Software Spotlight: Entity and Strategy Setup – Account Break-out for Short Term/Long Term Assets, Liabilities and OCI
A big benefit of the ability to store multiple accounts is that now you can assign different account numbers for short-term and long-term assets and liabilities.
CapellaFX Summary and Detail reports have been breaking out the amounts, but now you can assign different account numbers to distinguish the short term from long term accounts. The updated changes to the account numbers will also be reflected in all accounting reports. In addition, OCI is now split between short-term and long-term and different account numbers can be set up for each, if appropriate, for your company.
Both short and long term accounts have defaulted to the GL account number originally set up in entity set-up
Step 1: To update your accounts, open the Entity Setup window.
Step 2: In the General Ledger Accounts tab, select an Entity, then select “Unlock GL Accounts” at the bottom of the screen. Note: that in some cases the bottom of the form will not automatically be displayed, so you will need to scroll to the bottom using the scrollbar.
Step 3: Select the appropriate short or long term account type from the Multiple Accounts list, click the “New” button and enter the additional GL account name(s) and GL account number(s).
Step 4: Click “Save” then Exit from the Entity Setup module.
Step 5: In the Strategy Setup window, choose the entity you used before and select a Strategy in the General Setup tab and then open the GL Account Designationtab and choose the new accounts from the dropdown.
Step 6: Click “Save.” Once you run MTM in the Period Close window, the new accounts will appear in your reports. Any prior period accounting will not be impacted by the change in accounts.
To learn more about the Long Term/Short Term accounts contact the Client Support and Solutions Team via the “Client Support” button on the CapellaFX home page.