Finance User Manual ENG -> 2. Finance Configurations -> 2.1 Chapter Overview: Finance configurations.
2.1 CHAPTER OVERVIEW
The Configuration module is the first module to complete before starting to use UniField. In order to function properly, UniField requires completing this module.
Most of the configuration of the instances is done in this module.
The initial configuration of a UniField instance is only done one time and it deals with data that cannot be undone later such as the Fiscal year and Accounting periods, Chart of Accounts, Financial and Analytical Journals, Currency, Internal and Intermission partners, ICT products and the Proprietary Instances. However during the project implementation, a need of introducing new financial items can arise for instance adjusting the project address, adding new cost centers to a proprietary instance, local suppliers, VAT, etc. These parameters can be added later on.
Most of the financial master data is set in the HQ instance. The data is then sent to Coordination and Project instances via the synchronization engine.
UniField introduces a new process which allows standardising the data exchange across different locations. It’s called the synchronization process. The data exchange follows a set of rules named synchronization rules which define the data exchange direction among the instances. Some data is sent downwards, from HQ to Coordination, other upwards from Project to Coordination or bi-directionally (downwards and upwards).
For instance, a liquidity journal (cash, bank or cheque) created in a project instance and then synchronized will be displayed in the list of liquidity journals in the coordination instance (upwards). This allows coordination to perform some checks on the project’s journals. Any corrections done at coordination level on a project posted journal entry will be reflected at project level via the synchronization (downwards).
At the end of the chapter, you will find a table which explains in which instance data is set and how it is synchronized.
The synchronization is an automatic process performed on a daily basis and scheduled by the IT staff. It is possible to launch the synchronization also manually at any point of time if needed.
Please remember that some UniField functionalities were developed to match certain OC’s procedures. They are highlighted with a star *.
After completing reading this chapter you will be able to:
- Understand which parameters are essential to set in UniField instances to properly record financial transactions
- Understand how these parameters are created in the instances
- Install the parameters either at HQ, Coordination or Project according to the nature of the data
- Manage the synchronization process manually and monitor the results
