Projects

All Projects:

• The user will be onboarded to the “All Projects” page on click of this tab.

• This page displays the list of the latest projects of all the entities.

• The user will also be able to create a new project using “Create New” button.

• The field structure of this page is as follows:

• Entity – Entity Name

• Project Name – The name of the project against each entity

• Period- The period of the latest project

• Status – Status of each project – Ongoing or Completed

• Action – This tab will enable the user to view the project which will be redirected to the workspace of the project or delete the project.

Functionalities:

• User will be able to edit the project name and owner fields using the 3 dots.

• User will be able to delete the project using the 3 dots.

• The deleted project can be restored within a period of 60 days using the ‘Restore’ button.

• The user will also be able to create a new project using the ‘Create New’ button.

Create Project:

• This page enables the user to create a new project.

• The user will be able to create a new project from “All Projects” page.

• The field structure of this page is as follows:

• Create as – Radio Button – The user will be able to select either Consolidated, Standalone or Both

• Select COA – Radio Button – Selects either Statutory or Group

• Add Start date and End Date – Date picker – Selects the start date and end date of the project

• Start date tax rate and End date tax rate – Text box – Enters the tax rate for start date and end date

• Roll Forward – Check box – If the user selects the check box, then the user will be asked to select the project from which the format has to be picked.

• Add users will allow users to add project owners and collaborators. The project owner has administrative rights over the project including:

  • Filling out the project form

  • Deleting the project

  • Changing the assignees for tasks

  • Locking financial statements

  • Publishing financial statements

• Include Inter Company Module – Radio button – Selects yes or no based on the requirement – If the user selects ‘Yes’, the user must set up the Intercompany module, else ICO is not applicable for this user.

• Select Comparative Period – Select the start date and end date of the project for which the comparison has to happen. If the project does not exist during the selected period, the user can either create a project or upload an excel. Maximum we can allow up to 12. The user can also select both dates and comparative period.

• Access Workspace – Button – When the user is done with all the fields in the screen, click on this button, if there are no errors in the screen, the workspace is created for the project.

• Once the project is created, the below set-up modules will be enabled.

  • Forex

  • Publish Calendar

  • ICO – This is enabled if the ICO is selected as ‘Yes’ during project creation.

  • Tax Rate

• Publish Calendar – This module will enable the user to set the timelines for book close, consolidated financial statements and standalone financial statements.

• Setup Forex – This module will enable the user to set up the foreign exchange rates.

• ICO Setup – This module will enable you to set up the ICO transaction type, role, match to transaction type and materiality of the intercompany transactions.

• Tax rate is enabled when any of the entities in the project has a BC form.

Validations:

The following are the validations before creating a project.

• Group Structure should be completed.

• COA master and GL codes mapping should be completed.

• All the forms should be completed.

• Once the project is created, the COA, group structure, forms should be frozen and any editing in the data will not be picked in the financial statements of this project.

• Only those entities will be considered where the date of acquisition or date of investment is less than or equal to the project end date. That is, if the entity is acquired on the date or before the end date of the project, those entities alone will be considered.

Intercompany Module:

• This page will enable us to set up the transaction type and match to transaction type in the intercompany transactions.

• The transaction type and match to transaction type is user defined.

• This transaction type is used to match a transaction and a counter transaction in the ICO transactions page in ICO module.

  • For ex: Consider the example - transaction type - “Purchase of goods”, L3-L4 classification, Role - “Buyer” and Match to transaction type - “Sale of goods”

  • If H, A and B are the entities in the project

  • If H records a transaction with A with transaction type as “Purchase of goods” and A records a transaction with H with transaction type as “Sale of goods”, as this this is created as a transaction pair in the ICO set up page, these transactions will be matched in the ICO transactions page.

• The seller only will be able to enter the margin percentage and it is a non-mandatory field.

• The margin on inventory section will open only if the margin % is entered.

• The user can use the previous transactions using “Use Prior Project”.

• The user will also be able to add, edit or delete any data that is fetched from the prior projects.

• The field structure of this project is as follows:

  • Transaction Type – Text box - Defines the type of transaction.

  • L3 Classification – Drop down

  • L4 Classification – Drop down

  • Roles – Drop down

  • Margin Percentage – Text box – Decimal – User enters the margin percentage over which will be considered in the ICO adjustments.

  • Match to transaction type – Text box – Defines the type of transaction which is matched to Transaction type

  • Materiality – Text box – Decimal – User enters the materiality value of the entity above which the ICO differences will be generated – This value will be in the reporting currency.

  • Margin – L3 and L4 values to be declared for margin – Applicable only if the margin is entered

  • Inventory – L3 and L4 values to be declared for inventory – Applicable only if the margin is entered

• If the margin % is not entered, then the “Margin on Inventory” section will not be displayed.

Publish Calendar:

• This page helps the user to set the timelines for book close and financial statements.

• For the book close, the user will select the end date to upload the trial balance.

• For the consolidated adjustments, the user will be allowed to set the end date for all the consolidated adjustments like standalone financial statements, consolidated financial statements, other consolidated adjustments, ICO adjustments, etc.

• Once the timelines are set and on click of ‘Publish’, the timelines will be published, and the user will be able to view the same in the Overview page.

Forex:

• This page allows the user to record the forex rates.

• The field structure for this page is as follows:

  • Entity Name – Auto populated – The entity names are auto populated from the group structure.

  • Functional Currency – Auto populated – The functional currency is auto populated from the group structure.

  • Reporting Currency – Drop down – Enables the user to select the reporting currency in which the user wishes the financial statements to be produced.

  • Opening BS Rate – Text box – Decimal – For opening BS rate, the rate on the start date of the project will be entered.

  • Closing BS Rate – Text box – Decimal – For closing BS rate, the rate on the end date of the project will be entered.

  • Avg PL Rate - Text box – Decimal – For Avg PL Rate, the average value from the start date to the end date of the project will be entered.