Enhancements around ledger settlements


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Enabled for Public preview General availability
Users by admins, makers, or analysts Feb 25, 2022 Apr 29, 2022

Business value

Reports and inquiries will use the settlement date, which provides an accurate picture of what is unsettled as of the reporting date. In addition, the year-end close and ledger settlement processes will be tightly integrated to ensure that only unsettled transactions are considered during the year-end close, providing correct beginning balances per transaction currency. This ensures that settled foreign currency transactions aren't included in the foreign currency revaluation process in the next fiscal year. Details for unsettled ledger transactions can also be maintained during the year-end close process, making it easier to settle the ledger in the next fiscal year.

Feature details

This feature includes the following enhancements:

  • Year-end close and ledger settlement process:
    • The year-end close will only include unsettled transactions in the beginning balances. In addition, an organization can choose to keep transaction details for unsettled transactions for the main accounts identified for ledger settlement. Keeping transaction details allows for easier settlement of beginning balance transactions to transactions posted into the next fiscal year. For more information, see Ledger settlements.
    • Settlement can only be performed within a fiscal year to ensure consistency between the beginning balances and unsettled transactions.
    • Settlement can only be performed for transactions posted to the same main account.
  • Reporting and inquiries:
    • The Unsettled transactions report will use the settlement date to determine which transactions are settled as of the To date.
    • The Transactions for… page, when opened from the Trial balance list page, will use the settlement date to determine which transactions to display when choosing the option Show unsettled transactions only.