Department setup
Under Setup confirm the following sub-menu items:
Organizational Structure | Charts of Accounts | Entity Accounts |
|---|---|---|
This feature allows the entity to setup different departments with the entity | This feature allows the entity to setup the different accounts used | This feature allows the entity to link the Trail Balance accounts to the financial statements allocations |
Annual alignment of AFS with latest MCS Template
Following the final submission and locking of the AFS on the Dynamic AFS platform, the next period will be opened on the system. The central Gauteng support team for this project will provide the agreed version to be rolled-forward to all departments.
Value roll-overs will have been effected to these new set of AFS issued on the system.
Adding and linking new Accounts:
The Dynamic AFS system needs to be informed what the relevant Account Numbers are for which amounts must be imported from the Trial Balance.
In certain instances the Trial Balance may for example contain accounts which are totals of other accounts, and should be ignored.
Hence, the user needs to specifically upload the relevant transactional accounts that it expects to be utilized by Dynamic AFS.
An Account Number can therefore only be linked or classified within Dynamic AFS if the account number has been added to the system.
This process is as follows:
Identify Account Numbers and their Descriptions that has to be added to the system.
Insert these new accounts and their descriptions into an Excel document, only containing the following two columns and headers: Account; Description
On www.dynamicafs.com, click on “Setups”, then on “Entity Accounts”, and then on the sub-item for “Import”.
Leave the first drop-down option for “Add Accounts” as it is, do not amend this.
Click on “Select file to import” and choose the file on your local drive.
Click on Import, and you should then get a message that the import was successful.
Now the new accounts have been added to the system, but they are not yet linked to a Chart of Accounts Category. In order to link accounts, click on the menu item for “Setups”, then on the sub-menu item for “Entity Accounts”, and then on “Link”.
This shows all accounts within the system.
You may search for a specific account you wish to link, or to relink to a separate category.
However, to view all unlinked/new accounts, just click on the header “LINKED” in order to sort all accounts based on what has been linked, and then again click on this header so that all the unlinked accounts are first in the list. These unlinked accounts are indicated with a “x” symbol.
To link an account, click on the link symbol to right of the “x” symbol.
This will bring up the Chart of Accounts categories and classifications in a table to the right of all accounts.
Click on “Financial Performance” or “Financial Position” to show the sub-categories.
You need to continue to drill into the relevant sub-category or classification of your account, until you reach the relevant posting level.
The moment that a posting level is reached, you will see a similar link symbol appear to the right of the classification description.
Click on this link symbol to link your relevant account to that classification.
You should then receive a system message indicating that the account was successfully linked.
You will then also need to re-import the Trial Balance so that balances of all newly added accounts are uploaded to the system.