Create Accounting Systems On-Demand

Accounting Creator is an end-users computing tool specialise in management accounting. FlexSystem innovates the Creator to empower departmental and business users to create a high-performance accounting systems on-demand basis which aligns with evolving business operations and compliances. You can leverage your established data models, forms and analytics to achieve a most significant success.  

Creating Alternative Features by the Creative Creator

This website is under construction. From time to time we design and publish training materials with demo videos. It is to support your system design and implementation projects on a continuous basis.

The Training Plan Comprises Module ABC

 

Flexible Process Highway 1-2-3

Below diagram Process 1-2-3 are the foundation of a standard process flow to support your design and implementation of a wide range of management accounting systems built within an Apps Tree: –

You can implement R2R Alert Analytic efficiently by learning how to interact with 4-Level Settings of the Creator. However, step 1-2-3 offers high-performance connect-to-calculate functions with unique specialisation in connecting your different Excel layouts and mapping purposes, to enable a policy of lean data warehousing when information can be processed and distributed from connected data sources directly. The typical example you can create ad-hoc reports in which relevant data sources are derived from Excel files and relational database tables. Thus, it can be an option to avoid the ever-increasing scale of database management system to consolidate duplicated sets of data from different sources.

Accounting Creator is not built in a day. It is evolving, integrating and extending from other FlexSystem products – from earliest Fion/FESA Financial Query, EIQX, FESA Consolidation, to the latest LedgerBase/Conso 123. In recent years, a significant achievement of a software innovation project which aims at strengthening 3 main user expectations at the same time, i.e. “Flexibility”, “Performance” & “Simplicity”. This results the Creator was built, established and named as a separated product – differentiate from previous product LedgerBase/Conso 123, to compress the learning curve which supports your system creation exercise on-demand basis.

The primary design principle of the Creator is not aiming at replacing your existing ERP/Accounting/Excel software. However, it can extend the useful life of your implemented software when your business models are changing rapidly. Whenever you demand a better solution to replace your obsolete software, FlexAccount 2020 can be one of your better choices as it is embedded with the Creator and LedgerBase which allows you to implement Apps for concurrent users with multiple Ledger Workspaces. To extend your automation of journal entries for the FlexAccount implementation, the Creator has a carefully designed computing model of Dependent Table for you to configure dependent nature of journal entry for different kinds of accounting treatments. 

Unit 1: Process Highway

Training objective of this unit is to let you have an initial experience how flexible the Creator can support high-performance data processing by a minimum configuration of executable processes to process daily financial actuals and monthly financial budgets. Training topics cover:-

Key Functions

  • Create Master & Mapping data which supports multi-ledger, multi-period & multi-currency
  • Create Process which supports data amendment with data upload/download functions
  • Create Block to specify a model of connect-to-calculate functions
  • Create Column by @Mapping function - to get target unit price and exchange rate
  • Create Column by @Multiply function - to calculate the total amount by each transactional currency of related contracts and base currency of an entity
  • Create Row by @Revalue function - to calculate the impact of a change in the exchange rate

Configuring Process 1-2-3

  • Create Process Name = Sales Plan
    1. Block = Excel, Worksheet = Sales Plan
    2. Calculate the total amount by applying @Mapping & @Multiply functions
    3. Final Output Option = Excel, LedgerBase
  • Create Process Name = Daily Sales Journal
    1. Block = Excel, Worksheet = Delivery Order
    2. Create credit sales journals by applying @Mapping & @Multiply functions
    3. Final Output Option = Excel, LedgerBase
  • Create Process Name = Foreign Currency Revaluation
    1. Block = LedgerBase, Table = Trial Balance by Currency
    2. Create adjustment journals by applying @Revalue function
    3. Final Output Option = Excel, LedgerBase

Supplementary Functions

  • Filter Data: to select a particular set of transactions from Excel & LedgerBase
  • Skip Duplicate, Count@Sum: to summarise & aggregate transactions 
  • Process Form: to allow users interacting with the Process 1-2-3 for data selection

 Configuring Financial Query for MS Excel

  • Apply LB Formula to retrieve account balances for different periods
  • Apply LB Viewer to view Ledger by selection criteria
  • Create a variance analysis report of sales with monthly actual vs plan

4 Different Levels of Factory Settings

Accounting Creator has built-in default values for each factory setting at Apps level. This is to minimise your effort to do settings from nothing. You can interact testing results quickly and to override default values for 4 different levels of factory settings (Apps>Processes>CalcRules>Blocks) whenever necessary to create systems which can be working with your existing data and align with user requirements – to support fast financial close, costing, budgeting, consolidation and management reporting for day-to-day business operations of the individual department, branch and project.

