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Set of Books Option | Recommended Setting in Reporting Sets of Books |
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Enable Journal Entry Tax | Same as primary set of books if you want to use automatic journal entry tax for manual journals that you enter directly in your reporting set of books. You can view converted tax amounts when you inquire on converted journals in your reporting set of books. However, you cannot view associated tax details, such as the tax code and rate, that are viewable in the Tax Information descriptive flexfield window in the primary set of books. |
2. Generate revenue.
6. Run the Revenues to GL Tieback process.
Global Accounting Engine Payables and Receivables transaction processing with MRC allows you to account, transfer, and post to all primary and reporting sets of books in a single submission from your primary responsibility. From your primary responsibility, you use the Submit Posting Manager window to transfer Payables and Receivables transactions to General Ledger. You can automate submission of the following processes by enabling the corresponding options:
If you do not choose to enable the Journal Import and Post Journals options, you must run these processes using the standard General Ledger forms from both the primary responsibility and each reporting responsibility.
With the exception of Translate Events, when you enable an option, the Submit Posting Manager window ensures the options for all preceding processes are also enabled. For example, you can choose to automate submission of the Transfer to GL process only, but you cannot choose Transfer to GL and Post Journals without choosing Journal Import.
If you enable all options, you can submit a single request to transfer journals to General Ledger, import journals, and post journals in both the primary and reporting sets of books.
When you enable Journal Import and Post Journals, the Global Accounting Engine also submits that same process for each associated reporting set of books. If you choose not to enable Journal Import or Post Journals, you need to submit these processes manually in both the primary and each associated reporting set of books.
As noted in the documentation, the reversal process MRC follows depends upon whether the original entry is reversed before or after being posted in your primary set of books. When you reverse after posting the original journal, MRC automatically creates a reversing journal in each of your reporting sets of books, using the same amounts as the original converted journal. If Journal Approval is enabled in your primary set of books, it is possible that the original reversing journal could be rejected by an approver after the converted reversing journals have been generated in your reporting sets of books.
Since the converted reversing journals do not require approval, they won't be rejected when the original reversing journal is rejected. This could result in the balances in your reporting sets of books becoming out of sync with the balances in your primary set of books. You can resynchronize your balances by deleting the converted reversing journals in your reporting sets of books.
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