11.6. Booking Terms Maintenance
To see and to get access to the Booking Terms Maintenance under System Administration you must have the security Use Case System Administration Maintain Booking Term Periods with Read access assigned to your user role, else this option will not be visible on the desktop of SICS. The Booking Terms can be defined per Base Company. If your company have more than one Base Company, these settings can be set individually (for each separate Base Company) or if Default Settings are selected, settings can be the same for all Base Companies.
| Description | |
|---|---|
| ‘Select Base Company and Reporting Units’ | When you select a value in Base Company drop-down list, you can view the parameters that are specific for the selected Base Company. To be able to select a value in the Reporting Unit field, the Legal Reporting Unit Category must be defined in Accounting / Miscellaneous System Parameters. Both Base Company and Reporting Unit are selectable whilst system is in view mode. Applicable for: P&C, Life |
| ‘Base Company’ | Selected: The values displayed in this system parameter belong to the Base Company you have selected here. If you have not entered specific values for the Base Company, Default Settings will apply. Cleared: Field cannot be blank Values: All Base Companies defined in SICS are included in the drop-down list Default: Default Settings Relevant when: If your company is part of a group, the group can have several Base Companies with different settings. |
| ‘Reporting Unit’ | Selected: Values displayed in this System Parameter belong to the selected Base Company and for the Reporting Unit selected in this field. If no Reporting Unit is specified, Default Settings will apply. Cleared: Field cannot be blank Values: Values available for selection are depending on the Legal Reporting Unit Category selected in Accounting/ Miscellaneous system parameter (Person, Profit Centre, Segment Code or None). Default: Default Settings Relevant when: A Base Company can have different settings for different Reporting Units. |
Booking Terms Maintenance #
Here you can define per combination of Base Company and Reporting Unit the open booking year and period. These definitions are defined under Booking Terms Maintenance and you can select from the available definitions in the Booking Terms Selection.
In the <Default Settings> you should define the booking terms that is common for all base companies. If you have base companies with individual booking terms you can add new booking term definition in the Booking Terms Maintenance.
Applicable for: P&C, Life , Cede
To select a definition for a base company:
- Select a base company and reporting unit (if wanted).
- Select Assign a Booking Terms Definition button at right bottom of window.
- Select the required definition from drop-down list.
- Click OK
Booking Terms Selection #
| Description | |
|---|---|
| ‘Selected Definition’ | Selected: Shows the definition that will be used for the selected base Company/ Reporting Unit. Cleared: Field cannot be blank Default: Default Settings Relevant when: You want to create specific booking term settings for a Base Company |
Booking Terms Maintenance #
| Description | |
|---|---|
| Available Definitions | Values: List of all available definitions Cleared: List cannot be cleared (<Default Settings> will always be available) Relevant when: You will have several available definitions if your Base Companies within the group have different booking term settings. |
To create a new booking terms/ definition:
- Select Booking Terms and in the Available Definitions select ‘New’.
- Enter Name of definition.
- Enter Period Set for Local (From and To).
- Enter Year/ Period (From, To and Default).
- Click ‘Rules’button and overrule default booking year and period for Technical/ Cession worksheet, Claim worksheet, Remittance and/or Balance Pairing if wanted.
- Click ‘Closing Booking Terms’button and enter required information, see more information later in this chapter.
- Enter Minimum Difference Booking - Accounting Year.
- Click’ Extended Booking Terms’button and enter required Account Orders that should have extended open period(s)
- Overrule Periods for Legal Entity or Global if wanted on their respective tabs.
- Click ‘MG/UW Specific’ button and enter the offset indicates number of Months offset the financial year is from the calendar year start date.
- Click ‘OK’.