Apps

Application Systems you can create by identifying what areas of automation & internal control you plan to improve. Management Accounting is one of the specialised areas of FlexSystem support  you to create apps on-demand for business concerns.

Processes

For each application system you are editing, you can assign authorised users to use particular processes. Executable processes can be configured with a GUI “Process Form”. It is to allow users to select scenarios before confirmation to run the process.

CalcRules

For each process you are editing, you can configure at least one set of the calculation rule to apply different calculation functions and related procedures by block. Transformed data of all blocks for each CalcRule will be merged and ready for validation and data load.

Blocks

For each block you are editing, you can test different kinds of connection to extract data from remote files and databases. Upon data extraction successful, you can extend to implement data mapping functions and compute columns by using Excel formulas.

The Relationship amongst Different Levels of Factory Settings

Default Value for Each Factory Setting

If you have completed the unit 1 training, you have an experience that few settings you are required configure because of using default values of factory settings. You can override value for each factory setting by a different combination of Apps, Processes, CalcRules and Blocks. If only one Block of specific CalcRule and Process is an exception from all other combinations, you can override the value of a specific factory setting at the Block, e.g. Only one Block support extracting all worksheets of the uploaded file, override setting is Worksheet = All.

Unit 2: 4-Level Setting

Training objective of this unit is to let you understand the benefits derived from the factory settings which can support to change the default values with effective to Apps, Processes, CalcRules and Blocks.

Tree Structure of an Accounting System

Accounting Creator has implemented a computing model of inheritance along the tree structure of an accounting system. Settings configured at individual Apps level can apply to its members downward along with the Apps Tree. You can override settings at different levels from the factory settings. Any change of settings of any member cannot affect its parents or fellow members at the same level. For example, change settings of CalcRule X cannot affect settings of CalcRule Y and Z, but it can affect settings of Blocks which belong to the CalcRule X.

Unit 3: Apps Tree

Training objective of this unit is to empower you to have a further understanding of the 4-level system design by adding one or more members along with each branch of the tree structure.

Creative Design of Executable Process 1-2-3

Minimum executable unit of the created system is Process. Unleash your creative thinking with your business domain knowledge, you can create unlimited number of executable processes. Each Process can be configured by different combinations of below steps of data processing: –

Step 1: Connect to Extract Data

Step 2: Calculate to Transform Data

Step 3: Conclude to Load Data

  • Data Reconciliation to Identify Any Discrepancy amongst Data Sets
  • Data Classification and Consolidation to Files and Database
  • Data and Information Distributing to Users for Analysis and Presentation

Flexibility is Multiplying by “Inputs x Transformations x Outputs”

Flexibility is Further Enabling by Setting Executable Process Group

Relationship of the 4 Levels of Settings with the Executable Process 1-2-3

Unit 4: Creative Process

Training objectives of this unit are to provide a quick reference guide on how to configure each function and to let you understand how flexibility can be achieved by innovating combinations of settings by step 1-2-3 of an executable process.

Connecting to Different Excel Layouts

When you compare different ETL tools, capable of extracting data from different Excel layouts can be one of the comparisons. Accounting Creator has a built-in Excel Layout Connector to support your selection of worksheets, column names and relevant data effectively. The connector can determine and decompose your selected worksheets and columns into a combination of X, Y, Z, WX and WY layout automatically.

You Create So Many Complex Excel Layouts

  • X Layout refers to a data set of your selected columns spread across horizontally
  • Y Layout refers to a data set of your selected columns spread across vertically
  • Z Layout refers to your selected columns spread around worksheet where each column contain only one value, e.g. Company: ABC, Department: HR
  • XY Layout refers to a valid combination of X and Y layouts
  • WX Layout refers to an interaction of each XY value you can assign measurement type(s) in the horizontal direction, e.g. Amount or Quantity, Unit Price, Amount
  • WY Layout refers to an interaction of each XY value you can assign measurement type(s) in the vertical direction, e.g. Amount or Quantity, Unit Price, Amount
  • ZXYWX Layout refers to a valid combination of X,Y,Z,WX layouts

Your Complex Excel Layouts Can be Decomposed into Simple Layout Elements

The Excel connector is not only implemented to extract data for recording purpose but also to support load data into your customised layouts for reporting purpose.

Based on a performance testing results of a desktop computer with installed Windows 10 (Dell Optiplex 7040 Micro Tower Quad Core i7 8GB RAM), the connector can determine different layouts by selected 26 columns and a file folder which contains 10,000 worksheets. Extraction of 13 million cells of data value from these worksheets are processing within 8 minutes.

