BALCONS - Consolidated Balance Sheet
What is BALCONS
BALCONS is the consolidated report used for all ITAS designed balance sheets, whether the standard styles or those that have been specially designed by users in NOM. The standard reports illustrate the grouping of the Nominal Ledger with the relevant posted values. Only accounts that have been declared as balance sheet accounts in the Nominal/General Ledger Maintenance program (NOM) and that have document postings will form part of a balance sheet report. Currency conversions and other filtering processes (e.g. by department) are handled as part of the user selections. BALCONS will allow the user to include any of the companies for which they have been authorised to view. The consolidation operates perfectly if the different companies have the same structure. The structure and account descriptions used are those of the operating company. If the other companies have different accounts, BALCONS will attempt to include their values in the relevant section of the report but the final result will not be perfect consolidation. The preferred solution is to maintain a ‘consolidation company’ where all the associate accounts are mapped and then post the fiscal adjustments to that company and produce the BALCONS and PLRCONS from that company. There are standard features for export to Excel etc and the report styles include consolidate into a standard BAL style or produce a column analysis per company.
How to use
Departmental BAL can be produced with their own filtering, the detail/summary options determine the grouping presentation and there are the standard output media options, including Excel.
It is important to remember that the formal period-end reports must use the specially frozen exchange rates, (see Spot/Period selection on right-hand-side of selection page).
Note that ITAS operates with a 13th period for the purpose of completing the year-end so bypassing the need to keep the 12th period open longer than is needed. The 13th period is opened automatically when the 12th period is closed (MEPACT). The 13th period is known as ADJnn (where nn is the fiscal year). The year-end exchange rates are the period 12 rates, so it is very important to freeze those rates correctly using GF company/FXR. Remember that for year end BAL, to select ADJnn as the cutoff period and not the 12th period, else the postings in the 13th period will be excluded.
CLI control Balances
There is a feature (with 4 options) that is used to indicate how the client ledger (CLI) control balances are to be represented in the report.
a) to view the CLI account balances (one for each of .P and .S ) according to their nominated control account, (Client control Accounts).. The control accounts can be nominated specifically in CLI, when the S01 feature for multi-controls has been activated. The procedure to use for the drill down of these balances is CLI/Reports/ClientBalances. Ensure the correct (same) exchange rates are applied.
b) to view TRUE debtor and creditor balances separately irrespective of the nominated control accounts. Each account will be analysed using the BAL selections, and the signing of the account balance (in consolidated target currency units) will be used to determine whether the debtors or creditors section of the BAL report will be used. The account headings that will used in the BAL will be those that have been nominated as the .P (creditors) and .S (debtors) control accounts.
The procedure to use for the drill down of these balances is CLIST style ‘Target Summary’. Ensure the correct exchange rates are applied.
c) to view debtors as all accounts pertaining to families with debtor balances, and creditors as all accounts pertaining to families with creditor balances, regardless of their account type (.P and .S as defined in the Client Account Maintenance program). This is similar to a) but reports as Family Debtor or Creditor
d) to view Client debtors/creditors by Expense code irrespective of the nominated controls. Each client transaction will be reported in the account nominated in EXP as the expense code’s ‘Client Control’
Note: .T clients will continue to be reported in their nominated control accounts.
WIP control Balances
The BAL will show the nominated ‘Incomplete Contracts Control’ account values in their entirety, if there is no nominated Stock control account (S01). If there is a nominated Stock account, the BAL analysis will explode the ‘Incomplete Control’ into 2 elements, using the WIP ‘account type’ = Stock /Blends-Transit types to separate Stock balances.
Use WIPLIST to view the detail of the BAL WIP balances. Important parameters/selections to be made are: Include ‘Current AND Archived’, include ‘Open, vessel complete, frozen and Closed, ensure use same cutoff period as BAL and same target currency and the same Exchange rates. The reason that there is a need to include Archived and Closed is that a WIP account can be closed/liquidated subsequent to the BAL cutoff period and the BAL control account will reflect the balance at THAT cutoff period. To further restrict the list for only Stock classified accounts, apply correct filter on Account Inclusion Criteria.