What's New in Consolidation & Financial Planning?
Come and explore the exciting new features of our solution Consolidation & Financial Planning!
The versions of all solutions that you are currently using and those of the CFO Solution Platform are displayed when you select About Lucanet from the ? menu in the CFO Solution Platform.
Release Notes
Administration of Subledgers
Before this release, on the CFO Solution Platform, you could only view the properties of a subledger. Now, you can create, update, and delete subledger elements directly in the Workspace configuration of Consolidation & Financial Planning.
This new functionality eliminates the need to switch between different tools and allows managing all aspects of your subledger setup directly on the platform, significantly streamlining your configuration workflow.
Attribute Management
Another feature that streamlines the configuration workflow in the Lucanet CFO Solution Platforn is the value management of attributes. You can now define and edit the values of both language and non-language attributes that have been created in Lucanet.Financial Client for items, accounts, data levels, or adjustment levels in the CFO Solution Platform.
Attributes are displayed on the Attributes tab in the element properties:
Full Folder Management in Journals and Workspace Configuration
You can now create, update, and delete folders directly within the Workspace configuration and the Journals workspace interface. This provides complete control over your workspace organization, allowing you to structure your configuration elements exactly as needed without requiring you to switch to Lucanet.Financial Client.
Manual Execution of Scripts
As of now, you can manually execute scripts that have been configured in the Scripts workspace. Before starting the execution, you can choose if the script is to be executed on the server or on a previously configured Script Execution Application (SEA).
Enhancement of Financial Consolidation 1
Resolving Differences
Previously, users had to rely on manual checks or use Lucanet.Financial Client to identify and resolve differences during financial consolidation. Now, the Resolve differences functionality is available for the consolidation wizards of Financial Consolidation 1 on the CFO Solution Platform. This allows you to quickly spot and address discrepancies within your consolidation, making the process faster and reducing the risk of errors.
Showing Only Reporting Entities Containing Values
The new function Show only reporting entities containing values can be applied for consolidation wizards to display only those rows in the wizard which are actually relevant for the consolidation. This provides a clear visualization during the consolidation process with Financial Consolidation 1.
Enhancements of Financial Consolidation 2
Extended Business Logic of App for Equity Elimination
The business logic of the app for Equity elimination on the CFO Solution Platform has been extended: The app now supports deconsolidation of a proportionally consolidated subsidiary after a full sale of shares. The feature supports foreign currency subsidiaries, multiple investor scenarios, and various goodwill treatment options, automatically creating the necessary postings to properly reflect the deconsolidation in your consolidated financial statements.
App for Reclassification of Profit or Loss From Previous Year in Consolidation Areas
Previously, the app for Reclassification of profit or loss from previous year in consolidation areas could only be created and cofigured in Lucanet.Financial Client.
As of now, the app Reclassification of profit or loss from previous year in consolidation areas is available as a Next Generation app on the CFO Solution Platform. This means you can create, configure and execute the app directly on the platform, streamlining your consolidation process within one single interface.
Enhancement of Planning Functionalities
Apply VAT/Input Vat Configurations to Other Journals
To avoid creating a new configuration for each journal, you can now either copy or move a VAT configuration to individual journals, or apply a VAT configuration to multiple journals at the same time.
The range of functions of Consolidation & Financial Planning has been significantly expanded. As of now, you will find both new features as well as extensive functionalities from Lucanet.Financial Client on the Lucanet CFO Solution Platform:
Lucanet Copilot
Our new AI feature Lucanet Copilot is now available to assist with everyday questions and provide quick insights into consolidation and financial planning data:
- You can ask questions about Lucanet in simple language to Lucanet Copilot from any area of the Lucanet CFO Solution Platform. Lucanet Copilot uses our knowledge databases to provide clear answers.
- For quick insights into consolidation and financial planning reports, navigate to the desired ledger in Consolidation & Financial Planning and ask your question. You can enrich your prompts with references to dimensions or ask Copilot to create charts.
Note: This functionality is only available with the Professional license for Consolidation & Financial Planning.
Creating Postings Manually
It is now possible to manually create postings in the Journals workspace. Postings can be created for both reporting entities and consolidation areas.
You can now also define individual historical exchange rate translations for each posting value. All currency translations configured for the respective reporting entity or consolidation area are taken into account.
Administrating Dimensions
From now on, dimensions can be created and edited in the Lucanet CFO Solution Platform. The following dimensions are available:
- Reporting entities
- Organization elements
- Currency translation
- Partner
- Data levels
- Adjustment levels
- Transaction types
- Fiscal years
Configuring Workspaces
Statistic ledgers can now be created and configured in the Workspace configuration. Statistical ledgers can be used to create account hierarchies that need not be subject to the rules of double-entry accounting (e.g. derived general ledger and subledger structures, indirect cash flow statement and direct liquidity planning).
Importing Data Into Lucanet.Financial Warehouse
Data from MS Excel can now be imported into Lucanet.Financial Warehouse using the new workspace Importing data into Lucanet.Financial Warehouse via the Lucanet CFO Solution Platform. This new feature saves time and effort, as previously data could only be imported into Lucanet.Financial Warehouse in Lucanet.Financial Client.
