|000-1120-98||Cash - Flex Benefits Program-IFRS||Cash-IFRS|
Method 3 – Adding a Dimension to Your Existing Chart of Accounts
Analytical Accounting interfaces with all distribution areas and transactions within
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.
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.
Coming soon…our free IFRS white paper. Reserve your copy of
By Gloria Braunschweig, The IFRS Implementation Expert for Dynamics GP, with Computeration, a Pacific Northwest Microsoft Dynamics GP Partner.