Show TOC

Procedure documentationCreating an IFRS Setup in SAP Business One Locate this document in the navigation structure

Prerequisites

You have made the necessary preparations as described in Support for IFRS in SAP Business One.

Procedure

  1. Create additional IFRS accounts and rename existing accounts, as required. For more information, see Chart of Accounts.

  2. If required, adjust the settings that determine which G/L accounts are posted when transactions occur in SAP Business One. For more information, see G/L Account Determination.

    Note Note

    The standard case is that IFRS postings are done manually. Discuss with your partner and with your company accountant whether there are any IFRS postings that you can post automatically.

    End of the note.

  3. Check and, if necessary, adjust the predefined values for the reference fields and any user-defined fields in journal entries. For more information, see Setting Up Reference Field Links and UDF Links for IFRS.

  4. If you use automatic or semi-automatic internal reconciliation, decide whether to set any of the reference fields as matching rules (automatic) or reference parameters (semi-automatic). Define these settings as necessary.

    In business partner internal reconciliation, you can use Ref. 1 (BP Row), Ref. 2 (BP Row), and/or Ref. 3 (BP Row). In G/L internal reconciliation, you can use Ref. 1 (Row), Ref. 2 (Row), and/or Ref. 3 (Row).

    Note Note

    These settings affect the reconciliation process, not IFRS directly.

    End of the note.

  5. Define the financial report templates that you want to use for IFRS. The templates will include a mix of IFRS accounts and common accounts.

    1. For G/L accounts that you intend to include more than once in the same template, set the checkbox Allow Multiple Linking to Financial Templates in the G/L Account Details window.

      This is useful if you need to include the debit and the credit sides of an account rather than the overall balance, one side in the assets section and the other side in the liabilities section of the balance sheet.

      Example Example

      You want the VAT account to be part of an assets account group if the closing balance is positive (+) and part of a liabilities account group if the closing balance is negative (-).

      End of the example.

      Note Note

      This checkbox is not available for Brazil, China, India, Japan, Korea, or Singapore.

      End of the note.

    2. Create the financial report templates that you intend to use for IFRS.

      In the Account Category - Details window, adjust the values in the Linked and Sign fields as required. For more information, see Account Category - Details Window.

      For general information about how to create financial templates, see Creating Financial Report Templates and Creating Financial Report Templates Based on Existing Templates.

    3. Review which accounts are linked to which balance sheet templates by choosing   Tools   Queries   System Queries   G/L Account Location in Balance Sheet Templates  .

  6. Decide which G/L accounts to use in which reports.

    For information about how to find and select the relevant G/L accounts for a report, see Finding G/L Accounts to Include in Financial Reports/Period-End Closing.

  7. If you have not already done so, check and adjust the user authorizations for your company as required for IFRS.

  8. Manually create any parallel postings that are required for IFRS. For more information, see the sections Basic Concepts of the IFRS Setup and Manual Postings in Support for IFRS in SAP Business One.

  9. Before creating the following reports, specify the selection criteria for reference fields and user-defined fields as your company requires them for IFRS:

    • G/L report

    • Document journal

    • Trial balance

    • Balance sheet

    • Profit and loss statement

    For more information, see Setting Filters on Reports for IFRS.

  10. Generate the financial reports as required by your company for IFRS.

  11. Generate the following inventory reports as required by your company for IFRS: