Creating financial statements the easy way

Transcription

1 Creating financial statements the easy way How OneView financial statements can help you Prepared by: Seth Chaikin, Grant Session ID:

2 About the presenter Seth Chaikin Director, Technology Solutions Overland Park, KS Executive summary Seth Chaikin is a Director with Grant Thornton in the Technology Solutions practice. He has over 18 years of consulting experience, across a diverse set of industry and public sector clients and is Project Management Professional (PMP) certified. Seth's experiences include planning and program management of multi-faceted implementation projects, hands on management and implementation of ERP software packages, business process reengineering and system architecture design. Prior to Grant Thornton, Seth joined MarketSphere s JD Edwards practice in 2006 and was responsible for managing and delivering projects, practice development, solution design and staff management. He has deep experience with the processes and configuration of the JDE Distribution and Manufacturing modules, as well as Capital Asset Management, Equipment Billing and Service Billing, and has experience with multiple releases of the software. Industries Consumer Products Pet Food/Manufacturing Metals and Mining Mineral Exploration Drilling Construction Water Management Metal Components Retail Hospitality and Restaurants Public Utilities Transportation Department of Defense Professional qualifications and memberships Project Management Professional (PMP) Education Bachelor of Science in Business Administration, University of Kansas Masters of Accounting and Information Systems, University of Kansas

3 Agenda About Grant Thornton What are OVR financial statements? Why Do I Need OVR FS? What are the benefits? How does it work?

4 About Grant Thornton

5 About Grant Thornton We are the U.S. member firm of Grant Thornton International, a global organization of member firms providing audit, tax and advisory services to clients for more than 90 years. PEOPLE PARTNERS Over 10% revenue growth in the U.S. last year with a 13% increase in headcount $1.56bn revenues 35% of the companies on the 2015 Fortune 1000 list 39% of the companies on the 2015 Fortune 500 list 54% of the companies on the 2015 Fortune 100 list 25% of the companies on the Russell 2000 list OFFICES

6 Committed Oracle partner Specialized Partner of the Year, 2014 (EPM, NA) JD Edwards Excellence Award, 2015 Excellence Award, 2015 (Fusion Middleware Innovation at Serta Simmons Bedding) JD Edwards Excellence Award, 2016

7 What are OVR financial statements?

8 OVR financial statements New functionality in JD Edwards (JDE) One View reporting, focused on the creation of Financial Statements Can be used by end users to create multiple statements Balance sheet / Consolidated balance sheet Income statement / Consolidated income statement Cash flow statement Statement of retained earnings Statement of operations Budget vs. actuals reporting Intended to limit the need for the Financial Report Writer (FRW) No fat client access needed Limited training required Reuse of rows and columns from one report to another reduces time to complete new statements

9 OVR financial statements Intended for financial end users Leverage standard JDE application look and feel Easy-to-use interface consistent with standard E1 Puts power in the end users hands to create statements Similar functionality to World FASTR, leveraging rows and columns Sample statements provided to help jumpstart development Integration with BI Publisher Allows for multiple forms of data visualization charts, graphs, dashboards Multiple formats supported Word, Excel, PowerPoint, PDF Seamless integration no need to build out Similar to previous OVR integration, reducing training efforts for employees familiar with OVR and BIP

10 OVR financial statements

11 Why do I need OVR FS? What are the benefits?

12 Benefits of OVR FS Ease of financial statement creation Almost all clients create new or modified statements JDE standard statements typically aren't an exact fit In the past, required technical development FRW or RDA Time to develop was typically weeks per statement Focused on functional financial end users No need for technical development skills No need to involve IT no OMW projects or promotions Report samples can be used to help familiarize users with the process New statements can be created quickly, leveraging rows and columns from previous statements Leverage smart fields from the FRW, assisting in transition from FRW to OVR FS

13 Benefits of OVR FS Benefits to the organization as a whole Reduced total cost of ownership Leverages standard JDE functionality, reducing training needs Eliminates need for 3 rd party applications that are used currently by many JDE clients Reduces the need for technical development and CNC involvement OVR and BIP allow for presentation quality statements Allows for pulling direct from JDE for upper management presentations Charts, graphs, dashboards, logos Multiple formats for presentation Easy to update as new requirements come up Run times are much shorter