Refer to below demonstration, 20 worksheets are selected for processing which includes 3 different selection criteria. Upon clicking confirmation button, processing time is about 1 second. Creating Accounting Systems to support this function is very simple for you, the training videos will be published in near future.

Your Complex Excel Layouts Can be Decomposed into Simple Layout Elements

Unit 5: Excel Connector

Training objective of this unit is to equip you to master in what situations you can change the default values of factory settings of the Excel Connector to support recognising layouts which do not support by the original factory setting.

Comprehensive Mapping Functions

Data mapping is essential to management accounting. It refers to expectations of business users they are using their familiar and understandable data sets to represent, relate and link to one or more target data sets to yield expected outputs. Target data sets can be a combination of database tables,  Excel worksheets and in-memory data.

Integration with the functions of MS Excel and LedgerBase, Accounting Creator allows you to configure 4 different types of data mapping expressions to represent, relate and link to one or more target data sets to evaluate transformation outputs: –

  • RangePartial Expression can extend your familiarity with using Fion, FionQX, EIQX and LB formulas i.e. Start..End:IncludePattern:ExcludePattern. In addition, the Creator is also extended to support a new expression i.e. Start..End@Include(Multi-KeyWord)@Exclude(Multi-KeyWord) where Multi-KeyWord can be a combination of *Suffix, Prefix* and *Body*.
  • ExactValue Expression can adopt a mapping table which contains a mass volume of combinations
  • Conditional Expression can extend your familiarity with using Excel formula, i.e. And(condition1..), Or(condition1..)
  • Regular Expression can cover a wide range of mapping purposes to validate unstructured data set

During a determination of data mapping expressions relevant to your business users, you can also consolidate what purposes of mapping they demand to support their expected outputs. By the following list the Creator integrates and classifies 8 different mapping functions to support processing of data mapping expressions for different purposes: –

  • Filter Data supports match and select a group of data for recording and reporting
  • Join Tables for the relational database to merge relevant master data with transactions
  • Replace Data when data sources cannot meet the standard of data input
  • Standardise Data when different offices are implementing different sets of naming tradition
  • Lookup Number to support the arithmetic calculation of missing factors
  • Group Data to support simplifying selection criteria and aggregation of management reporting
  • Validate Data to ensure data quality management and relevant data access control
  • Split Data for debugging, scenario and comparison purpose

Unit 6: Mapping Function

Training objectives of this unit are to provide a quick reference guide on how to configure mapping functions by different mapping expressions with setting of possible procedures and to let you understand how the complexity of real life problems can be solved by the simplicity of settings.

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

Whenever you decide to follow the standard practice of accounting using Debit/Credit (instead of Positive/Negative) by the above example, you can apply @NetSum calculation function to support an automatic determination of D or C for each journal entry of current Block. Also, you can define the final Block of a CalcRule as balancing journal entry by configuring CopyDependentTable() and @NetSum for the same Block.

If a block is defined by the setting of  Block = !2:CopyDependentTable(1), where !2 represents to hidden Block 2, journal entries will be excluded from data load to database automatically.

A Review of the Apps Tree with the Setting Up of Accounting Treatment

Before going to the practising of setting up journal entries, you can have a further understanding of the Apps Tree as discussed in unit 3. Along with the Apps Tree, you can configure any Block to extract and transform data from Dependent Table by either setting of Block as CopyDependentTable or MoveDependentTable; it can simplify the calculation of accounting treatment when at least one accounting entry is dependent on one or more accounting entries. Comparing with CopyDependentTable, when you opt to use MoveDependentTable, extracted data of the Dependent Table will be removed.

Using the factory setting, the creator supports a processing model automatically – data transformation results of each block are merged into a Dependent Table. You can configure Block 1 to extract and transform all relevant data sources merging into Dependent Table Block 1 for whole data requirements of an Accounting Treatment. Factory setting supports to export Dependent Table to screen/Excel file for your review to support your further setting of other blocks. You can turnoff this function by setting “Output Debug Information = N” when you have completed testing.

Then you can configure each type of accounting entry (e.g. Dr Trade Receivable Dr Sale Discount Cr Sale of Goods) of an accounting treatment (e.g. Revenue Recognition). Each type of accounting entry as configured by Block, it can support to extract and transform data from previous blocks of Dependent Table which contain relevant accounting entries. If any of your processes do not require the use of Dependent Table, you can turnoff this function for a particular process by setting “Merge Block Output to Dependent Table = N” to override factory setting.

