Objective
The primary objective of this document is to provide comprehensive guidance on effectively utilizing the Precision settings within the Financial Report form. This detailed explanation is intended to assist both consultants and end users in understanding the functionality of Precision settings, enabling them to customize precision levels to meet specific customer requirements and subsequently generate financial reports with the desired level of precision.
Financial Report Form – Precision Management
In the standard Financial report form, there was no provision for configuring precision settings within the system. Consequently, the system would generate financial reports by default, adhering to the standard precision of the accounting schema currency, as illustrated in the screenshot below:
In the latest releases, new options have been introduced within the financial report form to allow users to specify the precise level of detail of precision when generating financial reports. Below, you will find the configuration settings available at the financial report form level:
Precision settings at Financial Report Form Header.
Precision settings at the Column Set tab within the Financial Report Form.
Precision settings at Financial Report Form Header.
With the new enhancement in the financial report form, there are going to be the settings available at the Financial report header as shown below in the screenshot:
If you don't want to use the standard precision associated with the chosen currency in the Accounting Schema in financial reports, you can choose to set your precision on the report header.
It is mandatory to enter the Precision at the Precision field if the user checks on the ‘Not use Accounting Schema Precision’ checkbox otherwise the system will throw the error if save or you try to move on to the next tab of the report as shown below in the screenshot:
Once the precision is defined at the report header then the system will generate the report using the defined precision that will be applicable on all the columns defined on the report.
The system will allow you to save the precision value between 0 to 12 and if you try to enter some other value and system will populate the message as shown below in the screenshot.
Precision settings at the Column Set tab within the Financial Report Form.
With the new enhancement in the financial report form, there are going to be the settings available at the Financial report, Column set as shown below in the screenshot:
The system provides a "Precision" field setting on the column line set, allowing users to specify precision for individual columns. In determining precision, the system prioritizes the column line set precision first, followed by either the report header precision if defined, or the selected accounting book currency precision, based on the specified settings.
According to the below screenshot provided, when the user sets a precision value of 3 for column 1 and 4 for column 2, and for other columns system will pick the standard precision associated with the chosen currency in the Accounting Schema which is 2, the system will generate the following report.
Also, the system rounds the values based on the defined precision and rounding will work in a standard way.
Example:
Case 1: When the values come as 100.7564 and the column precision is set as 2 in such a case the system will print the value as 100.76.
Case 2: When the values come to 100.51 and the column precision is set as 0 in such a case the system prints the value as 101.
Case 3: When the values come to 100.75644 and the column precision is set as 4 in such a case the system prints the value as 100.7564.