Accounting Entry to/from Dependent Table

An Example of Data Model for Sale of Goods

Referring to the following chart, if sales transactions do not include a completed calculation, you can configure calculation rules by applying level 1 data transformation, e.g. mapping of discount rates by %Mapping(Discount Rate) and applying  either level 1 other calculation functions or level 2 copying Excel formulas to the determination of total amount for each transaction. For each Block of journal entries, you can define other calculation functions to aggregate journal entries by different summarise levels, e.g. by customer total, by invoice total or by item total. What news of this unit is mainly level 3 data transformation – Dependent Entry Calculation and Balancing Entry by Dr or Cr.

An Executable Process Can Contains Multiple Process 1-2-3

5-Step Model of IFRS15 Revenue from Contracts with Customers

Revenue Recognition is one of the essential accounting treatment of your business upon delivery of goods and rendering services. As product innovation is driving by competition, this results in increasing complexity and ambiguity of accounting for revenue recognition. Follow the implementation of IFRS 15; it provides a detail guidance of governing measurement and recognition rules by a five-step model:-

Step 1: Identify any contract with each customer

Step 2: Identify any performance obligation with each contract

Step 3: Adopt a suitable calculation model to determinate the transaction price for each contract

Step 4: Allocate the determined transaction price to the identified categories of performance obligations over different time periods

Step 5: Recognise revenue upon particular stage of performance obligation is certified

Associated Processes of Revenue Recognition 

For a better design of management accounting system, below diagram recommend an integrated approach to satisfy the requirements of statutory and management accounting. Whenever your existing systems cannot to adopt the changing calculation rules particular on Process B and Process C, you can implement the Dependent Table with data extracted from your existing systems to manage and automate all relevant accounting entries for each contract as responsible by its business unit.

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