Field Description - Booking Terms #
| Field | Description |
|---|---|
| ‘Name’: | The name of the definition Values: Free-text, maximum 50 characters Default: <Unnamed> Relevant when: The name of the definition is used to identify the term and the base companies it is relevant for. Note! The below is the same for all 3 tabs Local, Legal and Global |
| ‘Period Set From - To’ | Selected: Select how to split the Booking Year in Booking Period for the Base Company and/ or the Legal Reporting Unit selected. The From and To should be defined with the same Period Set. Cleared: Fields cannot be blank. Values: Months, Quarters and Half Years Relevant when: To enable bookings to be grouped by booking periods for statutory returns/ valuations etc. NB! Be very careful if you need to change the Period Set. It should only be done when moving from one booking year to a new booking year and the From and To should be defined with the same Period Set. |
| ‘Year / Period From - To’ | Selected: The span of periods (From - To Year and Period) that are open for booking in the system and for the Base Company and/ or the Legal Reporting Unit selected. Cleared: Fields cannot be blank Relevant when: To enable bookings to be grouped by booking periods for statutory returns/ valuations etc. |
| ‘Year / Period - Default’ | Selected: Year/ Period entered here will be defaulted on all worksheets but can be overridden. Period must be within the From - To period set. Cleared: Field cannot be blank Validations: The default period must be within the time span for From- and To Year/Period. Relevant when: When a balance is created on a worksheet the balance will get this booking year and period as default. |
| ‘Rules - Technical/ Cession Worksheet’ | Selected: Allows for a different default Year and Period on Technical/ Cession Worksheets. Cleared: The Default on the main definition will apply. Relevant when: If you want a different default value for the Technical- and/or Cession Worksheet. Cession Worksheets valid for Life only |
| ‘Rules - Claim Worksheet ‘ | Selected: Allows for a different default Booking Year and Period for Claim Worksheets. Cleared: The Default on the main definition will apply. Relevant when: If you want a different default value for the Claim Worksheet. Note! Claim Worksheet in not valid for SICS Life |
| ‘Rules - Remittance Worksheet ‘ | Selected: Allows for a different default Booking Year and Period for Remittance Worksheets. Cleared: The Default on the main definition will apply. Relevant when: If you want a different default value for the Remittance Worksheet. |
| ‘Rules - Balance Pairing ‘ | Selected: Allows for a different default Booking Year and Period for Balance Pairing and Balance Pairing Group. Cleared: The Default on the main definition will apply. Relevant when: If you want a different default value for the Balance Pairing and Balance Pairing Group. |
Closing Booking Terms #
| Field | Description |
|---|---|
| ‘Closing Booking Terms -All Booking Periods Closed’ | Selected: All Booking Year and Periods are closed for all types of Worksheets. Cleared: All Booking Year and Periods defined on the main window are open (Unless you have defined further restrictions on the Closing Booking Terms for Technical/ Claim and Remittance Worksheets individually). Relevant when: You select this parameter if you want all booking periods to be closed at the same time. |
| ‘Closing Booking Terms -Technical/ Claim WS | Selected: You indicate for which Booking Year and Period the user is restricted for making bookings on Technical and Claim Worksheets within the main Booking Terms definition. Closing Booking Terms are set for Local, Legal and Global individually. * Close from:This value will be the same as the Year/ Period From date defined in main Booking Terms. * Up to and Including:This value in combination with Close from will give a period on which the user can no longer book. * Close from and Including:This value in combination with Up to will give a period on which the user can no longer book. * Up to:‘This value will be the same as the Year/ Period To date defined in main Booking Terms Cleared: Open periods recorded in main Booking Terms will apply Relevant when: To avoid bookings on Technical- and Claim Worksheets on Booking Periods even if it is open in main Booking Terms Note! No Claim Worksheet in Life |
| ‘Closing Booking Terms -Remittance WS | Selected: You indicate for which Booking Year and Period the user is restricted for making bookings on Remittance Worksheets within the main Booking Terms definition. Closing Booking Terms can be set for Local, Legal Entity and Global individually. * Close from:This value will be the same as the Year/ Period From date defined in main Booking Terms. * Up to and Including:This value in combination with Close from will give a period on which the user can no longer book. * Close from and Including:This value in combination with Up to will give a period on which the user can no longer book. * Up to:‘This value will be the same as the Year/ Period To date defined in main Booking Terms Cleared: Open periods recorded in main Booking Terms will apply Relevant when: To avoid bookings on Remittance Worksheets on Booking Periods that should no longer be open even if it is open for other worksheet types in main Booking Terms. |
| ‘Closing Booking Terms -Main Class of Business’ | Selected: You can indicate an up to and including period for one specific or several Main Classes of Business for which you are no longer allowed to make bookings. Cleared: Period entered in main Booking Terms will apply. If Closing Booking Terms are entered for Technical/ Claim or Remittance Worksheets, these terms will apply. Relevant when: You want to make sure that no bookings are made on old periods on businesses with a specific Main Class of Business. Note! Not relevant in SICS Life |
