What is the difference between a statutory account vs complementary??

Thanks

JP

I am not sure whether you are referring to terms used by Baan or not. I haven't come across those terms in BaanIV.

However, statutory accounts refers to the 'main' or 'official' set of books used for preparing the accounts that are lodged with the tax department / government etc (depending on the requirements in a particular country.)

Any other term (complementary, subsidiary etc) refers to accounts used for some other purpose.

In BaanIV the GL has 3 types of period: Fiscal, Reporting and Tax
These provide for differnet period dates for a year. For instance a company may have its year begin on say January, while the Government's Tax year may begin in say July (Australia), and the Reporting period (say to Govt Corporation Commission or Stock Exchange) may be some other date. The Reporting period is probably the "statutory" accounts.

Terry

Hi,

There is a field "Type of account" which can get these 2 values:

"Statutory" means it is for the formal system (Reporting to authorities ...).

"Complementary" means the account is used / needed for internal managment issues.

By the way, this issue is not connected to the issue of reporting periods.


Moshe

jpadilla / Moshe

Where is the statutory/complementary field - on which form?.
As I indicated in my post, I can't find it in BaanIV. Is it BaanV field ?

Terry

tjbyfield,

Yes, it has been introduced in Baan V. It's in the maintain accounts main session.

Him Terry,

I see it on form 3 of tfgld0108m000 in BaaN 4c2 !!!!
It is called "Kind of Account".

The field in the table is tfgld008.mcka.

Moshe

Moshe,

I suspect that's a localisation for Israel. tfgld0108m000 only has two tabs in our version of Baan IVc4

Hi,

It is not from localisation for Israel.

It was introduced in the MCR (Multicurrency) version.
VRC=mcr0.

Moshe

We have BaanIVc4 without any localisations. ie: derived from B40Uc4stnd.

This version has extensive multicurrency functionality which we use. BUT it doesn't have "kind of account" and doesn't have 3 forms on tfgld0108m000.

(If only we all used $US life would be much easier)

Terry

Hi Terry,

I don't know your finance background but MCR does not mean that you can use all kind of currencies in sales / purchase orders etc.
It means that the financial module, and what is needed also in the logistic modules, is managed simultaneously in 3 company curruncies. (As opposed to one company currency in the standard single currency version).

We are derived from :
B40 c1
B40 c2
B40L c2 mcr0

Moshe

Baan document P3007B US, Baan IVc functions and features, chapter 7.4 explains the functionality and background of the MCR extension. This includes both dual accounting (which was the topic of your original question) and multi currency accounting (in the sense of having multiple 'home currencies').

Part (or all?) of this has been incorporated in Baan V standard, but in Baan IVc it's a separate extension (incompatible with other extensions).

It's all aimed at countries with either high inflation or a (legal) need to keep your books in more than one currency (the second usually being USD). Don't think you need to worry about it in Australia.

Hi AWondergem

Thank you for your very good explaination and suggestion as to when/why MCD would be needed.

BTW I do have an accounting degree (2 of them in fact) but I was struggling to with the reason for needing to keep books in multiple currencies as opposed to the very good multi-cuurency functionality that the standard BaanIV has for sales/purchasing and consequental receivables/payables.

Terry

We have the MCR extension on our system because we have 3 finance companies. 2 of them are Euro based, the other is £ based and they all share 1 logistics company - hence the need for multi-currency. So, for example, we have 3 standard costs for any item. 1 in Euros, 1 in £ and 1 in US$ (not that we care too much about the US$ one but we thought we'd use it anyway!)

The MCR extension works reasonably well in 4c4 but in 4c3 it was a very lame dog!