IFRS16 Setup
The first step in the setup process is to create No. Series on the Number Series page. It is necessary to define separate number series for IFRS 16 contracts and for IFRS 16 fixed assets (i.e., fixed assets that will be linked to IFRS 16 contracts).
After that, it is necessary to create a depreciation book for the fixed assets covered by the IFRS 16 standard.
After creating the number series, continue with the setup by searching for IFRS16 Setup.
The setup page will open.
- On the General tab, enter the number series for contracts.
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On the Fixed Asset tab, enter the number series for the fixed asset, the depreciation book, and the posting groups for fixed assets. All entered data will be automatically transferred to the card of the fixed asset created for IFRS 16.
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On the Short-Term Liabilities tab, fill in the fields related to the schedule lines. Based on this data, the schedule will always clearly separate short-term and long-term liabilities, with a 12-month period defined for short-term liabilities.
FA Posting Groups​
On the Fixed Asset Posting Group page, it is necessary to define the following fields:
• Acquisition Cost Account • Accum. Depreciation Account • Depreciation Expense Acc. • IFRS16 Long Term Liabilities • IFRS16 Short Term Liabilities • IFRS16 Interim Credit Account • IFRS16 Interest Expense
Versions and Status of the Schedule​
A single contract can have multiple schedules. The schedule number consists of the contract number plus the schedule number (sequentially 01, 02, 03). The image shows a single contract with two schedules and multiple versions.
The version number of a schedule is automatically increased each time a new version of the schedule is created (e.g., if the leasing provider issues a new schedule for the same contract due to a change in price or contract terms).
For the same contract, there can be multiple schedules, and each schedule can have multiple versions (Version 1, 2, 3, 4, 5, etc., depending on the number of changes to the schedule for the same contract).
The version number also tracks the status of the version. Each version can have its own status.
Schedule Version Status​
The status of a schedule version can be:
• New – the initial status, before the schedule is confirmed.
• Active – after the schedule is confirmed, it receives the status Active. At this point, the contract itself also automatically changes to Active.
• Old – assigned to an existing version when a new version of the schedule is automatically created due to a change in price (the old schedule becomes Old, and the new version is New until it is confirmed and becomes Active).
• Closed – automatically assigned when the last installment in the schedule is posted/paid.
The contract status and the schedule version status are interconnected and automated:
• A schedule in New status changes to Active, and the associated contract automatically changes from Pre-contract to Active.
• When the last installment is posted, the schedule changes from Active to Closed, and the contract automatically changes from Active to Closed.
Deleting an active schedule is not allowed. You can only delete a schedule that is in the New status.
Deleting a contract is not possible when the contract is active. Deletion is only allowed when the contract is in Pre-contract status.
