There are two main types of versions:
- Actuals (include sub-versions and journal entry versions)
- Plan (includes virtual versions)
- Versions Overview
- Versions Interface Tour
- Create and Edit Actuals Versions
- Create and Edit Plan Versions
- Create and Edit Virtual Versions
Actuals versions contain your actual financial results for a given period of time, like your income or expenses from May 2014. Actuals are records of things that happened.
Most instances have just one version for actuals data. Typically this data is imported from another source and may include accounts and an account hierarchy that are different from your plan versions and more reflective of your actual accounting books. Journal entry and sub-versions are actual versions that roll up to your actuals. When this is the case, your actuals version is referred to as your "root" actuals.
Actuals have a green icon .
Journal Entry Versions
Journal entry versions are a type of sub-version that allows consolidation instances to maintain the integrity of their imported actuals. Instead of changing the data, you create journal entries that adjust the data. These adjustments must be balanced, meaning that the sum of all debits in an adjustment must be equal to the sum of all credits before the journal entry can be posted. Create multiple journal entry versions for IFRS to GAAP, Accruals, and reclassifications.
Journal Entry version icons are green with back and forth arrows .
Roll-Up Values with Journal Entries
Pre-Eliminations has three sub-versions: From General Ledger, Adjustment JEs and Allocations. Adjustments JEs is a journal entry version (note the back and forth arrows in the icon).
Journal entry versions roll up to root actuals the same way that standard sub-versions do with some important differences.
1 Allocations is a sub-version of Pre-Eliminations. Because it has no sub-versions, it is an editable version. 10,000 has been entered for each product group.
2 Adjustments JE is a journal entry sub-version. It's cells are not editable, but adjustments are made through Consolidation > Journal Entries > New. Product Group A was debited $10,000. The corresponding credit was divided between Product Group B and C.
3 Pre-Eliminations shows the roll-up value of both sub-versions. The totals reflect in the parent version, but the nature of the adjustments displays in the journal entry version.
Sub-versions are slices of your actuals, created under an existing actuals version in the version tree. The data of each sub-version rolls up to the data displayed in actuals; that is, data is not duplicated. You can have any number of sub-versions under actuals, and sub-versions can also have sub-versions. Create actuals sub-versions to organize and filter your actuals in different ways.
Roll-Up Values and Editable Versions with Sub-versions
1 Actuals in the version drop-down has three sub-versions: Pre-Elimination, Adjustments JE and Audit Adjustments. Pre-Elimination and Audit Adjustments also have sub-versions.
2 The cells of Pre-Elimination version are gray (read-only) because Pre-Eliminations displays the roll-up values of its sub-versions. Data entered in Pre-Elimination is a portion of the total roll-up value displayed in Actuals 4.
3 The cells of Eliminations version are white (editable) because Eliminations has no sub-versions, as shown in 1.The data in Eliminations also contributes to the data in Actuals.
4 Actuals is the sum of the data in its sub-versions.
Plan versions, also referred to as planning versions, plans, and planning, may be budgets, what-if scenarios, or almost anything else you can imagine.
Most instances have several plan versions. These can be segmented by year, level, or any way your team requires.
Plan versions have blue icons .
Virtual versions are plan versions that use data from two different versions to create a read-only composite version. With virtual versions, you can use the data of one version and apply the exchange rate of another version, which removes the rate fluctuations. Create virtual versions to enable Constant Currency Reporting.
Now, the revenue comparison between the two data sets will only show "real" differences because the exchange rate is kept constant. See Constant Currency Reporting.