We urgently need a mechanism in IFS to prevent ordering materials or charging time against a customer job with a credit hold. Does anyone have any suggestions on how something like this could be done? I would appreciate any thoughts.
Hello. When an advanced invoice is created and is in preliminary state, is there a way to change the delivery address? Below is a preliminary advanced invoice. I can change the invoice address but I can’t seem to change the delivery address ID.
Edit: Solution has been found and implemented. Hello I tried running revaluation but I am getting the error below. This has never happened before. Below are the revaluation accounts and GP9 posting control: I would really appreciate help on how to resolve.
Hello. I am hoping someone can advise or give some direction on how to handle this situation in IFS. Parent company received an order. Billing for the order will be done by parent and depends on milestones achieved. Parent sets up the customer order. Most of the work will be done by subsidiary. Part of the revenue will be earned by parent. The rest of the revenue will be earned by the subsidiary. Subsidiary sets up an intercompany order (customer is parent) and project. The amount of revenue to be recognized by parent each month depends on the percentage of completion of the project in the subsidiary. Parent will not recognize cost. Subsidiary recognizes revenue each month based on percentage of completion. Cost recognized is actual cost. After subsidiary completes project, it ships to the customer. It will then bill the parent. For example,Assume the parent received a $100 order. Parent sets up customer order for $100. Revenue allocated to parent is $20. Revenue allocated to subsidi
HelloTo test Manual POC, 5% was inputted and revenue recognition was rerun. It now shows 5% in the POC Current Period column of the Revenue Recognition Project Log. I am unsure though which amounts underly this 5% (ie. which amounts in the revenue recognition project log is involved to calculate this 5%?). Additionally, I see 14,988.747 of Calculated Revenue Recognized Accumulated but I cannot figure out how that was calculated. I would appreciate it if someone could advise. I am trying to understand how the 5% and 14,988.747 are being calculated and which amounts are being used for such numbers. I have attached an Excel output file for this. Any help would be much appreciated.
Hello. We have a situation where our subsidiary will do project work and earn all the revenue and assume all costs but we would like the parent to bill the customer on behalf of the subsidiary. I would appreciate it if someone could advise on the best way to set this up? Any help would be much appreciated.
Hello. Does anyone have an idea of how to use the POC Method Manual in the financial project of IFS? According to the help description for Manual: “The POC is based on a value manually entered by the user. The method cannot be used by Planning Projects, IFS/Project”. Where or how exactly is this value entered? Would appreciate any help.
Hello everyone. I am hoping someone can advise on how we can deal with the situation below. Parent received an order for $100 . Billing will be done solely by parent utilizing advanced invoices as determined by a billing schedule per the order agreement. Subsidiary will work on the order and deliver to the customer on behalf of parent. Of the $100, the parent will recognize $20 in revenue with no costs, and the subsidiary will recognize $80 in revenue with planned cost of $40. Over the life of the project in the subsidiary, it recognizes revenue based on POC. The parent will recognize revenue based on the subsidiary’s POC. When the subsidiary finishes the project and delivers the item to the customer, it will then invoice the parent for $80. Revenue is recognized each month via revenue recognition.In terms of setting this up, my thought is:Parent creates customer order for $100. A manual POC project is created with planned revenue of $20 and no planned costs. Subsidiary creates a custo
Hello. I wanted to ask if anyone has ever heard of or implements “manual POC” . We have run into a situation and have heard that “manual POC” may be something that could help. Unfortunately I haven’t been able to get more information on this, so I was hoping someone has an idea about it.
Hello. We have an interim voucher whereby the reversal is currently in the hold table and has not been posted yet. We would like to change the date of this reversal so that it posts to a different period. Is there any way to do this? Any help would be much appreciated.
We currently have the following valid from and valid until dates in this period: There is transaction in the hold table dated 11/26/2023 that has not been posted yet, coming from an interim voucher. We would like to change the valid until date to 12/21/2023 (and also change the valid from date for the next period to 12/22/2023), but when we try to do so, we get this message: Is there any way at all to change the dates? We really need to be able to do so. Any help would be much appreciated.
HelloAssuming the following scenario: Period 1 of Subsidiary 1 has valid from and valid to dates of 11/26/2023 to 12/30/2023Period 1 of Subsidiary 2 has valid from and valid to dates of 11/26/2023 to 12/21/2023Period 1 of the Parent has valid from and valid to dates of 11/26/2023 to 12/30/2023 Would it still be possible to consolidate both subsidiaries for period 1 to the parent even if the subsidiaries have different valid from and to dates?
Hello. Is it possible to run periodic lease accounting for periods already closed? For example, assume period 1 to 11, 2023 is already closed. We want to implement operating lease accounting in IFS. The lease contract has payments at the beginning of each period. First payment occurred at the beginning of period 1. All payments have been made already for period 1 to 11. We want to enter the full lease contract in IFS, generate the amortization schedule, then create the recognition posting for the ROU asset and lease liability and have it post at the beginning of period 12. Then we want to run lease payable accounting and periodic lease accounting for P01-P11 and post to beginning of period 12. Is this possible even if period 1-11 is already closed? Would appreciate any input/insight. Thank you.
Hello. We have 4 MPL transactions below that are unbalanced. This is the first time we’ve seen this and we don’t even know why it is unbalanced and why IFS allowed it to be unbalanced. I cannot modify it to force it to be balanced. Does anyone know what can be done to fix this? Any ideas/suggestions would be much appreciated.
