Setup Basic Company Data

Explanation

Use this activity to specify detailed company information. Some of this information is mandatory in order to create a company.

Source/Template or User Defined

Specify the calendar creation method for the company. Depending on the method that you select the fixed asset calendar will also be created identically. If the Source/Template option is selected then the calendar will be created based on an existing company template or company. Else if you want to create the company calendar based on your requirement select the User Defined option.

Default Language

Specify the default language for the company. The specified language has no impact on the IFS/Enterprise component but is used by other company related components in IFS Applications if no other language code is available. The value list consists of active ISO languages (see ISO Code Usage). The default language must be specified.

Country

Specify the country for the company. The specified country will be set as the default country for each address entry in the Address tab in the Company window. The country code is also important for functionality related to IFS/Invoicing and IFS/Payment.
The value list consists of active ISO countries (see Application Services/Manager/ISO Code Usage). The country must be specified.

Accounting Currency

Accounting currency defines the base currency of the company. All financial transactions will have credit or debit amounts in this currency. The accounting currency must be specified.

Valid From

This signifies the date from which the company and related basic data will be valid. One example is the chart of accounts that will be valid from this date.

Parallel Currency

Optionally, you can specify a currency to serve as a parallel base currency. If specified, all financial transactions will have credit or debit amounts calculated in this currency.

Valid From

This optional date defines the date from which the parallel currency is valid.

Cancel/Rollback Posting Method

The Cancel/Rollback Posting Method is mandatory and specifies how postings should be handled in the current company when a transaction is canceled or rolled back. The method specified as the Cancel/Rollback Posting Method is also the default Reversal Voucher Posting Method for the company, i.e. the method used to handle postings created in the company when an automatic reversal voucher is created. You can change the Cancel/Rollback Posting Method and the Reversal Voucher Posting Method in the Company/Accounting Rules tab.
The Cancel/Rollback Posting Method can be defined as:

• Reverse
  If it is requested that, e.g., a debit amount should be canceled/rolled back using a credit amount.
• Correction
  If is is requested that, e.g., a debit amount should be canceled/rolled back using a negative debit amount.

Use Voucher Number Series Per Period

The Use Voucher Number Series Per Period check box must be selected if the voucher number series should be defined per period. By default, the check box is not selected, which means that the voucher series are defined per year.
You cannot modify this check box value in the Company/Accounting Rules tab. 

Prerequisites

• The company ID, company name, and whether the company is a template company must have been previously defined.
• The company source, a company template or an existing company, must have been defined. 

System Effects

• The accounting currency specified will be used as the base currency, and postings will create transactions with amounts in this currency. Once specified, it cannot be changed.
• It is important to choose an accurate value of the valid from date since all basic data will be valid from this date.
• The Cancel/Rollback Posting Method can be modified after the creation of a company, but it is recommended that this information be defined correctly from the start since it will affect how transactions are posted during cancellation and rollback.
• If the base currency is not the EUR currency, then currency rates will be handled according to:

• Currency Rate Type 1 and 2 will be created
• Currency rates for rate type 1 will be defined and will contain rates for the base currency, with the base currency as reference currency.
• Currency rates for rate type 2 will be defined and will contain rates for the EUR currency, with EUR as the reference currency.

• If the base currency is the EUR currency, then the currency rates will be handled according to:

• Only currency rate type 2 will be created.
• Currency rates for rate type 2 will be defined and will contain rates for the EUR currency, with EUR as the reference currency.

Window

Create Company Assistant

Related Window Descriptions

Create Company Assistant

Procedure

Source Template

1. Select the Source Template/Company option.
2. Enter the base currency in the Accounting Currency field, i.e., the currency the company will use as the base currency for accounting transactions.
3. Enter the Valid From date for the currency.
4. Enter a Parallel Currency if required.
5. Enter the Valid From date for the parallel currency.
6. Select the Default Language.
7. Select the default Country.
8. Select the Cancel/Rollback Posting Method, i.e., Reverse or Correction.
9. The Use Voucher Number Series Per Period check box is used to select whether the company should use voucher number series per period or per year.  
10. Click Next.

User Defined

1. Select the User Defined option.
2. Enter the First Accounting Year for your calendar.
3. Enter the starting year and month for the calendar in the Start from Year-Month field.
4. Enter the number of years that you want the calendar to be valid in the Number of Years field.
5. Enter the base currency in the Accounting Currency field, i.e., the currency the company will use as the base currency for accounting transactions.
6. Enter the Valid From date for the currency.
7. Enter a Parallel Currency if required.
8. Enter the Valid From date for the parallel currency.
9. Enter the Default Language.
10. Enter default Country.
11. Select the Cancel/Rollback Posting Method, i.e., Reverse or Correction.
12. The Use Voucher Number Series Per Period check box is used to select whether the company should use voucher number series per period or per year.  
13. Click Next.