What are Simple Allocations and how are they used?

Simple Allocations, introduced in Financial Edge 7.87, provide an easy way to create an allocation in one complete process, making the setup and maintenance of your allocations easier. When you create a simple allocation, the pool and allocation set are combined into one allocation. You can also set up multiple pools and multiple bases within this one allocation, which make your allocations more inclusive of your transaction data. 

When you create a simple allocation, the entire setup process is done at once. This makes setup and maintenance easier because everything is centralized. Whereas wiith regular allocations, you create the pools, rates, and fee schedules in separate areas. With simple allocations, you cannot allocate off equity balances, so if you have this need, we recommend you create regular allocations. Also, because pools may be ranges in a simple allocation, it does not differentiate between closed fiscal years. It includes all sums of transactions. If your calculation date range extends across fiscal years, you may get unexpected results.

To create a Simple Allocation within Allocation Management, Simple Allocations:
  1. Click New to open a new Simple Allocation parameter. 
  2. On the Pool tab of the simple allocation record, enter the amount to be allocated, or specify the criteria you want to base the calculation on. You make your selection in the "What is the amount to be calculated?" field.
  3. On the Basis tab of the simple allocation record, enter how the pool is distributed to the destination accounts. An allocation pool will be created from the selections you make on this tab.
    • The pool amount is distributed across each basis element you select in the top grid. The amount distributed to each basis element is determined by multiplying the pool amount by the ratio of the basis element to the sum of all the basis element balances. In the bottom grid, you can further filter the balances of these basis elements. 

  4. On the Calculation and Dates tab of a the simple allocation record, enter how you want to calculate the amounts used in the allocation pool. You have several options for entering this information. The fields on the screen change based on your selection in the Calculation method field. 
  5. On the GL Entries tab of the simple allocation record, specify the source and destination accounts for the allocation. The Source accounts will be credited, and the Destination accounts will be debited.
  6. On the Options tab, enter your post options, including the post date and journal reference. You can enter default report options for the Pre-allocation Report, including the printer you want to use.
  7. Review the allocation information and make any necessary changes. You can preview or print the Pre-allocation Report at this time to verify that the allocation amounts and information are correct before actually running the allocation. 
  8. After verifying that the allocation amounts and parameters are correct, run the allocation by clicking Allocate Now.
    • This creates an unposted journal entry batch that can be included in financial reports, posted, deleted, and/or left unposted. You can also have the batch post automatically by marking the corresponding check box on the Options tab. 

Steps to Duplicate

 

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