5 Tips for IFS Finance

In normal IFS Implementations, if certain points are not taken care of at the outset, they could result in major pain points in future. These are a few points, which if taken care of the very beginning can prevent such scenarios.

  1. Creation of New Company:

It is advisable to give specific Year & Period while creating new Company. By default Source Company’s Year & Period will be displayed. If this Year and period is selected, then all periods up to Go-Live period needs to be consolidated before Go-Live. For migration purpose, previous year and period can be temporarily opened and deleted after migration.

  1. Currency Revaluation :

Currency revaluation is not possible if basic data (BDR) is entered after the transaction. For ex. If Supplier invoice is processed and the currency code is not defined as per basic data requirement for Currency revaluation, then currency revaluation entry will not be effected for this transaction.

  1. Migration :

Ensure that all mandatory fields as per Chart of Accounts & code parts are migrated to avoid transactional errors at later stage. Ensure that all master data is complete in all the aspects as per the solution.

  1. Project wise Cash Flow Analysis :

All cash account transactions can be re-created with Interim/ Liase Account through APR with appropriate Project. General project can be given under code string completion & actual project can be fetched through APR.

  1. Inventory Accounting :

Define the inventory part – Miscellaneous cost Tab properly and it is advisable not to change these cost set up in between to avoid erroneous inventory transactions & valuation. It is better to test all probable inventory transaction instead of analysing an isolated inventory transaction.


By Prasada Srinivas –  IFS Finance Expert