| ‘Closing Booking Terms - Type of Business’ | The closing booking terms for technical and/or claim worksheets on an assumed business and an outward facultative businesses can be defined per ‘Type of Business’ in addition to the existing options; ‘Main Class of Business’ and ‘Level of Business’. Selected: The closing booking terms are also differentiated per type of business. Cleared: The closing booking terms are common to all types of business. Relevant when: When you want to close the books for different types of business at different times. Applicable for: P&C, Life |
| ‘Closing Booking Terms - Outward Cedent’s Contract/ Retrocessionaire Participation’ | Selected: You can indicate an up to and including period for one specific or several Outwards Cedent’s Contracts/ Retrocessionaire Participations or Protection Assignments for which you are no longer allowed to make bookings. Cleared: Period entered, in main Booking Terms will apply. If Closing Booking Terms are entered for Technical/ Claim or Remittance Worksheets, these terms will apply. Relevant when: You want to make sure that no bookings are made on old periods on Outward Cedent’s Contracts/ Retrocessionaire Participations or Protection Assignments. |
| ‘Min. Diff. Booking - Acc. Year’ | Selected: Number of years entered is the number of years required between the Booking Year and Accounting Year. If e.g. you enter 1 in the year field, the Accounting Year must be at least one year less than the Booking Year. Cleared: Field cannot be blank Values: Minimum value: 0 Maximum value: 999 Default value: 0 Relevant when: You enter a value here, E.g. 0 to be sure that nothing is booked with an Accounting Year later (higher) than the Booking Year. |
| Allow Accounting Year Greater Than Booking Year | Selected: The system accepts that the Accounting Year is greater than Booking Year. Cleared: The system does not allow the Accounting Year to be greater than the Booking Year; it must be less or equal the Booking Year. An error message is presented for the user when worksheets are manually created. Relevant when: You select this parameter if you want to receive a Warning instead of an Error message if the Accounting Year is greater than Booking Year. Additional, when you run an accounting order and the Accounting Year is greater than the Booking Year, the worksheet is closed, without this parameter set the system will leave such a worksheet open. |
Extended Booking Terms #
| Field | Description |
|---|---|
| Extended Booking Terms - Period Set | Selected: Period Set from main Bookings Terms are shown. Cleared: Open periods recorded in main Booking Terms will apply Values: Months, Quarters and Half Years Relevant when: You want to extend the main booking terms for certain Accounting Order Types to make sure that all bookings that should be included in the order are made. |
| Extended Booking Terms - Year / Period | Selected: Defines the extended From- and To Booking Period Cleared: Open periods recorded in main Booking Terms will apply Relevant when: You want to extend booking terms for certain Accounting Order Types to make sure that all bookings that should be included in the order are made. E.g. Even if a Booking Year is closed for bookings you want to keep open the last period for this Booking Year for certain Account Orders until they are ready to run. |
| Extended Booking Terms - Default | Selected: Year/ Period entered here will be defaulted to the selected Orders. Cleared: Field cannot be blank if Extended Booing Terms Periods are set Relevant when: All orders defined within the extended Booking terms Period will have the same Booking Year and Period defaulted when they are run. |
| Extended Booking Terms - Accounting order Types | Selected: Only the selected Accounting Order Types will get the Extended Booking terms defined. Cleared: Open periods recorded in main Booking Terms will apply Relevant when: You want to extend booking terms for certain Accounting Order Types to make sure that all bookings that should be included in the order are made. |
MG/UW Specific #
Period Estimate offset Monthly #
| Field | Description |
|---|---|
| Period Estimate Offset Monthly | The Period Estimate offset Monthly makes the system work for broken financial years, i.e. financial years that does not start at January 1 each calendar year. The input field (integer) allows for both positive and negative input range 1 to 12 Example “-1” or “1”. The offset indicates number of Months offset the financial year is from the calendar year start date. Example of Period Estimate: M1. If offset is 0 the system works for booking year period following calendar year. +1 means that the period estimates displays the previous Booking Year/Month. -1 means that the period estimates displays the next month etc. If Estimatation Frequency selected as Quarterly then Period Estimates Offset Monthly will be work on Quarterly Basis Example integer value 1 to 3 will consider Quarter 1 and integer value 4 to 6 will consider Quarter 2 The Multi GAAP Accrual Accounting order will select: Actual bookings from the Business Ledger with a Booking Year and Period less than or equal given Booking Year and Period. Match these bookings with period estimates belonging to correct Months. Correct months is the months derived from the selected BYRP on the order, possibility shifted according the offset given in the Booking Term as per Base Company Specifc. Period Offset from system parameter Multi GAAP/General should be considered as the default setting if the Period offset from Booking Term is left blank. |