Consolidated Financial Statement: Implementation Checklist
The following sections provide details you can use to ensure that the system is configured properly for preparing a consolidated financial statement, and to understand (and change, if needed) the settings that affect the processing workflow.
Implementation Checklist
We recommend that before you initially perform translation of financial statements and then preparation of a consolidated financial statement, you make sure the needed features have been enabled, settings have been specified, and entities have been created, as summarized in the following checklist.
| Form | Criteria to Check |
|---|---|
| Enable/Disable Features (CS100000) |
Make sure that the Standard Financials, Multibranch Support, Multicompany Support, Customer and Vendor Visibility Restriction, Multicurrency Accounting, Multiple Base Currencies, and Translation of Financial Statements features have been enabled. For details on configuring multiple base currencies, see Multiple Base Currencies: Implementation Activity, Customer Visibility: To Restrict Visibility to a New Company, and Vendor Visibility: To Restrict Visibility to a New Company. |
| Chart of Accounts (GL202500) | Make sure that the accounts that will be used for recording translation gains and losses have been created. |
| Company Financial Calendar (GL201100) | Make sure that the financial period for which you want to configure a translation definition has the Open status. |
| Currency Management Preferences (CM101000) | Make sure that the accounts for recording translation gains and losses have been specified. |
| Currencies (CM202000) | Make sure that the translation gain and loss accounts have been specified for each base currency. |
| Currency Rate Types (CM201000) | Make sure that the rate types used for translations have been defined. |
| Currency Rates (CM201000) | Make sure that the effective exchange rates to be used for translations have been defined. |
| Ledgers (GL201500) | You create a ledger of the Reporting type to be used for keeping the results of translations. For details on reporting ledgers, see Reporting Ledgers. |
| Translation Definition (CM203000) | You create a translation definition that will be used for translating financial statements. |
Other Settings That Affect the Workflow
You can affect the workflow of translating financial statements by specifying additional settings as follows:
- To cause translation batches to be automatically posted to the general ledger, on the Currency Management Preferences (CM101000) form, select the Automatically Post to GL on Release check box.
Validation of Configuration
To make sure that all configuration has been performed correctly, we recommend that in your system, you perform a translation of financial statements as described in Consolidated Financial Statement: Performing a Translation and prepare a consolidated financial statement as described in Consolidated Financial Statement: Creating a Customized Report.