Ledger Set Classification for Consolidated Views

Use the ledger set classification to configure ledger sets that enforce all ledgers in the set to have the same currency. This is helpful when defining ledger sets for reporting where all ledgers need to share the same currency, or when combining primary and adjustment-only secondary ledgers into a ledger set to obtain a complete accounting view. Organizations can still configure ledger sets for processing efficiency where ledgers in the set have different currencies.

Create Ledger set:         

The Create Ledger Set page contains two new fields: Classification and Currency. 

  1. Navigate to the Manage Ledger Sets page and click the Create icon to create a new ledger set.
  2. Select the classification of 'Currency-specific' and enter the currency when combining the ledgers with the same currency into one ledger set. This classification is used for reporting when the ledgers need to share the same currency in addition to chart of accounts and accounting calendar.  
  3. Select the classification of 'GAAP view' and enter the currency when combining primary and adjustment-type secondary ledgers into one ledger set. In this classification you can have one primary ledger and its associated secondary ledgers in the ledger set assignments.
  4. Leave the Classification field empty without any value when you want the ledger sets to contain the ledgers, or ledger sets with different currencies. This classification is used for operational and processing efficiency such as opening and closing periods of ledger sets with different currencies.

Manage Ledger Sets:

You can search the ledger sets based on the Classification and Currency columns. These columns are hidden in the Manage Ledger Sets summary page and can be added as visible columns upon the user preferences.

Business Benefits include:

  • Consistent Financial Reporting: By defining ledger sets where all ledgers share the same currency, organizations can achieve accurate, uniform, and streamlined reporting. This ensures that financial reports are easier to interpret and compare.
  • Comprehensive Accounting View: Combining primary ledgers and adjustment-only secondary ledgers into a single ledger set provides a complete and integrated view of the organization's financials. This holistic perspective aids in better financial analysis and improved decision-making.
  • Processing Efficiency: Organizations can still configure the ledgers with different currencies into a ledger set for efficient processing. This flexibility allows for optimized financial operations.

Steps to Enable

Use the Opt In UI to enable this feature. For instructions, refer to the Optional Uptake of New Features section of this document.

Offering: Financials

Tips And Considerations

  • You can enable audit on the Ledger Set object to keep track of the changes made to the different fields including the classification and the currency.
  • Classify the ledger set based on its usage and purpose. You will not be able to edit or update the classification once the ledger set is created. 
  • Existing ledger sets are not impacted and will not have a value for the Classification field. These ledger sets can be used for operational and processing efficiency such as opening and closing periods of ledger sets.

Access Requirements

You don't need any new privilege to use this feature.