Hi,
We will close the Income statement, but the GL account has Dimension setup…My question is do we have to break the amount per Dimension if not, is there an effect Analysis By Dimension?
Example:
GLaccount 1001 total Amount post to Gen. Journal is 1000.00 Do we have to break it per Dimension? hoping for reply.
Thanks
The answer is it depends what you want to see.
Ultimately I would say yes, you are clearing down the balance sheet accounts and if you analysed by dimension these would all have balances at the year end if the closing entry was not done by dimension. However I have never done it so you will need to test it and see what it does.
Hi,
Is there an easy way for the client to close the income statement by dimension? And is the same method of closing income statement will be use for closing by dimension? hoping for your reply.
Thanks
Hi,
The standard closing routine has the possibillity to choose whether or not you want to close pr. dimension or not.
(Actually you can also choose to close by Business Unit Code)
There are no easy way of testing it, other than trying it out.
As Adam said, try it out and see what happens (this is of course in a TEST-DB)
If you close by G/L Account only, then only 1 entry will be made to each G/L account.
If you close by 1 dimension (e.g. Department), then 1 entry will be made to each G/L account, for each individual department code used at that G/L account through the year. So if 10 different department codes have been used, then you’ll end up with 10 closing entries to that G/L account.
If you close by 2 dimensions (Department and Project), then 1 entry will be made to each G/L account, for each individual combination of Department code and Project code, used at that G/L account through the year. So if 10 different Department codes and 10 different Project codes have been used, then you’ll end up with 100 closing entries to that account (Giving that all combinations have been used).
So as you can see if you increase the number of dimensions you close by, then you’ll multiply the number of entries made.
Sorry to re-hash an older post, but we have a dimension issue with closing the year that I was looking for guidance on. We currently use both Global dimensions and two shortcut dimensions (total of 4 dimensions). For some reason, only the global dimensions are being picked up by the close process even though the two shortcut dimensions are available to select on the form. Has anyone ran into this before? I am hoping we are simply missing a setting somewhere.
Thanks in advance for the help
If you
Its not clear from your question - you wrote “are available”, but did you check all 4 your Dims?
These are the only “settings” needed, no other places/settings exist. I have never experienced any problems - if I check the Dims, closing routine performs as expected, latest case was in company with 7 Dims, and all combinations appeared as they should. Of course, only combinations which have been used throughout the year will be created as separate amounts.
If you have set up as Dimension, say, Clients/Vendors or any other Dims with great amount of Values, you will get VERY many entries - but disk space is cheap nowadays, and such splitting by Dims allow you to use Analysis by Dims to full extent later - so its up to you to decide if you need this splitting or no.
Ooops, just remembered - if Dims are checked, DO NOT return to that form again just to look at it and return - in (older versions) after such jump in-out the checkmarks got lost (bug?) - to keep them in place, you needed to “check” them again before closing form, nevertheless they appear “checked”,
Hi Masters,
One of my client requirement is , client defined the Budget Purchase amount to a Purchase Account for the Fiscal year 2010-2011.
when user started to create the purchase orders , at certin period the actual purchase amount will cross the Budget purchase amount to that account then system should stop that purchase order.
I hope u already implmented this functionality some where .
Could u throw some steps to achieve this one.
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