Overview
A Financial Company Master record is required for each Manufacturing Company for which Financial activity will take place. All Financial records are “keyed” by this Financial Company record. Financial Reports are all driven by Financial Company.
Prerequisites
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System Configuration (maintained by Rootstock): ‘Financial System Interface’ must be set to Rootstock; ‘Authorized Financial Users’ must be > 0 (should be set to the number of Financial Users that are to be set up in the system) and cannot exceed the ‘Number of Paid User Licenses’.
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Financial System User: Required; must be a valid Manufacturing User in order to add.
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Manufacturing Companies: A Manufacturing Company must exist in order to create a Financial Company (Navigation: System Setup > Company Master), including having a Home Currency established and set.
NOTE The source of Dimension values come from those established on the Manufacturing Company Master.
Navigation
Financial System Setup > Financial Company Master
Processing
Add Financial Companies
Fields
Header Section
Company: Financial Company identifier, set from the Manufacturing Company selected.
Current Fiscal Year: The current Fiscal Year for the given Financial Company used to default the Fiscal Year when adding Financial records manually.
Default Auto Create 12 Monthly Periods: When checked, on adding additional GL Fiscal Years, Periods will be auto-generated for that year based on calendar-month periods.
Multi Currency Indicator: When checked, enables the use of multi-currencies for this company.
Parent Company: Set to an existing Financial Company where the given company is a "child" of another Financial Company.
Consolidated In Parent Company (off RSTK): This is the name of this company's parent, if and only if the given company's parent is not a Rootstock Financial Company.
Home Currency of ‘Off System Parent’: When 'Consolidated In Parent Company(off RSTK)' is checked, enter the Home Currency used by the 'Off System Parent'.
Post Reversing JEs With Original Entries: If this is checked, automatic reversals of reversing entries will be posted in the subsequent Period at the same time that the original entries post in the current Period. If it is not checked, the reversing entries will have to be posted manually.
Reverse Period Zero when Reopening Year: When a Fiscal Year is closed, year-end balances for that year are written to Period Zero of the subsequent year. Enabling this field causes the Period Zero entries to be reversed when a year is reopened vs. being adjusted when the year is re-closed.
Allow trial consolidation before closing: If checked, allow trial data rollup to the parent company prior to the official initialization of the month-end close. It cannot be checked if the parent company is not defined.
P&L Account Rollup Exchange Rate Method: This field indicates the method to be used when calculating the exchange rate to be used when rolling subsidiary company data up to the parent company. The value is to be set on the Parent Company. Options are:
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Year to Date Average
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Monthly Average
UFX – Consolidate GL Postings: This option causes the GL Postings for UFX to be summarized by Account, Currency, Gain/Loss and Txn Source.
UFX No Zero Balance Bank Reversals: When checked, UFX gains and losses to Monetary Cash (bank) accounts will not be automatically reversed in the next period.
Year of Period in the Close Process: Programmatically set to the GL Fiscal Year that is in the "close process" for the given RS Financial Company, when applicable.
Period in the Close Process: Programmatically set to the GL Fiscal Year's Period that is in the "close process" for this RS Financial Company, when applicable.
Use Expired Exchange Rates if Necessary: When checked, if an exchange rate per Foreign Exchange Rate Schedule is not available for the date of the transaction, the last active Exchange Rate entered in the Foreign Exchange Rate Schedule will be used.
Allow Override of Exchange Rates: This field opens a feature that allows for the Override of Currency Exchange Rates in ERP and Finance transactions.
Home Currency: The Home Currency for the Company. This is the currency that the company records will be recorded in.
Tax Identification Number: Optional Tax Identification Number for the given company, if applicable.
WHT Identification Number: Where WHT is applicable, this is the WHT Identification Number that will be printed on the WHT Vendor Certificates and WHT Return.
JE Email Template: This pre-defined template will be used when printing Journal Entries via the General Journal Workbench.
Exclude Project from GLTXN Summarization: When checked, the Project value is not considered when summarizing GL Transactions for consumption by RFA.
