Multiple Financial Sets of Books Overview
CloudSuite Industrial provides Multi-Financial Sets of Books (FSB) functionality for businesses that require reporting for one or more ledgers in addition to the General Ledger. Each new ledger can contain any combination of a fiscal calendar, chart of accounts, and currency that are different from those used for the standard General Ledger. Each combination creates a separate financial set of books, and you can set up as many as you need.
A setting on the General Parameters form is used to enable multi-FSB functionality. With this option selected, you can define and activate multiple financial sets of books using the CloudSuite Industrial multi-FSB forms. Many of the forms function similarly to the standard General Ledger forms.
This table lists all Multi-FSB forms and the related standard GL forms, if applicable:
| Multi-FSB Forms | Related Standard General Ledger Forms |
|---|---|
| Multi-FSB Accounting Periods | Accounting Periods |
| Multi-FSB Charts | N/A |
| Multi-FSB Chart of Accounts | Chart of Accounts |
| Multi-Financial Sets of Books | N/A |
| Multi-FSB Chart of Accounts Budget and Plan | Chart of Accounts Budget and Plan |
| Multi-FSB Journal Entries | Journal Entries |
| Multi-FSB Ledger Posting for Journal | Ledger Posting for Journal |
| Multi-FSB Copy Balances to Budgets | Copy Balances to Budgets |
| Multi-FSB Copy Chart of Accounts | N/A |
| Multi-FSB Chart of Accounts Mapping Report | N/A |
| Multi-FSB General Ledger | General Ledger |
| Multi-FSB General Ledger Check Information Report | General Ledger Check Information Report |
| Multi-FSB General Ledger Transaction Report | General Ledger Transaction Report |
| Multi-FSB General Ledger Worksheet Report | General Ledger Worksheet Report |
| Multi-FSB Journal Account Summary | Journal Account Summary |
| Multi-FSB Journal Transaction Report | Journal Transaction Report |
| Multi-FSB Trial Balance | Trial Balance |
| Compress Multi-FSB Ledger Transactions | Compress General Ledger Transactions |
| Multi-FSB Rebalance Ledger Period Totals | Rebalance Ledger Period Totals |
| Multi-FSB Refresh Account/Unit Combinations | Refresh Account/Unit Combinations |
| Multi-FSB Year End Closing Journal Entries | Year End Closing Journal Entries |
| Multi-FSB Accounting Periods Query | Accounting Periods Query |
| Multi-FSB Charts Query | N/A |
| Multi-FSB Chart of Accounts Query | Chart of Accounts Query |
| Multi-Financial Sets of Books Query | N/A |
| Multi-FSB Chart of Accounts Budget and Plan Query | Chart of Accounts Budget and Plan Query |
| Multi-FSB Journal Entries Query | Journal Entries Query |
Multi-FSB Accounting Periods
Multi-FSB accounting periods for each new fiscal calendar must be created using the Multi-FSB Accounting Periods form and given a name that differentiates them from all other accounting periods. They must be maintained manually, because period changes and closing are not performed by the system, even if the settings match the standard GL accounting periods.
Multi-FSB Chart of Accounts
After creating a unique multi-FSB chart of accounts record using the Multi-FSB Charts form, accounts typically are added automatically using the Multi-FSB Copy Chart of Accounts form. The accounts also can be added manually using the Multi-FSB Chart of Accounts form.
Accounts added to a multi-FSB chart of accounts can exist only on that chart; they cannot be used on other multi-FSB charts. However, the same account numbers can be used on other charts of accounts. They are treated as different accounts for each chart.
Each multi-FSB account can be mapped to one or more accounts in the standard GL Chart of Accounts, but they are not required to be mapped. All GL accounts must be mapped to a multi-FSB account, except for analytical accounts, which are not mapped. Also, a GL account can be mapped to only one account per multi-FSB chart of accounts. You can specify unit codes for multi-FSB accounts or inherit them from the mapped GL accounts. A utility can be run to verify that all GL accounts are mapped correctly for a selected multi-FSB chart of accounts. The Multi-FSB Chart of Accounts Mapping Report is provided for reviewing this mapping.
This example shows how different accounts can be mapped for multi-FSB charts of accounts:
The Multi-FSB Chart of Accounts Budget and Plan form also is provided so you can enter budget, plan, and actual amounts for each individual account, accounting period, and fiscal year.
Multi-FSB Ledger
The Multi-Financial Sets of Books form is used to name, set up, and activate the combination of a multi-FSB fiscal calendar, multi-FSB chart of accounts, and a new or selected currency. If you want to use the same chart of accounts or fiscal calendar as that in the standard General Ledger for one of your multi-FSBs, you must create that COA or fiscal calendar a second time using the multi-FSB forms.
After activation, the multi-FSB ledger is ready to receive transactions. As records are posted to the General Ledger, they are also posted to all active multi-FSB ledgers. Multi-FSB ledgers also can receive records that you post using the Multi-FSB Journal Entries form.
Multi-FSB ledger records use the multi-FSB currency and are recorded to multi-FSB accounts based on the mapping of the standard GL accounts.
Journal entries can be created for any active multi-FSB, but transactions can be entered only into the General Journal. No multi-FSB transactions are posted to the General Ledger or to other multi-FSB ledgers.
Year-End Journal Entries
When the General Ledger set of books is closed for the year, it gets posted to all active multi-FSBs based on account mappings. However, these transactions are not shown on the multi-FSB ledger reports. Also, multi-FSBs are not closed when the GL set of books is closed, even if they have the same fiscal calendar. Each active multi-FSB must be closed separately using the Multi-FSB Year End Closing Journal Entries utility. The transactions must be posted to complete the year-end procedures. Year-end transactions or adjustments made in a multi-FSB are not recorded in any other financial set of books.
Different Fiscal Year Ends
All year-end transactions are recorded into the accounting period based on the date of the transaction. Therefore, as transactions are copied from the GL financial set of books to all active multi-FSBs, each transaction is recorded in the accounting period as assigned to its financial set of books. This way, a transaction can be recorded into different periods, and even different fiscal years, based on the accounting periods of each financial set of books.
Reporting
You can run reports on the multi-FSB ledgers to show transactions:
- In the multi-FSB accounts
- In the multi-FSB currency
- In the multi-FSB accounting period
General Ledger and Trial Balance reports are available, but multi-FSB transactions are not available on the financial statements. Ledger entries with the reference of Income Summary or Year Closing can be reviewed on the multi-FSB GL reports.
Limitations
CloudSuite Industrial multi-FSB functionality does not include the following:
- Mapping of transactions from a multi-FSB with the standard GL FSB, including year-end transactions.
- Mapping of a single GL account to multiple accounts in the same multi-FSB chart of accounts.
- Multi-FSB support in multi-site/entity configurations.
- Period sorting for multi-FSBs. Standard GL sorting is used.
- Ability to copy multi-FSB chart budgets and plans from the standard GL. They must be entered manually for the multi-FSB.
- Ability to create different multi-FSB unit codes. Multi-FSB accounts receive the same unit codes as the standard GL accounts they are mapped to. If a multi-FSB account is not mapped to a GL account, then unit codes can be specified for the multi-FSB. The unit codes values that can be selected for a multi-FSB account come from the Unit Code (number) forms.