Below are the configuration steps for Fusion General Ledger. Each step is labeled as either “Required” or “Optional” to indicate its necessity:
Chart of Accounts Setup(Required)
- Define Value Sets: Create a set of permissible values for each segment.
- Design Segment Structure: Design the account segment structure suitable for your business needs.
- Assign Value Sets to Segments: Link the defined value sets to the relevant account segments.
- Define Hierarchies and Trees: Design the parent-child relationships for segment values.
Establish Enterprise Structure (Required)
- Define Legal Entities: Set up legal entities based on the structure of your organization. Legal entities can represent a business or part of a business, and they determine how your transactions are intercompany or intracompany.
- Define Currency and Calendar: Specify the currency and calendar to be used by the ledger.
- Define Rate Types
- Define Ledgers: With the Chart of Accounts structure in place, establish the main accounting books for recording financial transactions.
- Specify Ledger Options
- Open Period
Define Accounting Configuration(Optional)
- Create Accounting Method: Decide on an accounting method (e.g., accrual or cash) based on your business requirements.
- Define Subledger Accounting Rules: Set rules for specific transaction types in subledgers.
- Specify Journal Line Rules: Determine how journal lines should be generated for different types of transactions.
Journal Processing Setup (Required)
- Define Journal Batch Sources and Categories: Specify the sources (like subledgers) and categories (like expenses, revenue) for journal entries.
- Set Journal Approval Workflow: Configure the approval process for journal entries.
- Define AutoPost Criteria: Determine the criteria for automatically posting journals to the general ledger.
- Cross Validation Rules
Currency and Conversion Setup (Optional but recommended)
- Specify Conversion Rates: Define daily or periodic exchange rates if dealing with multiple currencies.
- Set Up Revaluation Criteria: Establish criteria for revaluing foreign currency balances.
Budgeting and Forecasting (Optional)
- Define Budgetary Control: Decide if you want to track budgets and enforce spending limits.
- Set Up Budget Versions: Create different versions of budgets, like preliminary and final.
- Specify Forecast Methods: Decide on methods (like historical or trend-based) for forecasting financials.
Reporting and Inquiry Setup (Optional)
- Define Financial Reporting Structures: Design the format and structure of financial reports.
- Set Up Account Monitor and Inspector: Configure tools to monitor and inspect account balances and activities.
Period Close Configuration (Required)
- Define Period Close Checklist: Create a list of tasks to be completed at the end of an accounting period.
- Configure Reconciliation Tools: Set up tools to reconcile ledger balances with subledger balances.
Integrate with Other Modules (Optional but recommended)
- Set Up Integration with Accounts Payable and Receivable: Ensure seamless flow of data between the general ledger and subledgers.
- Configure Integration with Fixed Assets and Projects: Ensure asset and project transactions are accurately reflected in the general ledger.
Remember, while some steps are labeled as “Optional,” they might be essential based on your organization’s specific needs and regulatory requirements. Always consult with a Fusion Financials expert or implementation consultant to ensure a comprehensive setup.