14 Comparison of options Item OVR FS FRW / RDA 3 rd party tool Developers needed No Yes Yes* Fat client needed No Yes Yes* CNC involvement No Yes Yes* Integration required No No Yes End user focused Yes No Yes Data visualization/charts/graphs/logos Yes No Some Leverage existing report elements for new Yes Yes Some Prebuilt content available Yes No Some Real time access to data Yes Yes Some Multiple presentation formats Yes Limited Yes * For the initial development of the integration

15 How does it work?

16 Creating Financial Statements with OVR FS Three components Rows Rows define the line items on the financial statement how the balances are summarized Grouped into sections (Assets, Liabilities) Examples would be asset or liability classes, income statement income or expense categories, specific data elements (I.e. Asset number on an asset cost report) Columns Columns define the totals on the report what balances are summarized Examples would be year to date, prior year total, asset cost, accumulated depreciation Statement definitions Statement definitions are the actual statements that are created by pulling the rows and columns together into a report

17 Creating financial statements with OVR FS Statement definition Balance sheet Statement sections Assets Liabilities Rows Cash A/R A/P Accrued taxes Columns Current yr Prior year Current yr Prior year Current yr Prior year Current yr Prior year * For the initial development of the integration

18 Creating financial statements with OVR FS Creating Layouts and Versions Layouts Used to define different formats for the same Statement Definition Single vs. multiple business units Versions Same purpose as versions of other reports / UBE Allow different data selection for each version Totals Subtotals and totals can be defined Some calculations are based on data in other columns in the report

19 Creating financial statements with OVR FS Create the Column Definitions for Your Report These are reusable from statement to statement Create the Row Definitions for Your Report Create Statement Definitions Rows / Columns Sections Subtotals Create Layouts Run Options Data Selection Layout & Format Formatting Calculations Create Versions 19

20 Navigation in E1 20

21 Working with row definitions 13 prebuilt row definitions Add as many others as needed 21

22 Working with row definitions Determine how to summarize the totals on the report Different row definition types Data Numeric value Subtotal Text Determine grouping Identify element to group by, i.e object Enable level of detail rollup Allow inclusion of retained earnings (GLG AAI) Identifies the data selection to be used to retrieve data Driven by an advanced query over the F0006, F0901, F0902 Unable to create and / or combinations requires creating multiple rows that are subtotaled, and hiding detailed rows Can be set to work in progress until ready to be used, then changed to active

23 Working with row definitions 23

24 Working with column definitions 7 prebuilt column definitions Add as many others as needed 24

25 Working with column definitions Determine what balances to use from the account balances table Allow for period, quarter, year offsets Different balance types Period, year to date, prior year balance, cumulative to date, quarter, quarter to date, debit period, debit year to date Driven by smart fields (same use as FRW) Allow data selection (similar to row definitions) Ex. asset cost, accumulated depreciation, company As with row definitions, can be set to work in progress until they are completed

26 Working with column definitions 26

27 Working with statement definitions 4 prebuilt statement definitions Balance sheet by business unit Consolidated balance sheet Consolidated income statement Income statement by business unit 27

28 Working with statement definitions Statement definitions are created by putting the desired rows and columns on a specific statement Define the rows Define the columns Name the section as needed Can add as many rows as needed Up to 25 columns Includes subtotals Rows and columns reusable from statement to statement

29 Working with statement definitions 29

30 Working with statement definitions Define which sections should be included in each subtotal (from and thru section) Can add multiple levels of subtotals 30

31 Working with statement versions Statement versions are defined to allow for multiple versions of each statement Determine data selection at the statement level

32 Working with statement versions Provides additional options for running the report Based on company and business unit Zero balance suppression Calculation of YTD net income or loss

33 One View constants Can set constants to give errors if a user attempts to modify a row or column definition used in a report Otherwise returns a warning

34 Running statements Choose the version to run From E1 Page icon or work with statement versions Click submit Go to work with submitted One View financial statements (P09301) different application than WSJ

35 Review your statements

36 Q&A

37 Please Complete Your Session Evaluation Evaluate this session in your COLLABORATE app. Pull up this session and tap "Session Evaluation" to complete the survey. Session ID: