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Understanding the Multi-Book Capabilities of ADERANT Expert Global
Accounting
Kathleen Grant, Product Manager
Agenda
Why Multi-BookSample Use CaseProduct requirements for Multi-BookTerminologyReview Application FunctionalityQuestions
Why the Concept of Multi-Book?
Firms that have ‘entities’ with:
Different Fiscal Year Ends
Different Chart of Accounts
Different Accounting Recognition Policies
Why the Concept of Multi-Book?
Firms that want to maintain a single Application Suite that provides for fully integrated Subledger to General Ledger for these entities:
Shared Clients, Matters, Timekeepers, VendorsShared Time and Billing TransactionsShared Vendor and Payment TransactionsSingle point of transaction entry recorded in Multiple Books automatically
Why the Concept of Multi Book in Practice?
A Firm with an office in a jurisdiction where the Chart of Accounts is ‘prescribed’
A firm with an office in a jurisdiction where the Accounting Policy for revenue recognition and expense recognition is based on local rules (local GAAP, FASB, IASB, other local authorities)
A firm with a management company, or alternate partnership structure that requires its own Accounting policies, or year end
What Multi-Book G/L leverages
Multi-Book G/L extends the existing features and functions within ADERANT Expert for Subledger and General Ledger Reporting
The concept of the ‘Ledger’ has been extended to allow for the creation of an unlimited number of additional Books
Traditional ‘Ledger 1 and Ledger 2’ functionality remain as the ‘Firm Book
Sample Use Case for Multi-Book
BerlinBrussels
Dusseldorf
Frankfurt HamburgLondon
Munich
Paris Shanghai
Bankruptcy Practice Group
ParisBook (Chart)
BelgiumBook
(Chart)
German Partnership Cash Basis Dec Year End
China Book
German Cash Partnership
Book
Joint Venture Book
Work Done Inside China
Firm Book Accrual Basis June Year End
IP Work Done out of Munich
Chinese Client Work Done in London
Key features that Multi-Book Addresses
Ability to create multiple Books
Ability to designate a Book’s Fiscal Year End
Ability to create a Book Chart of Accounts and Map
Ability to secure a book to a group of people
Ability to produce Financial Statements for a Book or books
Observance of Inter Company Accounting, Omni Currency, and tax
Ability to create manual Year End Journal Entries
Ensure that existing set up and transactional applications within ADERANT Expert integrate with the new Multi Book Model
Terminology -Firm Book
Books 1 and 2 collectively are the ‘Firm Book’ – all Offices belong to Firm BookBooks 1 and 2 are system owned Books
Share common Chart of Accounts – Account Codes and Descriptions are the same – system maintainedCan have a different GL Map (Cash, Accrual, Modified Accrual) – existing functionalityHas the ‘Firm’ Year EndHas common GL Type Codes and GL Type Code OverridesContinue to be maintained in General Ledger Parameters
Terminology -Data Sets
Existing functionality preserved – values 3 through 999Will be associated to a Book Chart of AccountsCan associate a ‘Budget’ or ‘Forecast’ Data Set with a particular Book to use the Book specific Chart of Accounts structure needed for the Data SetMaintained in the current GL Data Sets ApplicationEstablish Data Set Security
New Application for Multi-Book
Book MaintenanceBook Values between 1000 to 9999 – user defined codeSelect the Year EndAttach Offices to the Book – Offices can belong to more than one BookEstablish Book Level General Ledger Defaults for Office, Department, Profit Centre and EmployeeEstablish Book Accounts for Retained Earnings, ‘Penny Clean Up’ and Remeasure Gain/Loss Establish Book Security
Book Maintenance
Main Application
Book Security
General Ledger Book Parameters
Chart of Accounts Firm Book
Inter-Company
Subledger Application
Subledger Application
Journal Entries
Inquiries and Reports
Inquiries and Reports
Availability of Multi-Book GL Enhancement
7.5 Release (75GA)Existing Clients can still maintain a ‘dual ledger’ system (defined as Book 1 and Book 2)
Summary
ADERANT Expert Multi Book leverages and extends the core features and functionality of a fully integrated Financial Management and Reporting Package to include:
Jurisdiction specific accounting rulesLocal requirements for Chart Of Account and financial reporting structuresAlternate year endsFlexible reporting
