Reclassification of profit or loss from previous year in consolidation areas

Getting Started

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Lucanet Lume

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User Interface of Lucanet Consolidation & Financial Planning

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Consolidation 1

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All Steps at a Glance

Basic Elements

Defining the Group Structure

Administrating Master Data

Creating Consolidated Financial Statements

Creating and Configuring Data Transfer and Proportioning

Creating and Configuring Consolidation Apps

Debit/Credit Shifts in Consolidation Areas

Elimination of Income from Investments

Elimination of Intercompany Income and Expense

Elimination of Intercompany Debt

Equity Elimination

Reclassification of profit or loss from previous year in consolidation areas

Elimination of Intercompany Profit or Loss in Current Assets

Notes on Migration from Lucanet.Financial Client

Adjust and Reclassify Values in Consolidation Areas

Copy Postings into Other Consolidation Areas

Executing the Consolidation

Dimensions

Excel-Integration

Workspace Configuration

ESG Reporting

Disclosure Management

XBRL Tagger

Lease Accounting

Banking & Cash Management

Data Collection

Tax Compliance & Reporting

Glossary

You can use the Reclassification of profit or loss from previous year in consolidation areas app to automatically reclassify the period result from the previous year to carry it forward. The following functional topics are covered:

Reclassification of the period result from the previous year to carry it forward in local currency

Fixation of the historical exchange rate at foreign currency companies (in different display currencies)

Reclassification is performed for all consolidation units of the group:

At the selected data level of the group

For the selected adjustment level(s)

With the configured transaction type

To configure the app for the reclassification of profit or loss from previous year in consolidation areas, click the app in the structure view and click Edit in the displayed dialog.

Configure the steps as described below.

In the Settings step, specify the general settings for the configuration:

Displays the 'Settings' step — Step 'Settings'

Option	Description
Postings	The posting month for the reclassification. Note: The period of the superordinate Consolidated financial statements element is used for the posting. The app reclassifies the profit or loss for the 12 months before the selected posting month.
Consolidation area and/or unit	The consolidation units that the reclassification is to be performed for. By default all consolidation units of the group are included. If you only want to include certain consolidation units in the consolidation, activate the Individual selection check box and select one of the following options: - Individual: In the table, select individual consolidation units to be considered. - Exclude: In the table, select the consolidation units that are to be excluded.

Option

Description

Postings

The

posting month

for the reclassification.

Note:

The period of the superordinate Consolidated financial statements element is used for the posting. The app reclassifies the profit or loss for the 12 months before the selected posting month.

Consolidation area and/or unit

The consolidation units that the reclassification is to be performed for.

By default all

consolidation units of the group are included. If you only want to include certain consolidation units in the consolidation, activate the

Individual selection

check box and select one of the following options:
-

Individual

: In the table, select individual consolidation units to be considered.
-

Exclude

: In the table, select the consolidation units that are to be excluded.

In the Adjustment levels step, specify the adjustment levels that should be taken into account when reclassifying the prior year's result.

The app also carries out postings at adjustment levels that are locked for other postings.

Displays the 'Adjustment levels' step — Step 'Adjustment levels'

In the Reclassification step, specify the accounts that are to be taken into account when reclassifying the period result from the previous year.

Displays the 'Reclassification' step — Step 'Reclassification'

Option	Description
Net retained earnings	Account and/or item(s) containing the corresponding transfer accounts of the period result. Only the transaction figures from transfer accounts are read out, even if you choose a superordinate item.
Cancellation of net retained earnings	Account for the cancellation of the net retained profits or net accumulated losses. With the exception of transfer accounts, all elements of type User-defined account with the period type Balance with carry forward from previous period can be selected.
Carry forward account	Carry forward account to which the period result from the previous year is to be reclassified. With the exception of transfer accounts and the cancellation account, all elements of type User-defined account with the period type Balance with carry forward from previous period can be selected.
Transaction type	Transaction type that the reclassification is to be performed in.

As long as a step has not been fully configured and/or configuration errors exist, it is displayed with a red exclamation mark

Once a step is configured completely and without any errors, it is displayed with a green check mark

You can close the configuration dialog by clicking the arrow icon

at the top left.

To change the name of the app, select the app in the tree view and choose

Properties

from the context menu.

You can execute the app for the reclassification of profit or loss from previous year in consolidation areas either separately, together with other apps in an executable folder or as part of consolidated financial statements.

How to proceed in each case is described under Execute consolidation.

On the Created elements tab, the postings that were created during the app execution are shown.

The table provides the following information:

Type

of the element

Path

under which the element was created When you click on the link, you are taken directly to the posting in the relevant

journal

or to the report.

Date of the

last execution

that created the element

Shows the 'Created elements' tab of a Consolidation app — Tab 'Created elements'

If necessary, you can delete all elements.

Note: Once all elements have been deleted, the state of the wizard is Not executed again.

The App properties are displayed on the tab of the same name:

Shows the 'Properties' tab of a consolidation app — 'Properties' tab

The following App properties are displayed:

Type

of the element

Function of the

App

Version

of the element.

New available version

As soon as a new version of the app is available that contains changes to the app configuration and/or the calculation logic of the app, the Refresh command is displayed, allowing you to update the app to the latest version.

Information about the changes to each version can be found in the Release Notes, which can be accessed via the link of the same name.

We strongly recommend to update all apps to the new version as soon as possible because it cannot be guaranteed how long an app with an obsolete version can be executed.