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Introduction
A general ledger is a formal ledger that contains a companys accounting records.
To make the General ledger functional, setup the chart of accounts, fiscal
calendars, legal entities, and currencies. The chart of accounts is a list of main
accounts and financial dimensions that are allowed by one or more account
structures.
Fiscal calendars specify what time period financial data is posted, while currency
setup determines which currencies are available for business transactions.
This course explains how to work with the chart of accounts and its multiple
dimensions. These dimensions may be used to track profits, cost centers, and
other important financial information.
Allocation rules and methods are also defined in this course.
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Currency Setup
In Microsoft Dynamics AX, all currencies are provided by default. The
currencies are loaded the first time a user opens the General ledger parameters
form.
To view currencies click General ledger, click Setup, click Currency, and then
click Currencies.
Only one currency can represent the Triangulation currency. By default, the EUR
currency is selected as the Triangulation currency. To change the Triangulation
currency, you must first clear the Reference currency for triangulation check
box on the EUR record in the Currencies form. Then, you can select the
Reference currency for triangulation on the desired currency.
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$ - U. S. dollar
- Euro
Field
Description
Currency
The unique identifier a code of up to three characters
for the selected currency.
Examples:
USD- U.S dollar
Name
EUR - Euro
Euro
Canadian dollar
Symbol
Currency
Code
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NOTE: The value in the General round-off field affects all values in all modules.
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Currency Gender
Currency Gender is used for Spanish speaking countries to define the gender
printed on checks and reports. Select Feminine if the selected currency has a
feminine gender and the gender is used on checks and reports.
The default value for this field is Masculine, which, in effect, means no gender.
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Denomination Currencies
Add the currencies that are denominated as the triangulation currency and should
be triangulated through the triangulation currency during the currency conversion
process.
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Value
Realized Loss
801300
Realized Profit
801500
Unrealized Loss
801400
Unrealized Profit
801600
Challenge Yourself!
1. Set up the South African Rand (ZAR) posting accounts and rounding
options.
2. Set up the exchange rate.
3. Convert the ZAR Quotation unit to 100.
Step by Step
Perform the following steps to set up the currency rounding options:
1. Click General ledger, click Setup, click Currency, and then click
Currencies.
2. Highlight the Currency ZAR.
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Both fiscal year and periods can be set up by the following measurements of
time:
Years
Months
Days
The periods and fiscal year feature is very useful for the preparation and
reconciliation of periodic and yearly accounts
For example: Fixed assets may require two calendars one for auditing purposes
and one for tax purposes. Having multiple calendars allows you to run parallel
depreciations.
Before posting transactions, a new fiscal year must be divided into periods as
transactions cannot post unless a period is created for the posting date.
NOTE: Microsoft Dynamics AX posts transactions according to dates as
opposed to periods. Accounting periods are used for reporting. Closing of
accounting periods allows the user to close the sub-ledger to make sure that no
additional transactions are recorded.
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Click General ledger, click Setup, and then click Fiscal Calendar.
Click the New fiscal calendar button.
Enter the name of the calendar to be created in the Calendar field.
Enter a description of the fiscal calendar in the Description field.
This description may print on reports.
Enter the Start and End dates of the initial fiscal year in the
appropriate fields.
Enter a Fiscal year name of the initial fiscal year to be associated
with this fiscal calendar.
Enter the Length of the period and the Unit of the periods. These
fields work together to determine how many periods will be created.
Click the Create button.
NOTE: There will always be an Open and Closing period created along with the
number parameters specified in the Length of the Period and the Unit fields.
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Unit entered in
setup
Number of Periods
Created
Days
367
Months
14
Year
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NOTE: It is also possible to create multiple closing periods. This provides the
ability to track internal button external audit adjustments (for example) in
separate periods.
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Challenge Yourself!
Create the fiscal year calendar for 2012, which begins on July 1, 2011.
Step by Step
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
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Click General ledger, click Setup, and then click Fiscal Calendar.
Click the New fiscal calendar button.
Enter FIS-2012 in the Calendar field.
Enter Fiscal Year 2012 in the Description field.
In the Start of fiscal year field, enter 7/1/2011.
In the End of fiscal year field, enter 6/30/2012.
Enter 2012 in the Fiscal year name field.
In the Length of period field, enter 1.
In the Unit field, click the arrow to select Months.
Click the Create button to create the year.
Click Close to close the form.
Date Intervals
Create and manage date intervals that can be used in financial statements and
reports. Date intervals allow you to create dynamic dates. When you use date
intervals, you can set up predefined periods when you run financial statements.
Date intervals can also be used when setting up an allocation rule.
Scenario
Ken, the Controller at Contoso Entertainment USA (CEU), runs a dimension
statement every month. Instead of entering the dates every time he runs the
report, he selects a date interval.
The date interval automatically fills in the start date and the end date. Therefore,
Ken does not have to specify the start date and the end date when he runs the
dimension statement.
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Field name
Value
Before
Fiscal year
Start/End
Start
Calculation date
3/13/2012
Starting point
1/1/2012
Field name
Value
Before
Quarter
Start/End
End
Calculation date
3/13/2012
Starting point
3/31/2012
Value
Before
Year
Start/End
Start
+/-
Years
Calculation date
3/13/2012
Starting point
1/1/2012
After adjustment
1/1/2012
Field
Value
Before
Year
Start/End
Start
+/-
-1
Years
Calculation date
3/13/2012
Starting point
1/1/2012
After adjustment
1/1/2012
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Value
After adjustments
4/17/2012
After
Fiscal year
Start/End
Start
From date
1/1/2012
Field
Value
After adjustments
4/17/2012
After
Quarter
Start/End
End
From date
6/30/2012
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Reason Codes
Reason codes are standardized codes that can be used in various transaction types
or changes to field values to provide background data about the transaction. For
example, auditors or managers frequently want to see reasons recorded for
various transactions such as reversals.
