Setup Australia
Contents |
Introduction
The Setup Australia module adds processes for creating:
- Australian Financial Periods
- Balance Sheet & Profit and Loss Statement
- Tax Rate Accounting
Australian Financial Periods
The setup module adds 3 new fields to the Fiscal Calendar window:
- Fiscal Year Is
- Start Day
- Start Month
Fiscal Year is Starting/Ending specifies whether a fiscal year is considered to start in the specified calendar year or end in the calendar year.
e.g year 2014 could refer to the fiscal year ending June 2014 or the fiscal year starting July 2014.
These fields combined with the fiscal year define the scope of the periods.
Selecting Starting will create 12 periods from the start day and month value of a Year record.
e.g. For year 2014, Starting would create July 2014 to June 2015
Selecting Ending will create 12 periods up to the start day and month of a Year record.
e.g. For year 2014, Ending would create July 2013 to June 2014
Once the Year record has been created a new process button will appear in the Fiscal Calendar tab labeled 'Create Australian Periods'.
This process button will display the following window from where the periods can be created. Select 'OK' to proceeded.
Below is the result from the following fiscal setup:
- Fiscal is : Starting
- Start Day: 1
- Start Month: 7
- Year: 2014
Below is the result from the following fiscal setup:
- Fiscal is : Ending
- Start Day: 1
- Start Month: 7
- Year: 2014
Balance Sheet & Profit and Loss Statement
The Setup module adds a process to create a default Balance Sheet & Profit Loss Statement with settings for Australian localization.
Both Balance and Profit & Loss sheets will be created with accounting elements added to the accounting tree by the Chart of Accounts (COA) module in the Australia Community Localization pack.
As the COA module adds in the corresponding elements this process should complete with the grouping categories and nodes being created.
To create a default statement for Balance Sheet & Profit and Loss, Go to Financial Management -> Australia -> Setup -> Create Balance Sheet & Profit Lost Statement.
Required settings for the process to create the statement are organization and general ledger configuration. Select them and click 'OK'
Balance Sheet
The process will attempt to create the following grouping categories:
- Assets
- Liability and Equity
For these categories to be created there needs to be a corresponding accounting element(s) setup in the general ledgers accounting tree. If no corresponding accounting element is found then the categories nodes are created.
The accounting elements are retrieve by matching on their element name based on standard Australian accounting names:
- Assets
- Element = Assets
- Liability and Equity
- Element: Liabilities
- Element: Owner's Equity/Net Worth
Once the Balance Sheet has been setup, go to Financial Management -> Accounting -> Analysis Tools -> Balance sheet and P&L structure, the new Balance Sheet will be available in the accounting report drop down.
Profit & Loss
The process will attempt to create the following grouping categories:
- Income
- Expenses
- Other Income/Expenses
For these categories to be created there needs to be a corresponding accounting element(s) setup in the general ledgers accounting tree. If no corresponding accounting element is found then the categories nodes are created.
The accounting elements are retrieve by matching on their element name based on standard Australian accounting names:
- Income
- Element = Income
- Element = Cost of Goods Sold
- Element = Gross Profit
- Expenses
- Element: Expenses
- Element: Net Ordinary Income
- Other Income/Expenses
- Element: Other Income/Expense
Once the Profile & Loss statement has been setup, go to Financial Management -> Accounting -> Analysis Tools -> Balance sheet and P&L structure, the new Profit & Loss statement will be available in the accounting report drop down.
Tax Rate Accounting
The Setup module includes a process to create accounting entries for the Australian Tax Rates included in the reference data.
When taxes reference data is imported, it doesn't create the accounting entries.
When run this process takes an general ledger configuration as parameter and creates an accounting entry for each tax rate using the defaults in the accounting configuration.
Go to Financial Management -> Australia -> Setup -> Create Tax Rate Accounting.
Select the general ledger configuration and click 'OK'.
The account entries will now be created for each tax rate.
Available Versions
| Release Date | Release Status | Module Version Number | Openbravo Version Number | Forge Link |
| 2015-07-07 | Confirmed Stable | 1.2.2 | 3.0PR14Q3 | Australia: Setup |
| 2015-05-06 | Test | 1.2.1 | 3.0PR14Q3 | Australia: Setup |
| 2015-03-04 | Test | 1.2.0 | 3.0PR14Q3 | Australia: Setup |