Planning
With the new release, the following planning functionalities are now also available in the Consolidation & Financial Planning solution of the Lucanet CFO Solution Platform:
- Accounting Rules: Using accounting rules, automatic contra entries can be defined for integrated balance sheet and cash flow planning. The following accounting rules are available:
- Payments - for all accounts and items that relate to business transactions with cash flow impact
- Investments - for the planning of new investments and their amortization
- Accruals and deferrals - for the period-based recording of business transactions in Lucanet
- Contra entry - used for recording postings within P&L or between the P&L and the balance sheet.
- VAT/input tax configurations: VAT/input tax configurations can be considered as part of the configuration of accounting rules for accounts and items in the general ledger and subledgers.
- Planning wizards: Using planning wizards, postings can be made automatically by applying advanced business logic and complex calculations. The following planning wizards are available:
- Loan
- Current account interest
- Transfer actual balance to plan (known as Reconciliation of the general ledger in Lucanet.Financial Client)
In addition, the new Sheets function was introduced, replacing the previously used forms in Lucanet.Financial Client. While sheets retain the core functionalities of forms, they offer enhanced capabilities for financial planning calculations — including the ability to create formulas in natural language. In the Lucanet CFO Solution Platform, sheets can be created in the Import and Journals functional area.
Consolidation with Lucanet Financial Consolidation
The Lucanet Financial Consolidation 1 enables wizard-assisted elimination of intercompany debt as well as elimination of intercompany income and expense.
Lucanet Financial Consolidation 2
Lucanet Financial Consolidation 2 enables seamless and efficient financial consolidation.
With Financial Consolidation 2, the entire consolidation process can be automated and supported through apps. Users benefit from maximum transparency, accuracy, and user-friendliness.
The following functions are available:
- Mapping group structures over time
- Master data administration
- Proportional transfer of consolidation data to consolidation areas according to the investment relationships within the group
- Automating financial consolidation including:
- Elimination of intercompany income and expense (including report on consolidation differences)
- Elimination of intercompany debt (including report on consolidation differences)
- Equity elimination
Note: Currently, the app for equity elimination in the Lucanet CFO Solution Platform supports the Full consolidation and Proportionate consolidation consolidation methods with limited functionality. The scope of functions will be expanded step by step. The equity method will only be available in a later version of the app.
Detailed information about the currently supported and planned future range of functions for equity elimination in the CFO Solution Platform can be found under Equity elimination.
Querying or Transferring Data Using MS Excel
Our CFP Add-In for Excel 365 offers similar functionalities to Lucanet.Excel Add-In but can be used in combination with our Lucanet CFO Solution Platform. Furthermore, the add-in can not only be used in the MS Excel 365 application, but also in MS Excel 365 for the Web. The CFP Add-In for Excel 365 enables you to:
- Access consolidation and financial planning data from MS Excel
- Transfer data from MS Excel to Lucanet.Financial OLAP Server, so that this data can be displayed in Consolidation & Financial Planning
Import of MS Excel File Data into Reporting Entities
Data from MS Excel can now be imported via the Lucanet CFO Solution Platform using the new workspace Importing Data into Reporting Entities. This new feature reduces time and effort, since, previously, it was only possible to import data into reporting entities via Lucanet.Financial Client.
This Lucanet CFO Solution Platform feature provides the well-known functionality of importing data from MS Excel while also providing an enhanced UI.
The 'Importing Data into Reporting Entities' workspace
Changes to the Menu
Unified workspace for an improved overview: The functional area Journals is renamed to Import and Journals and will contain, additionally to the Journals workspace, the newly added workspace Importing Data into Reporting Entities.
UX and Usability Improvements
A number of improvements have been implemented for the overall user experience and usability. Some of the most prominent improvements are:
- Labeled tabs: The browser tabs in the Lucanet CFO Solution Platform are now labeled with a title naming the opened workspace, ledger, or solution, allowing for better navigation and management of the browser session.
- Enhanced view of long texts and elements: If the name of an element is too long to be shown, a tooltip with the complete name will be displayed when hovering over the element.
The new version provides bug fixes as well as stability and performance improvements.
Release Notes for the Apps of Financial Consolidation 2
Version
Description
4
- Bug fixes
- Changed functional scope: The app now supports the deconsolidation of fully and proportionally consolidated subsidiary after a full sale of shares.
1.x.x
Initial release of the app in our CFO Solution Platform with a reduced feature set:
Supported features upon initial release
- Initial consolidation for full and proportionate consolidated investments (all available options)
- Deconsolidation of full consolidation investments (all available options)
- Amortization of goodwill and straight-line reversal of negative consolidation differences
- Attribution of profit or loss and currency translation differences to non-controlling interests
- Consolidation of corporate actions
- Migration from legacy app
Note: Customers currently using the Financial Client are advised to postpone migration to the next Generation app, until all features relevant to their business needs have been released. The legacy equity elimination app in Financial Client will be usable until all features are available in the CFO solution platform.
Not supported features upon initial release (will become available in future app versions):
- Deconsolidation of proportionate consolidation investments (all available options)
- Changes in ownership interests without loss of control
- Intercompany transfers of investments
- Measurement according to the equity method, including changes of consolidation method to and from equity method
- Measurement of shares before consolidation according to the equity method
- Changes in consolidation method between full and proportionate consolidation
- Deconsolidation with a remaining interest in the investment
- Posting comments within the equity elimination postings