Mirror Accounting
- Thread starter Mokash
- Start date
Hello Mokash,
This is what I retrieved from our system (eB2.1), standard help.
I couldn't find it in our documentation, but the help explains it well enough. We actually use mirror accounting ourselves. I hope this helps.
Willem
Use Mirror Table Maintenance to define source and mirror
account relationships when using mirror accounting.
The tables defined in Mirror Table Maintenance are used as
templates. When an inventory (IC) transaction occurs that
references the GL source accounts specified in a mirror
table, the system generates a mirror transaction to another
pair of GL accounts defined as the mirror accounts for the
specified source accounts. All account codes and account
number components must be predefined prior to entering them
in a mirror table. Components of an account number are
sub-account, cost center.
Mirror accounting is used in European countries that require
changes in inventory to be immediately reflected in the
income statement. With mirror tables, you can combine the
creation of balance sheet inventory entries with the creation
of related entries to income statement accounts by
associating a pair of source accounts with a pair of mirror
accounts.
Mirror accounting only applies to inventory (IC)
transactions. Whenever an inventory transaction creates a
general ledger (GL) entry for a specified combination of
source accounts, the system automatically creates GL entries
to the related mirror accounts:
Debit Source Account 1
Credit Source Account 2
Credit Mirror Account 1
Debit Mirror Account 2
For example, when there is a work order issue, the system
reflects the change on the balance sheet as well as on the
income statement, creating two transactions:
Debit WIP (Source Account 1)
Credit Inventory (Source Account 2)
Credit COP (Mirror Account 1)
Debit Material Usage (Mirror Account 2)
Source Account 1 maps to Mirror Account 1. Source Account 2
maps to Mirror Account 2. If you are entering a standard
journal entry manually in Standard Transaction Maintenance
and are using mirror accounting, enter the debit or credit to
Source Account 1, then the reversing action to Mirror Account
1. Do the same for Source Account 2 and Mirror Account 2.
Sub-account and cost center codes can also be mirrored and
reflected on the income sheet statement.
Set All Sub-Accounts and All Cost Centers to Yes to
streamline the creation of source and mirror account
relationships. The values entered in the source sub-account
and cost center fields are re-used in the mirror sub-account
and cost center fields.
When All Sub-Accounts is Yes, leave the source and mirror
sub-account blank. Similarly when All Cost Centers is Yes,
leave the source and mirror cost centers blank. The blank
source field is treated as a wildcard. Mirror sub-accounts
and cost center fields use the codes from the GL transaction.
When All Sub-Accounts or All Cost Centers is No, the system
only creates mirror transactions when an exact match is found
on the source account, sub-account, and cost center values in
the mirror accounting table.
If Verify GL Accounts is Yes in Domain/Account Control, each
account component you enter must be valid on its own and in
combination with other account number components. Sub-account
codes and cost center codes must be valid for all ranges of
accounts and sub-accounts used in mirror accounting. Set up
ranges in Sub-Account Code Maintenance and Cost Center Code
Maintenance.
MIRROR ACCOUNTING SETUP EXAMPLES
For example, you set up a mirror table with the following
values:
Entity: 1
Source 1: 1000 blank blank
Source 2: 1500 blank 30
All Sub-Accounts: Yes
All Cost Centers: No
Mirror 1: 2000 blank blank
Mirror 2: 2500 blank blank
Based on value of All Sub-Accounts and All Cost Centers, all
sub-account fields must be blank. The blank sub-accounts in
Source 1 and 2 are treated as a wildcard (any value matches).
If the following inventory transaction occurs:
Dr 1000 5000
Cr 1500 4000 30
The system creates the following mirror account transaction:
Dr 2500 4000
Cr 2000 5000
For the following inventory transaction, no mirror
transaction is created:
Dr 1000 5000 10
Cr 1500 4000 20
Although the system found a record in the mirror table that
matched the account (exactly) and sub-account (using the
wildcard), an exact match for the cost center was not found.
This is what I retrieved from our system (eB2.1), standard help.
