Scenario
Scenario
Check accounts of general ledger in Scenario panel and so determine how opening or closing entry will be prepared. This does not hold good for subsidiary accounts and accounts set for linked documents where opening or closing entry is created according to the settings in Scenario panel (line column set to K - Customer/Receivables, D- Supplier/Payables, V - Do not use subject (for linked document)).
Creating closing and opening entries for General Ledger account, uses settings in Scenario panel to group posts. For example, checking Subj. column, a summary post will be prepared for it. Moreover, checking Dept. displays an even greater number of posts in opening entry (No. of different departments * No. of subjects).
Closing and opening entries can be created on the basis of scenario which determines how transactions are posted (that is, to subsidiary account, summary posts for linked document, summary posts for departments and cost centers, etc.).
The settings are copied directly from the Chart of Accounts. Modify them at will. This way posting that occurs during the year (and with it settings of the Chart of Accounts) will not be affected. Doing so, you can create custom and tailor-made closing and opening entries fitting your business framework. Plus, the opening entry will display data required in future (e.g. Having posted to Inventory accounts by departments and cost centers, it is wise that you create a summary opening entry for departments and cost centers.).
We can transfer scenario from previous year. We can get it by using right mouse button on Prepare Scenario button.
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First step should be Prepare Scenario. The second step should be Transfer from Previous Year End. Scenario from previous year will overwrite the existing one.
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For accounts that already existed in the previous year-end, the program will transfer the settings to the current end of the year.
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When you want to change individual settings of accounts (subject is required, department...) in scenario, in Document type there should be unmarked option Scenario Harmonized with Chart of A..
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When we first create the script is stored. At new year end Pantheon will ask us if we want to transfer it from previous year end.
Filter
Use it to display accounts or account groups. To display them just enter the corresponding numerical value (e.g. account 12000). Having only checked checkbox 1, displays only subsidiary accounts (that is, those marked as such in the Line column). Use it for ease of use. Using filter does not affect closure or opening entries, but it is of help when creating a scenario.
Prepare Scenario:
You can mark more than one account and set group settings simultaneously. To do this, hold SHIFT and click to select a group of accounts and then by right-clicking the column set group settings:
Setting up Opening Entry Side and Line is the most significant factor when creating closing or opening entry:
1. Opening Entry Side
Here you can select whether only debit or credit balance will be transferred in initial balance. Selecting third option transfers only positive balance. On the other hand, the fourth means that only negative balance is transferred. The last option transfers debit and credit balance separately.
2. Line
Set it to determine lines of accounts included in opening entry.
The following options are available:
N - Not a subsidiary account; that is, the account closes as general ledger
K, D - Customer/Receivables or Supplier/Payables; that is, it closes as a subsidiary account
V - Do not use subject (for linked document); that is, closing and opening entry are created from linked document.
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This information is of VITAL importance because it affects initial balance, closing, interest calculation, etc.
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- N - Not a subsidiary account - Set it when creating opening entry of general ledger. Summary balance of accounts will be transferred, according to how the Opening Entry Side is set. Moreover, all required account information will be used. For example, if Dept. column is checked, summary opening and closing entries will be created by departments. In addition, check department, cost center and/or document (regardless of the settings of original posts) to post total transaction amounts - see example. To enter any note to the selected opening entry, check Note column:
- K - Customer/Receivables and D - Supplier/Payables - Set it when creating opening entry of subsidiary account. That is, the opening entry where it is required you set or check the following options and columns: Subj., Linked Doc., set Currency column, Dept. and Cost Ctr.. Selecting any of the two options, you will not be able to change any other data in the Chart of Accounts since they do not affect opening entry. See example.
- V - Do not use subject (for linked document) - Here subject is not used. It is rather so that summary opening and closing entries are made for linked document. Moreover, as is the case in opening entry of subsidiary account, all required account information will be used. For example, if you checked Dept., summary opening and closing entries are created by departments. In addition, check department, cost center and/or document (regardless of the settings of original posts) to post total transaction amounts. See example.
3. Balance Must Be 0
To verify whether an account was closed or not before creating closing and opening entries, check Balance Must Be 0. We set this on expense and income accounts.
4. Do Not Calculate Exchange Differences
Accounts for which we don't want Pantheon alert as about calculation of exchange rate differences can mark with switch "Do not Calc.Exch.Diff.".