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 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
000-1130-00 Petty Cash Cash-GAAP
000-1130-98 Petty Cash-IFRS Cash-IFRS
000-1140-00 Savings Cash-GAAP
000-1140-98 Savings-IFRS Cash-IFRS
000-1190-00 Cash Suspense Cash-GAAP
000-1190-98 Cash Suspense-IFRS Cash-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.

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