When you use standard reason codes instead of transaction text, you have
guidelines for which codes to select from. Standard reason codes also allow
management and auditors to analyze transaction history by specific reason.
Reason codes can be used with the following:
General ledger
Accounts payable
Accounts receivable
Bank
Elimination proposal
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Financial Dimensions
Financial dimensions have the following characteristics:
Ledger accounts
Customers
Vendors
Scenario
Ken, the Controller at Contoso Entertainment USA, must analyze company
figures from a perspective other than only ledger accounts. Ken wants to make
reports and sales statistics inquiries based on cost centers and departments.
Therefore, he decides to set up dimensions as a supplement to voucher and
account numbers.
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Field
Description
Dimension
Value
Description
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Description
Select the
level of
dimension
value to
display
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Field
Description
Active from
Active to
Suspended
Owner
Group
Dimension
Calculate total
from multiple
dimension values
Description
Do not allow
manual entry
Companies
If Companies is selected in the Select the level of dimension value to display
field, Financial Statement Formatting and Cost accounting tabs become
available.
The following describes how to use each of the fields in the expanded Financial
Statement Formatting tab:
Field
Description
Invert sign
Column
Bold
Italics
Line above
Line below
Underline text
Underline
amount
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Description
Blocked for
service
transactions
Blocked for
distribution
Blocked for
allocation
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Field
Description
Template ID
Financial dimensions
Ledger accounts
Customers
Vendors
For example, customer 4037 may be set up by department and cost center
dimensions. When a sales order is created for customer 4037, the defined
dimensions are populated on the sales order automatically, but the values can be
changed.
Throughout Microsoft Dynamic AX, you can separate data in different ways by
using dimensions. For example, you can attach a department number to each
transaction and then run a query that shows balances by department code.
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Challenge Yourself!
Help Phyllis enter the necessary dimension validation options for account
605110.
Step by Step
1. Click General ledger, click Common, and then click Main
accounts.
2. Select account 605110, Cleaning expense, and click the Edit button.
3. Select Companies in the Select the level of main account to display
field.
4. Select CEU in the Companies field. You may have to click on the
green cross icon to select the company.
5. Expand the Financial Dimensions FastTab.
6. In the Cost center field, click the arrow to select the Building
maintenance account.
7. Close the form.
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Scenario
Sara, the Chief Financial Officer (CFO) at Contoso Entertainment USA (CEU),
must:
To view the sales revenue for all departments in CEU, Sara decides to create a
dimension set that consists of ledger accounts and departments dimensions.
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Period Allocations
Allocation is the process of distributing monetary amounts to one or more
accounts or account and dimension combinations.
Microsoft Dynamics AX has the ability to use predefined allocation rules to
perform generated allocations. Generated allocation is the distribution of posted
or fixed amounts to combinations of destination accounts and dimensions at any
time, which generate new journal entries.
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Basis
Fixed percentage
Fixed weight
Spread even
Allocations also provide the ability to allocate across multiple companies, also
known as Intercompany allocations.
Scenario
Phyllis, the Accounting Manager at Contoso Entertainment USA (CEU), creates
a new Intercompany allocation rule for Electric Utilities to distribute overhead
utility expense to each department based on fixed percentages. The rule is for the
new fiscal year that begins on January 1, 2012. Because Phyllis does not want the
new rule to be used until then, she enters 01/01/2012 as the start date for the rule.
Because CEU typically reviews its allocation rules every fiscal year, Phyllis
enters 12/31/2012 as the end date for the rule.
Phyllis enters detailed notes about the basis and reasons for the allocation rule.
Phyllis then selects the Microsoft Word template that was implemented when
CEU experienced an audit review to document the allocation rule completely.
When Phyllis has finished writing the document, she attaches a copy of it to the
rule. Anyone who wants additional information about the rule can open the
document or print an Allocation rules definition report.
The General settings dictate which fields are available in the rule
tabs.
The Source data for the allocation is also known as the allocation
pool.
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6.
In the Data source field, select the source of the amount to allocate:
o Ledger
o Fixed value
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Scenario
Phyllis runs the Allocation rules definition report that details the allocation rules
for the current year. The report contains details about each rule including the rule
ID, description, From/To account number and dimension combinations, effective
start and end dates, calculation method details, usage information, and other
setup information.
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Scenario
Phyllis runs an allocation proposal without posting it to review the allocation
results and the detailed distributions that will be created based on the allocation
rule used. If the results are accurate, Phyllis posts the entry.
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Summary
The General ledger setup course describes the initial setup to start working with
Microsoft Dynamics AX financials. The course provides basic introductions to
set up:
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Fiscal calendars
Period allocations
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2.
3.
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Solutions
1. What effect does the value in the General round-off field have on the values
in Microsoft Dynamics AX 2012?
MODEL ANSWER:
The value are used to round all amounts in all modules.
2. When you change the display currency, it affects all users.
( ) True
() False
3. Is it possible to post activity that uses a date for which a period has not been
created?
( ) Yes
() No
4. What are reason codes?
MODEL ANSWER:
Reason codes are standardized codes that can be used in various transaction
types or changes to field values to provide background data about the
transaction.
5. What are the parts of an allocation rule?
() General
() Source
() Destination
() Offset
6. Which allocation method defines how and in what proportion the source
amounts are distributed to the various destination lines, by referring to
balances in other account-dimensions?
() Basis
( ) Fixed percentage
( ) Fixed weight
( ) Spread even
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