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[Kitty Geiger]

?Seeking someone who has enabled both Base and IFRS ledgers in GP.  I understand the theory of how having 2 active ledgers would work but would like to talk with someone who is actually using both in the same GP Company.   Wanting to understand the potential issues or “pain in the neck” processes of using 2 ledgers in GP.

thanks
Kitty Geiger

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Kitty Geiger
IT Professional
RSM US LLP
Chicago IL
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[Thaddeus Suter]

Since no one has responded on this one, I’ll give you some food for thought:

When we were majority owned by a Swiss company and our ADRs were traded here in the US, we used multi ledgers in GP for reporting BASE (US GAAP) and IFRS (adjustments non GAAP) for the Swiss.

GAAP vs IFRS differences are 90% in inventory valuation, development cost expensing vs capitalization and in intangible asset valuations. If you have trouble with DRs and CRs this is not for the casual GJ preparer.

The multi ledger feature in GP was most likely added by Microsoft under pressure by a large user company so it got done but……..

…..the feature is simple and it works however it must be very thinly used as it has several weaknesses and annoyances and thus the IFRS and GAAP GL Bookkeepers need to be one their toes.

I’ll list the good and the bad:

Good.

1. GL Transactions default as BASE (GAAP) most users don’t even see they can post other ledgers.
2. When running the GL Trial Balance Reports you can select in GAAP or IFRS or both! See screen shot how both BASE and IFRS is selected. This is nice as you can run your TB for GAAP and your TB for the foreign entity without having to add two reports together. Or you can just run the IFRS standalone.

        3.This nice feature extends to Inquiry Account Summary

 

That’s it for the Good. Now the Bad:

1. Microsoft forgot to put Ledger filters on Financial Inquiry Detail so the transactions and balances includes all ledgers.
2. Microsoft forgot to put Ledger Filters on Financial Account Maintenance Cards _ Accounts Summary. Balances includes all ledgers.
3. Smartlist Views for Account Summary and Account Transactions did not have the Ledger ID column available so you could not add a Search Filter for your Ledger in Smartlist. Maybe this has been fixed. We edited the SQL View to add the column. You got to have it.
4. Microsoft forgot to add Ledgers as a filter to Financial Utilities – Remove Transactions and Account Summary History so you cannot remove specific Ledger transactions. We did it in SQL
5. There is no Ledger Security. If you have 20,000 GL accounts and post maybe 200 accounts in the IFRS Ledger you need Ledger Security. This could have been easily implemented as an extension to Organizational Trees and Account Security which works fine but it wasn’t. Or put it on the Account Card as a simple flag.

Oh and lastly neither good or bad: don’t forget to modify your Column Formats in Management Reporter to specify the desired Ledgers. I believe that is done in the Book Code settings but don’t quote me on that or whether it works.

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Thaddeus Suter
Retus, Inc
TX
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