We have a CD invoice in a Printed state with invioce date 1/25/2023. Unfortunately, the period for this date is now closed and this invoice hasn’t been posted. Is there a way to get this invoice to post in the current period? I would appreciate any help on this.
Hello. I am trying to find a fixed asset report in IFS that shows the objects and their remaining (undepreciated) life in years and/or months. Does IFS have something like this? I would appreciate any help. Thank you.
I have a queston about lease accounting for operating leasing. The IFS documentation online states that “Under Operating Leasing, it is not required to depreciate the ROU Asset.” So my understanding is an (operating) lease contract needs to be entered via the Lease Accounting window. And that contract should still be connected to an FA object in order to create the recognition posting. And since the documentation says that under operating leasing, depreciation of the ROU asset is not required, then a separate depreciation via Depreciation Proposal is not needed. Only amortization of the ROU Asset via Periodic Lease Accounting should be done. Is this correct?
When we consolidate, a small balance remains on the parent’s account even if the subsidiary account balance is zero. This seems to be caused by the exchange rate and possibly the decimal places used. For example: Account 1456 in company CCIBU (base currency CAD) had a balance of CAD 2,001 at the end of Period 2. When this was consolidated to parent company CCICN (base currency USD) at the exchange rate of 1.239130, the balance in CCI is USD 1,564.01. In Period 3, this balance in CCIBU was cleared by a CAD (2,001) transaction, so at the end of Period 3 its balance is CAD 0.00 . But when consolidated to CCICN at the exchange rate of 1.26465, IFS books USD (1,564.02) against the balance and USD 18.24 to a currency translation account. So in Period 3, there is a remaining balance of USD 1,564.01 - USD 1,564.02 = (0.01) . The balance should be zero instead. So it seems like in the course of converting amounts when consolidating, IFS is missing small amounts when it clears balances. In the
We have a shipment that we would like to reverse so that we can change the price on the customer order. Would this be possible? Any help would be much appreciated.
Hello. In our previous fixed asset software (SAGE), it had a MACRS depreciation method with automatic switching to straight line when optimal. Is there something similar in IFS Fixed Assets? Below is one of the default MACRS depreciation methods in IFS. Is it possible to modify this so that it automatically switches to straight line when it is optimal (ie. when depreciation under straight line becomes larger than under declining balance)? Below is an example what we would like to achieve. Is there a depreciation method available in IFS that would depreciate like below? I would appreciate any help on this. Thank you.
Hello. I recently created a Tax book for depreciating assets for tax purposes. This isn’t supposed to post anything into the GL. I am testing on the object below: I created a depreciation proposal for this object: Below are the proposal details. Depreciation starts from 11/25/2017 (its acquisition date) to 1/29/2022 which is Depreciation Period 4 as specified above. After authorizing the proposal, I tried to post the proposal but I am getting this message: Would someone be able to advise on what this means and possible solutions? I would like to post so that I can run reports on the tax book to determine the depreciation for tax purposes. I would appreciate any insight/suggestions. Thank you.
Hello. Is anyone familiar with MACRS depreciation with 168(k) Bonus allowance?We have a number of assets in our old system (we used SAGE Fixed Assets before and have a Tax book there that we use to calculate depreciation for tax purposes) that we would like to move to IFS that use the aforementioned depreciation method. For example, we have this asset with a 168(k) allowance % of 50% and a depreciable % of 200 In the default depreciation methods, I see this the depreciation method below but there doesn’t seem to be a field where you can specify the 168 Allowance %. Is there a way to set up a depreciation method similar to below but with a 168 Allowance % ? I would appreciate any suggestions or ideas. Thank you.
Hello I have an object / asset , 2021-33 that was activated in October 2021. In November 2021, a manual entry was entered to adjust the value of the asset. After this, it stopped depreciating. When we run a depreciation proposal, we get this message in the log: I would appreciate any help on how to correct this and get the object to depreciate again. Thank you.
Hello We have US assets that will required MACRS depreciation that includes a 168(k) Allowance % of 50%. For example, we have this asset with a 168(k) allowance % of 50% and a depreciable % of 200. Is there a depreciation method from the existing ones below that would be appropriate to use ? Or if there is none, how could one be set up? When I look at some of these methods I do not see a field where I can specify a 168(k) allowance %. Would appreciate any input and assistance on this.
Hello. We set up the project below, with only 1 activity, where planned revenue is 100K and planned cost is 70K so that planned margin is 30%. Actual cost is 85K all of which was booked in one period. We set the financial project to a Project Type of Capitalize Rev/Exp and Revenue Recognition Method of POC Revenue First. When we run revenue recognition, it recognizes revenue of 100K and cost of only 70K even if actual cost is 85K. In this overbudget scenario, we would like to recognize revenue of 100K (ie. the planned revenue) and cost of 85K (ie. the actual revenue). However, in an underbudget scenario (let’s assume planned revenue is 100K, planned cost is 70K and actual cost is 65K), we would like the cost recognized to be 65K (ie. actual cost) and revenue recognized to be 92,857.14 (ie. the revenue needed so that the planned margin of 30% is achieved). I would appreciate any thoughts on how we could achieve this. The IFS version we are using is Apps 9 U13. Is there a particular
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