Company Registration Number: This field holds the Registration Number that applies to this financial company.
Originators Identification Number (OIN): This field carries the OIN (Originators Identification Number) for use on SEPA payment files. It is sometimes referred to as the submitter’s SEPA User ID.
Suppress Posting in Next Open Period: When checked, this feature prevents the posting of Journal Batches and non-ERP-originated AP and AR Batches into the next open period when the actual period associated with the batch is closed.
GL Account Defaults Section
Current Year’s Gain/Loss on Exchnge Acct: Required when using Multi-Currency. Set to the GL Account established for the Current Year’s Gain/Loss on Exchange.
Posting Clearing Account: Large Journal Batches (those exceeding 200 entries) require posting in groups. This account is used on transactions added to balance each group during posting. This account should always carry a zero balance except during the posting process.
Prior Years’ Retained Earnings: Set to the GL Account established for Prior Years’ Retained Earnings.
Prior Years’ Gain/Loss on Exchange Acct: Required when using Multi-Currency. Set to the GL Account established for Prior Years’ Gain/Loss on Exchange.
UFX Accounts Section
Unrealized Gain on FX – AR: This field carries the Account to be used to record Unrealized FX Gains in Accounts Receivable. When left blank, entries are recorded against the FX Gain Account specified on the AR Control record.
Unrealized Loss on FX – AR: This field carries the Account to be used to record Unrealized FX Losses in Accounts Receivable. When left blank, entries are recorded against the FX Loss Account specified on the AR Control record.
Unrealized Gain on FX – AP: This field carries the Account to be used to record Unrealized FX Gains in Accounts Payable. When left blank, entries are recorded against the Exchange Rate Variance Account specified on the AP Control record.
Unrealized Loss on FX – AP: This field carries the Account to be used to record Unrealized FX Losses in Accounts Payable. When left blank, entries are recorded against the Exchange Rate Variance Account specified on the AP Control record.
Unrealized Gain on FX – Accrued AP: This field carries the Account to be used to record Unrealized FX Gains in Accrued Accounts Payable. When left blank, entries are recorded against the Receipt Exchange Rate Variance Account specified on the AP Control record.
Unrealized Loss on FX – Accrued AP: This field carries the Account to be used to record Unrealized FX Losses in Accrued Accounts Payable. When left blank, entries are recorded against the Receipt Exchange Rate Variance Account specified on the AP Control record.
Unrealized Gain on FX – Other Monetary: This field carries the Account to be used to record Unrealized FX Gains in Other Monetary Accounts. When left blank, entries are recorded against the Receipt Exchange Rate Variance Account specified on the AP Control record.
Unrealized Loss on FX - Other Monetary: This field carries the Account to be used to record Unrealized FX Losses in Other Monetary Accounts. When left blank, entries are recorded against the Receipt Exchange Rate Variance Account specified on the AP Control record.
Bank Account Defaults Section
Default Bank Account for Cash: Set to the Bank Account to be used for cash transactions.
Default Bank Account for Credit Card: Set to the Bank Account to be used for credit card transactions.
Default Bank Account for Checks: Set to the Bank Account to be used for check transactions.
Default Bank Account for EFT: Set to the Bank Account to be used for EFT transactions.
Address Tab
Street: Street Address for the given Rootstock Financial Company.
City: City for the given Rootstock Financial Company.
State / Province: State or Province for the given Rootstock Financial Company.
Country: Country for the given Rootstock Financial Company.
ISO Country Code: This field carries the ISO Country Code.
Zip / Postal Code: Zip or Postal Code for the given Rootstock Financial Company.
Company Contact: This optional field carries the name of the contact for the given Rootstock Financial Company.
Phone: Phone number for the given Rootstock Financial Company.
Fax: Fax number for the given Rootstock Financial Company.
Contact Email: Contact email address for the given Rootstock Financial Company.
Vendor Companies and Customer Companies Section
NOTE In View mode, any Vendor Companies and Customer Companies created for this Financial Company can be viewed at the bottom of the page.
SEE ALSO
Financial System User Company