Evaluation of Revenue Recognition Rules for Your Industrial Sectors

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.

Unit 7: Dependent Table

Training objectives of this unit are to alert you to be aware a master of problem-solving of current issues facing accounting practices today and to motivate your practising of using Dependent Table to automate dependent accounting entries.

Continuous R2R Alert Analytic

You can create any combination of Process 1-2-3 to support execution of your required Recording Analytics and Reporting Analytics on a continuous basis. This enable you to unleash the power of continuous monitoring which can save time and minimise labor cost to ensure effective control of your business.

You Can Create Accounting Systems to Monitor Financial Variances

Unit 8: R2R Alert Analytic

Training objectives of this unit are to equip you able to configure alert function by a combination of recording to reporting analytics and to motivate you to explore various visualisation and presentation techniques to unleash the value of R2R Alert Analytic.

Creating Unique Management Accounting Systems

Changing business models can exert a great impact on your business operations as well as accounting systems. Also, your existing software cannot follow the golden rule of accounting – every transaction shall be recorded by multiple aspects of business activities automatically.

Using a computing model by Dependent Table, 2nd set of accounting entry (e.g. Sales Discount by Customer) to final set of balancing accounting entry (e.g. Account Receivable by Customer) of a voucher can be configured by extracting and summarising data from 1st set of accounting entry (e.g. Sales Quantity/Unit Price/GrossAmount/Discount/NetAmount by Invoice, Customer & Segment), recording every business transaction by multi-dimensional accounting entries on a daily basis is becoming practical to implement. Creating Unique Management Accounting Systems on demand, you can upgrade your management capacity to deal with compliance and competition on a gradual basis.

You Can Create Accounting Systems to Manage Consolidated Financial Statements

Unit 9: Management Accounting

Training objectives of this unit are to explore different areas of management accounting and to motivate you to explore opportunities to create management accounting systems unique to your organisations.

Interacting Process by FlexAccount 2020

You Can Create & Test Apps by LB Spreadsheet with Embedded Accounting Creator

By setting up new systems using the Creator, you can opt to use Excel or LB Spreadsheet as a rule editor.  However, LB Spreadsheet can offer an integrated user interface for you to interact with calculation functions of MS Excel, LedgerBase and Accounting Creator. The benefit is to facilitate testing and executing created systems directly before real implementation.

You Can Implement Apps by FlexAccount 2020 with Embedded Accounting Creator

Whenever you consider adopting FlexSystem Methodology of Application Server Technology to host and manage your created Apps, you can implement FlexAccount 2020 with embedded Accounting Creator and LedgerBase to operate the Apps with different Ledger Workspaces. By adding further process codes with relevant user access rights to the Apps, you can manage to support different user groups they are responsible for the following tasks: –

  • Download Budget Form & Expenses Reimbursement Form
  • Upload Data Files with Different Excel Layouts
  • Download Data Files for Review & Approval
  • Update Mapping & Alert Rule
  • Select & Confirm Account Reconciliation by Two Data Sets
  • Select & Confirm Report Generation & Distribution
  • Select & Confirm Financial Close, Group Accounts & Budgeting by A/C Treatment Type: –
    1. Revenue Recognition for Manufacturing, Trading, Retail, Property, Construction, Investment etc
    2. Inventory Costing by FIFO, LIFO, Average or LOT
    3. Direct Cost Apportionment
    4. Indirect Cost Allocation
    5. Prepayment & Deferred Income
    6. Accrued Expense & Provision
    7. Sales Commission Calculation
    8. Accrual of Total Staff Cost
    9. Inter-Company Transaction Allocation & Elimination
    10. Loan/Lease Asset, Liability & Commitment Adjustment
    11. Depreciation & Amortisation of Long Term Asset
    12. Deferred Tax Asset & Liability Adjustment
    13. Fair Value Adjustment of Financial/Trading Asset & Liability
    14. Foreign Currency Revaluation of Monetary Asset & Liability
    15. Foreign Currency Translation of Balance Sheet & P/L Account
    16. Acquisition/Settlement/Disposal/Transfer of Asset & Liability

You Can Create Accounting Systems to Implement Total Liability Management

Unit 10: FlexAccount 2020

Training objectives of this unit are to support you to implement FlexAccount 2020 by different scenarios upon you create Accounting Systems by the Creator.

Creating Alternative Features by the Creative Creator

This website is under construction. From time to time we design and publish training materials with demo videos. It is to support your system design and implementation projects on a continuous basis.