Process to adopt Enhanced Reporting

Created by Travis Lander, Modified on Tue, 19 Nov at 6:31 PM by Travis Lander

Description

This article details the process for how to adopt the Enhanced Reporting package if you already have existing data within SoftLedger, and have been utilizing the "ReportsV1" module for reporting. See below for which set of adoption steps apply to you based on the reporting currency(ies) of the Locations in your Location structure.

Check out the full list of benefits Enhanced Reporting delivers here -->

How to adopt: single-currency entity structure

If ALL Locations in your SoftLedger system have the same reporting currency (e.g. USD), then this adoption process applies to you.

Map Ledger Accounts SubTypes to Report Groups

With the new concept of a Ledger Account Report Group (this allows for out of the box financials and other benefits), each system will need to have all Ledger Account SubTypes mapped to a defined Report Group. To make this process as seamless as possible, we have run an AI script to match SubType Names with the most appropriate Report Group where possible. These SubType<>Report Group mappings should be immediately reviewed and adjusted/confirmed under the Financial>Accounts: SubTypes section within SoftLedger.

Recreate any Custom Financials from Report Editor

With this enhancement, there is a new and improved editor for adjusting your Balance Sheet(s) and Income Statement(s) reports. When accessing the Default versions of the B/S and I/S, you can click the "Edit Layout" and then adjust from the default Report Group setup to map by SubType, Ledger Account, or simply adjust the naming and order of how the current default mapping displays.

How to adopt: multi-currency entity structure

If all Locations in your SoftLedger system do not have the same reporting currency (e.g. USD, EUR, GBP, etc.), then this adoption process applies to you.

It is highly recommended to enable the Enhanced Reporting package when the Accounting Periods within a single Fiscal Year are all OPEN in your SoftLedger tenant. Foreign Currency Translation is handled differently between ReportsV1 and Enhanced Reporting. When enabling Enhanced Reporting at the start of fiscal period (with all monthly periods open), then Translation will be handled the same way for an entire fiscal year.

Map Ledger Accounts SubTypes to Report Groups

Recreate any Custom Financials from Report Editor

Set Consolidation Rates

When viewing consolidated financials, child Location account balances are translated from their reporting currency to their parent Location's reporting currency. This translation is done using the rates entered in the Consolidation Rates section under the Admin>Consolidation tab when the Enhanced Reporting package is enabled.

For your transition to Enhanced Reporting, Consolidation Rates will need to be entered for all Subsidiary -->Parent reporting currency pairs for the below periods:

All final Fiscal Months for any existing Accounting Year (e.g. December 2021, December 2022, December 2023 if calendar year fiscal with data pack through 2021).
Any Monthly Period for the current year to review historical consolidated month end financial reports, along with any consolidated comparative (e.g. monthly, quarterly) reports.
Any other consolidated reports set to an end date where rates will be required

When Consolidation Rates are required when attempting to review Consolidated Reports, the system will notify the user to enter the proper Consolidation Rates.

Learn more about Consolidation Rates here -->