I couldn't find it in our documentation, but the help explains it well enough. We actually use mirror accounting ourselves. I hope this helps.
Willem
Use Mirror Table Maintenance to define source and mirror
account relationships when using mirror accounting.
The tables defined in Mirror Table Maintenance are used as
templates. When an inventory (IC) transaction occurs that
references the GL source accounts specified in a mirror
table, the system generates a mirror transaction to another
pair of GL accounts defined as the mirror accounts for the
specified source accounts. All account codes and account
number components must be predefined prior to entering them
in a mirror table. Components of an account number are
sub-account, cost center.
Mirror accounting is used in European countries that require
changes in inventory to be immediately reflected in the
income statement. With mirror tables, you can combine the
creation of balance sheet inventory entries with the creation
of related entries to income statement accounts by
associating a pair of source accounts with a pair of mirror
accounts.
Mirror accounting only applies to inventory (IC)
transactions. Whenever an inventory transaction creates a
general ledger (GL) entry for a specified combination of
source accounts, the system automatically creates GL entries
to the related mirror accounts:
Debit Source Account 1
Credit Source Account 2
Credit Mirror Account 1
Debit Mirror Account 2
For example, when there is a work order issue, the system
reflects the change on the balance sheet as well as on the
income statement, creating two transactions:
Debit WIP (Source Account 1)
Credit Inventory (Source Account 2)
Credit COP (Mirror Account 1)
Debit Material Usage (Mirror Account 2)
Source Account 1 maps to Mirror Account 1. Source Account 2
maps to Mirror Account 2. If you are entering a standard
journal entry manually in Standard Transaction Maintenance
and are using mirror accounting, enter the debit or credit to
Source Account 1, then the reversing action to Mirror Account
1. Do the same for Source Account 2 and Mirror Account 2.
Sub-account and cost center codes can also be mirrored and
reflected on the income sheet statement.
Set All Sub-Accounts and All Cost Centers to Yes to
streamline the creation of source and mirror account
relationships. The values entered in the source sub-account
and cost center fields are re-used in the mirror sub-account
and cost center fields.
When All Sub-Accounts is Yes, leave the source and mirror
sub-account blank. Similarly when All Cost Centers is Yes,
leave the source and mirror cost centers blank. The blank
source field is treated as a wildcard. Mirror sub-accounts
and cost center fields use the codes from the GL transaction.
When All Sub-Accounts or All Cost Centers is No, the system
only creates mirror transactions when an exact match is found
on the source account, sub-account, and cost center values in
the mirror accounting table.
If Verify GL Accounts is Yes in Domain/Account Control, each
account component you enter must be valid on its own and in
combination with other account number components. Sub-account
codes and cost center codes must be valid for all ranges of
accounts and sub-accounts used in mirror accounting. Set up
ranges in Sub-Account Code Maintenance and Cost Center Code
Maintenance.
MIRROR ACCOUNTING SETUP EXAMPLES
For example, you set up a mirror table with the following
values:
Entity: 1
Source 1: 1000 blank blank
Source 2: 1500 blank 30
All Sub-Accounts: Yes
All Cost Centers: No
Mirror 1: 2000 blank blank
Mirror 2: 2500 blank blank
Based on value of All Sub-Accounts and All Cost Centers, all
sub-account fields must be blank. The blank sub-accounts in
Source 1 and 2 are treated as a wildcard (any value matches).
If the following inventory transaction occurs:
Dr 1000 5000
Cr 1500 4000 30
The system creates the following mirror account transaction:
Dr 2500 4000
Cr 2000 5000
For the following inventory transaction, no mirror
transaction is created:
Dr 1000 5000 10
Cr 1500 4000 20
Although the system found a record in the mirror table that
matched the account (exactly) and sub-account (using the
wildcard), an exact match for the cost center was not found.
chopperfframes
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pradeepkumar
New Member
Re: Chopper Frames
Thanks for you help, this peace of information is helpful to me, could please explain more, or send me any books on this. Thank you
Thanks for you help, this peace of information is helpful to me, could please explain more, or send me any books on this. Thank you
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