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Agenda

Understanding the Multi-Book Capabilities of ADERANT Expert Global Accounting Kathleen Grant, Product Manager. Agenda. Why Multi-Book Sample Use Case Product requirements for Multi-Book Terminology Review Application Functionality Questions. Why the Concept of Multi-Book ?.

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Agenda

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  1. Understanding the Multi-Book Capabilities of ADERANT Expert Global AccountingKathleen Grant, Product Manager

  2. Agenda • Why Multi-Book • Sample Use Case • Product requirements for Multi-Book • Terminology • Review Application Functionality • Questions

  3. Why the Concept of Multi-Book? • Firms that have ‘entities’ with: • Different Fiscal Year Ends • Different Chart of Accounts • Different Accounting Recognition Policies

  4. 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, Vendors • Shared Time and Billing Transactions • Shared Vendor and Payment Transactions • Single point of transaction entry recorded in Multiple Books automatically

  5. 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

  6. 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

  7. Sample Use Case for Multi-Book

  8. 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

  9. Terminology -Firm Book • Books 1 and 2 collectively are the ‘Firm Book’ – all Offices belong to Firm Book • Books 1 and 2 are system owned Books • Share common Chart of Accounts – Account Codes and Descriptions are the same – system maintained • Can have a different GL Map (Cash, Accrual, Modified Accrual) – existing functionality • Has the ‘Firm’ Year End • Has common GL Type Codes and GL Type Code Overrides • Continue to be maintained in General Ledger Parameters

  10. Terminology -Data Sets • Existing functionality preserved – values 3 through 999 • Will be associated to a Book Chart of Accounts • Can associate a ‘Budget’ or ‘Forecast’ Data Set with a particular Book to use the Book specific Chart of Accounts structure needed for the Data Set • Maintained in the current GL Data Sets Application • Establish Data Set Security

  11. New Application for Multi-Book • Book Maintenance • Book Values between 1000 to 9999 – user defined code • Select the Year End • Attach Offices to the Book – Offices can belong to more than one Book • Establish Book Level General Ledger Defaults for Office, Department, Profit Centre and Employee • Establish Book Accounts for Retained Earnings, ‘Penny Clean Up’ and Remeasure Gain/Loss • Establish Book Security

  12. Book Maintenance • Main Application

  13. Book Security

  14. General Ledger Book Parameters

  15. Chart of Accounts Firm Book

  16. Inter-Company

  17. Subledger Application

  18. Subledger Application

  19. Journal Entries

  20. Inquiries and Reports

  21. Inquiries and Reports

  22. 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)

  23. 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 rules • Local requirements for Chart Of Account and financial reporting structures • Alternate year ends • Flexible reporting

  24. QUESTIONS? Kathleen.grant@aderant.com

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