These steps assume you have already set up the following:
Please follow the above links to complete any setup steps that you may have missed before continuing.
Plan for Setup
This information will enable you to define the GL Ledger and Chart of Accounts structure, set up the required Charts of Accounts, define the Posting Option requirements, and specify and develop the GL file format.
Determine Needed Structure
Answer the following questions to understand your needs before implementing accounting.
What ERP do you use?
Do you require a GL export?
What is the file format you need to import back into your ERP?
What is your Chart of Accounts structure?
What Charts of Accounts are used by the treasury department?
We don't recommend setting up all charts of accounts from your ERP. Only set up those used by the treasury department.
What transactions being imported from the bank statement do you require accounting entries for?
How do you identify the accounting entry required for each bank statement transaction?
Based on the category of your current cash position, how are bank statement transactions mapped (e.g. Bank Code, Description, etc.)?
Does your ERP or GL system provide a method of exporting the full GL Charts of Accounts applicable to all treasury operational journal postings?
What is the format of the export?
Will you be using Reconciliation?
Plan for Charts of Accounts
What account naming convention do you need for reporting and exported files?
What segments of data do you want included to differentiate accounts in the GL Chart of Accounts?
In Ripple Treasury, you can have between 1 and 9 segments of data to differentiate accounts in a ledger. These segments will be visible in reports and will be included in exported files.
What character do you want to act as a separator between the segments?
How many characters should each segment be?
In Ripple Treasury, you can use 1 to 50 characters for each segment as needed.
Do you want alpha, numeric, or alphanumeric for each segment?
How will updates be managed for the Cash Charts of Accounts and Non-Cash Charts of Accounts?
This includes new accounts, updates to existing accounts, and deprecation of old accounts.
Assign GL Offset Accounts
Extract a day, week, or month of bank statement data.
Sort the data by User Code and Description.
Assign a User Code and GL Offset Account for each transaction.
If 2 or more transactions share a User Code but have different GL Offset Accounts, create TA rules to differentiate the transactions through Match Text.
Determine GL Interface Operational Requirements
What are your posting and accounting event requirements?
What are your organization’s fiscal period start and end dates (including for periods, quarters, and years)?
Do you have end of period postings that are required for deal-related journal entries?
An understanding of this need will determine the definition of the GL Mappings for Financial Instruments Accounting.
Examples include: Interest / dividend accruals, discount amortization / accretion, FX translations, Long term to short term balance sheet reclassification entries, MTM postings, hedge accounting postings, etc.
What are your needed non-cash accounting entry methodologies (incremental, reversing, and non-reversing journal entries)?
Reversing entries are typically created for those non-cash adjusting entries that involve the recording of interest accruals for expenses and revenue, MTM, FX translations, Hedge Accounting, etc.
Does your company do business in multiple currencies (physical settlement of foreign currencies or base currencies cash settlements)?
Identify the applicable FX exchange rate practices your organization uses when converting both cash and non-cash journal entries into the legal entity’s functional currency or your organization’s base / reporting currency.
This will determine how, when, and where the Ripple Treasury accounting FX rates are updated to ensure Ripple Treasury is performing the necessary FX translation calculation and generating the expected translation entries.
Configure Accounting
Set up Accounting Application Settings in Admin > General > Application Settings.
Go to Admin > General > Application Settings.
Set up the parameters as needed in the Accounting, Accruals, Treasury, and Valuations sections.
There are additional sections, but these 4 are critical before you start using the General Ledger.
Create the Account Types in Accounting > General Ledger > GL Chart of Accounts.
Create the GL Categories in Accounting > General Ledger > GL Chart of Accounts.
Configure the FI Charts of Accounts in Accounting > General Ledger > GL Chart of Accounts.
Define the Account Key Definitions in Accounting > General Ledger > GL Chart of Accounts.
Create the Account Hierarchy in Accounting > General Ledger > GL Chart of Accounts.
Define the Chart of Account records in Accounting > General Ledger > GL Chart of Accounts.
Verify the FI ledgers sync to auto-create corresponding Cash ledgers.
Define the Hedge Relationship and Deal GL Mapping Rules in Accounting > General Ledger > GL Mappings.
Set up Market Data IR and FX Rates in Accounting > General Ledger > GL FX Rates.
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