There are two main types of versions:
- Actuals (include sub-versions and journal entry versions)
- Plan (includes virtual versions)
- Concept: Versions
- Concept: Versions Quick 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 2020. Actuals are records of events 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 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 icon: .
Roll-Up Values with Journal Entries
One of the versions that roll up to Pre-Eliminations is a journal entry version, Adjustments JEs (note the item list in the icon).
Journal entry versions roll up the version hierarchy the same way that standard sub-versions do with some important differences.
1 As the parent, Pre-Eliminations shows the rollup values, including the adjustments made in the journal entry sub-version.
2 Allocations is an editable version.10,000 has been entered for each product group.
3 In the Adjustments JE sub-version, adjustments are made to the values through Consolidation > Journal Entries > New. Product Group A was debited $10,000. The corresponding credit was divided between Product Group B and C. The journal entry version shows the adjustments.
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
The Version Hierarchy
The version drop-down helps you understand how the versions roll up to actuals.
Actuals two sub-versions: Pre-Elimination, and Eliminations. Pre-Elimination has three sub-versions.
The Values in Versions
1 The root actuals displays the sum of all the subversions.
2 The cells of the Eliminations sub-version are white (editable) because Eliminations has no sub-versions, as shown in hierarchy.
3 The cells of the Pre-Elimination sub-version are gray (read-only) because Pre-Eliminations displays the roll-up values of 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 icon: .
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.
Virtual version icon:
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.