Financial project

A financial project is the basis of all parts within the reporting. In a financial project, you gather together the trial balance and other information. These are needed in order to work out the extended trial balance, the reporting and the consolidation. For each reporting moment you add a financial project. You can save existing financial projects and use them for comparisons later.

Note:

If you add a new financial project, you copy the level totals of the customer. You can see these level totals in the Worked out extended trial balance overview.

Before you define a financial project, it is recommended, for reasons of recognisability, that you create your company as a contact in Profit. Accountants must add contacts to Profit. By doing so, you can link environments to financial projects.

You add account levels using the Ledger Set functionality.

To add a financial project:

1. Go to: Financial / Reporting / Reporting cockpit.
2. Click on: New.
3. Select the organisation/person.
4. Enter the description.
5. In Financial year, enter the financial year.
6. Click on: Next.

   You can now select an existing project of the same contact. This way, the new project retrieves the comparative figures from the existing one. These figures are in the reporting and the annual report. The fixed data is also copied to the new project.

7. Select what you want to use the financial project for:
   • Plan trial balance
   • Reporting
   • Consolidation

   Example:

   If you want to work out the extended trial balance for a contact first and then run the reporting, select the Plan trial balance and Reporting check boxes. If you only want to run reporting, just select the Reporting check box.

8. Click on: Next.
9. Select the check box for the manner in which you want to link the trial balance to the financial project.
   • From own environment

     You add a financial project from your own environment. This automatically adds a ledger set. You need this for the reporting.

   • Environment of company

     You add a financial project from another environment. Select the environment. This automatically adds a ledger set. Use this option to work out the extended trial balance and reporting based on another environment (such as the administration for a subsidiary).

   Note: 

   If you use AFAS Online with a cooperation licence, it is not possible to select the Environment of company from another participant number. You can only select your own environments.

   • Read XML audit file

     You use an XML Audit file to work out an extended trial balance and for reporting, consolidation or reporting annual accounts.

   • Import

     You can import a trial balance from an ASCII file. This is a text file or a CSV file (file with separators). Select the currency of the amounts in the trial balance and a ledger set for the import. To do so, add an empty ledger set. This only contains a code and a description. The import automatically places the ledger accounts in the selected ledger set.

   • Via consolidation

     You can link the financial projects to the Consolidation project in the Consolidation structure.

   Note: 

   The From own environment or Environment of company fields automatically take over the base currency of the environment. You only select the currency of the trial balance when using the Import option.

10. Click on: Finish.

    If you have selected Via consolidation, the Consolidation structure starts. If you have selected Import, the import wizard starts. When importing, please note:

    • The amounts in the import file do not contain thousands separators, only a decimal separator.
    • The import file contains the fields Ledger account, Cumulative debit (without opening balance), Cumulative credit (without opening balance) and Balance (with opening balance). You can split up the balance into a Debit and a Credit column.
    • If you have one Balance column and the credit amounts are negative, you then link the Balance in the import definition to the Debit column. Because the debit amounts are positive and the credit amounts are negative, you automatically import the amounts into the correct column.
    • Import the cumulative credit amounts (without opening balance) as a positive number. If there are negative cumulative credit amounts in the file, you use the getal inverteren import option. This turns a negative number into a positive one during the import.