Subledger Configuration
The majority of this configuration is performed by users with the following security roles assigned:
Yearend Cleardown
Yearend Cleardown also known as Retained Earnings Process, is part of closing a fiscal year and a preparation for starting a new financial year.
The Yearend Cleardown functionality allows you to automate the calculation and posting from Profit and Loss (Income Statement) accounts to Retained Earnings when closing a fiscal year, ensuring accurate financial reporting, compliance with accounting standards and moving a years profit or loss to the Balance Sheet to start next financial year.
FX Revaluation
FX Revaluation is the process of updating balances in functional and reporting currencies to the latest FX rates. The aim of the process is to capture the value of the fluctuating exchange rates and make sure we report that fluctuation in financial statements. This is different from FX conversion which happens on the Journal amounts.
Reclassification
Reclassification is an accounting process where, due to regulatory compliance requirements and financial reporting accuracy, certain accounts require balance transfers, e.g. due to initial missclassification. It adjusts where an amount is reported