Setting Up Multiple Financial Sets of Books

To set up a multi-FSB, follow these steps:

  1. On the General Parameters form, select Multiple Financial Sets of Books.
  2. If this set of books will use a currency that is not already set up in SyteLine, use the Currency Codes form to add the new currency.
  3. On theMulti-FSB Accounting Periods form, create a fiscal calendar for the new set of books.
  4. On the Multi-FSB Charts form, specify a name and description for the chart of accounts for this set of books.
  5. Save the record.
  6. Add accounts to the new chart of accounts, either automatically or manually.
    1. To add accounts automatically, click Copy COA on the Multi-FSB Charts form. This opens the Multi-FSB Copy Chart of Accounts form so you can copy the standard GL chart of accounts for the new set of books.
    2. To add accounts manually, use the Multi-FSB Chart of Accounts form. See Maintaining the Multi-FSB Chart of Accounts.
  7. On the Multi-FSB Charts form, click Confirm Mapping to run a check on account mapping. A message is displayed to let you know if there are any problems. If successful, the Accounts Mapped option is selected automatically.
  8. On the Multi-Financial Sets of Books form, define the new set of books with this information:
    • FSB: Specify a name and description for the new set of books.
    • FSB COA: Select the chart of accounts created above.
    • Fiscal Calendar: Select the fiscal calendar created above.
    • Currency: Specify the currency to use for this set of books.
    • CTA Account: Select the account to use for recording debits and credits that may occur to rebalance the Multi-FSB ledger due to currency conversion during general ledger posting. This is necessary only if the selected Currency is not Domestic.
  9. Save the record.
  10. If you need beginning balances for the multi-FSB ledger, use the Multi-FSB Journal Entries form to enter them manually and then post them.
  11. To activate the new financial set of books for use, select Active on the Multi-Financial Sets of Books form. Once active, the multi-FSB receives all posted GL ledger transactions, regardless of the date.
    If you select Compress Ledger, ledger records for this set of books are compressed automatically by date, account, and unit code. For additional flexibility, you can use the Compress Multi-FSB Ledger Transactions utility to set different compression options and process the compression.
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