Automatic Journal

Automatic journals are used to post necessary adjustments for the previous data already declared or posted.

In Consolidation, in addition to converting Entity data into a common group currency and combined data, additional consolidation has to be posted.

Prerequisites

Automatic Journal works based on the defined Dataset, Version and Currency type Group subtype Account, Flow and Ownership type field. These fields are based on the tagged Model used for the calculation. There are no required property Dataset, Account and Flow fields, however, Method is a required property in ownership structure to have the relationship field working. Please check on the Fields under Modelling.

Actions required to generate Automatic Entries for Consolidation can be summarised below:

1. Currency Conversion to Group Currency based on Ownership structure

2. Intercompany Eliminations

3. Automatic Journals

   1. Auto Adjustments

   2. Reclassifications

   3. Manual Journals

• Rules defined are executed in the sequence they are defined to address dependencies.

• In this case, Automatic Entries is considered Calculation task and Currency Conversion, Intercompany Eliminations, Automatic Journals are considered Actions under Automatic Entries.

Automatic Journals will filter input data when Applicable to and Relationship conditions are met.

1. This is like we are creating a join between Consolidation and Ownership model to apply filter criteria

2. Apply Formula

3. Post Debit and Credit Entries to:

   1. Consolidation Model (Existing data is updated)

   2. Journal table (Existing data is updated)

   3. Audit table (Only delta records are posted)

Features

Creating the Automatic Journal group calculation details:

1. Output Dataset - the user should be able to select from the Dataset field the data set to be used to record and save the result of the calculation. can also be set the same as the source or the same as the input account and flow fields

2. Applicable to - the user should be able to set the Version and Groups field member

3. Active - an option for the user if the set Automatic Adjustment rule will be parked (inactive) or Activated as ticked

Automatic Journal calculation details:

1. Description - Rule details description

2. Input Dataset - Dataset field member to be used in the calculation

3. Input - Account and Flow field member to be used as an input reference of the calculation

4. Formula

5. Debit - the user should be able to set the debit account and flow to be used

6. Credit - the user should be able to set the credit account and flow to be used

7. Relationship - Entity and Interco relationship to be used in the calculation. For the relationship option, the user should have an option to Swap Entity, "Swap Entity-Interco" and Interco as well as the posting to Interco Balances "Post to Interco Balances"

8. Insert Posting of Automatic journal calculation - the user should be able to create a new Automatic journal line item rule with the group of calculations