Financial Distributions

Modified on Thu, 06 Jun 2024 at 07:26 AM

TABLE OF CONTENTS

What is Financial Distribution in FCX
- Financial Distribution card
- Tools in FD card
Access to Financial distribution reference
When FD is created and updated
Where we use FDs
Financial Distribution errors

What is Financial Distribution in FCX

Financial Distributions reference holds details of actual spends and incomes. A Financial Distribution (FD) is a record that represent a financial transaction that we used in Fieldclix financial reporting.

Each Financial Distribution record shows the distribution of a specific source of financial funds: within a financial account and Build Plan.

We distinguish several source types of financial distributions.

Revenue group — CIM Invoices.
Expenses group: Bill of Materials (BOM), COD Purchases, Employee Payroll Period Overhead, Time Keeping, VIM Invoices.

Financial Distribution card

Source type shows where we exactly get data in a financial distribution. Let's look closer on the Financial Distribution card.

1. Type — source type: where we pull in amount, hrs, BP allocation, etc.

2. Source Object Name. It shows you the name of the FD's source: a Time Card name and so on.

3. Source Object Date: Invoice date, BOM date, COD Purchase date, etc.

4. Confirmed — indicates that the Financial Distribution is correct and can be used in financial statements.

The FCX system automatically marks FDs as confirmed when:

CIM Invoice – as soon as the invoice stage becomes submitted, received, accepted or paid.
BOM – once a BOM goes to the Kitted or Completed stage.
COD – when a COD is approved (if COD Purchase Category does not stipulate transforming to VIM Invoice).
Employee Payroll Period Overhead – when the related payroll period is paid. Overhead type of payroll period includes all payroll overhead expenses, and it's factored into the Corporate Overhead Build Plan.
TK – when a Time Card paid date is passed.
- At first, the system checks whether the Time Card's payroll period is paid. If YES, then marks FD as confirmed.
- If the payroll period is not paid yet → it checks that the paid date in the related payroll check is passed → if yes, it will confirm the TC's financial distribution.
VIM Invoice – after an invoice is approved or paid.

5. Locked — use to block the Financial Distribution from automatic changes. In this case, the system will not update the FD if source data is changed. The Recalculate action is also not available for locked FDs.

If you lock an unconfirmed FD, you need to confirm it manually: check the box “Confirmed”.

6. Total Amount ($) — sum of the Amount column.

6. Allocation table — shows the amount summarized and recorded in the particular financial account.

Lines in the table are summed over BP and Financial Account.

How the system fills in the table depends on Source Types and several rules:

FD CIM Invoice	From CIM Invoice
Financial Account	← static value from the system constant FAForFSMInvoices Generally, it is Total Revenue.
Amount	← Invoice Total
Build Plan	← Build Plan

FD BOM	From BOM
Financial Account	← static value from the system constant FABOMBillableAccounts
Amount	← BOM Total
Build Plan	← Build Plan

FD COD	From COD Purchase
Financial Account	← Financial Account
Amount	← Total Amount
Build Plan	← Build Plan

FD Employee Payroll Period Overhead	From Cost Rates table in Payroll Period
Financial Account	← static value from the system constant PayrollOverheadFAID
Amount	← Total amount of lines with “AdHoc Overhead” applied addition type from Cost Rates table in Payroll Period
Build Plan	← static value from the system constant NonWorkBuildPlanID
Employee	← Employee from lines with “AdHoc Overhead" applied addition type in Cost Rates table in Payroll Period

FD Time Keeping	From Time Card payroll allocation table
Financial Account	← follows the priority
Amount	← Hrs * Rate. Cost Rates also use the priority.
Hours	← from the Time Card payroll allocation table. Hrs are summed over a Build Plan and FA.
Build Plan	← from the Time Card payroll allocation table
Employee	← Employee from Time Card
Notes

FD VIM Invoice	From VIM Invoice PO/FD allocation table
Financial Account	← Financial Account
Amount	← Amount
Build Plan	← Build Plan
Notes	← FA Notes

Tools in FD card

Access to Financial distribution reference

Accountants and Bookkeepers user group has full access to the Financial Distributions reference.

When FD is created and updated

You do not need to create a financial distribution manually, the system creates it automatically with a script.

The script runs 4 times a day (from 6 am to 6 pm), creates financial distributions according to Fin. Analysis settings, and updates the allocation table in existing unlocked FDs (pulling actual data from source objects: Time Cards, Invoices and so on).

We use the Financial Analysis Reference to set:

the start date for generating FDs within a source type,
conditions for confirming an FD record.

For TK FDs we do not fill in the table if we do not have any cost rates (synced from the payroll system or specified in Employee, Site or WO Type Cost).

Where we use FDs

We use Financial distributions data to calculate actual amount of revenue and expenses in dashboards, like Status, Executive, WIP, P&L dashboards.

We show all FDs (confirmed and not) in the following dashboards: Budget, BP, Executive, Status.

We show FDs according to the filter “Confirmed Only” in the next dashboards: P&L and WIP.

Financial Distribution errors

Incomplete FDs must be corrected to maintain the integrity of financial reporting.

To keep track of errors in Financial Distributions calculation, you can use the corresponding notification. This notification event will remind an Employee your specified about errors in FDs, for example, about incomplete allocation: empty FA or Build Plan.

Send a request to FCX Support to set up a notification to your liking: recipient, notification channel and so on.