Best practices for TRIRIGA Lease Accounting – Journal Entries Setup
Continuing with our recommendations for each stage of the TRIRIGA implementation life cycle, today we focus on the Build Process and General Ledger Integration steps.
Minimize OOTB changes: ValuD is an advocate for staying as close to the OOTB product as possible. The more changes you make – to mirror your legacy processes, instead of leveraging the capabilities of TRIRIGA – will lengthen your implementation timeline.
Upgrade impact: Always consider how changes will impact future upgrades. Reject changes that might result in a high maintenance cost and document all the changes so that future upgrades can be carried out in a timely manner.
Value-add changes: Consider including a second phase – create a backlog for all your value-add changes -instead of trying to include everything in one single phase. Creating short, multiple phases will help streamline implementation timelines, and drive cost savings (fewer errors and rework, less testing and training)
General Ledger Integration – Journal Entries Process
IBM TRIRIGA lease administration features deliver the standard Journal Entries for all ASC 842 and IFRS 16 requirements OOTB. Therefore, we recommend going through each of the OOTB Journal Entries before coming up with new ones. For instance, you can tweak the existing journal entries within IBM TRIRIGA real estate manager as per your requirements and thus limit the creation of new ones.
Setup: If you need to setup a new Journal Entry, TRIRIGA lease accounting module offers you the following:
- New Platform Class to call numeric fields by their label and store the value
- New Function Capability to allow for adding inputs with addition and subtraction capability
- Journal Entry Segments to pull static and dynamic data. You can also create custom Journal Entry segments using the available TTEC.
Journal Entry Records: Similar to the Process Payment Form creation, the Journal Entry Records are created by IBM TRIRIGA lease accounting module on submission of the Process Lease Journal Entries Form.
Journal Entry DTO Records: As mentioned above, TRIRIGA lease accounting module creates Journal Entry DTOs (Data Transfer Object) on submission of the Journal Entry records. We recommend that you not customize the OOTB JE DTO process. Instead change the OOTB format by configuring the Journal Entry Setup as per your needs. Avoid creating a complex method to send the data from the DTO to the client’s GL system. Instead use Integration Objects to accomplish this task.
Our final blog will list ValuD’s recommendations during the Testing and Training phases of the implementation lifecycle. For more information on ValuD’s IBM TRIRIGA lease accounting implementation best practices, watch our webinar.