High level process & user roles
Prerequisites
Important! The prerequisite for working with the RE Finance application is that the following items are set up in the Master Data application:
• Company structure
• Users (including or excluding the role of Global Administrator for RE Finance )
• FP&A Licenses
See the Master Data manual for this.
Roles
The Financial Planning & Analysis (FP&A) application distinguishes different user roles. Every role has connected rights that enable access to specific functionalities within RE Finance .
The following roles exist in FP&A:
• Global (System) Administrator: this role can create and maintain user roles, enterprise base data and application defaults. Next to that, the Global Administrator can create Financial Plans.
• (Local) Administrator: this role can define VAT Settings, Index Series, and Payment Schedules on Entity level.
• Financial Controller: this role can import source data and add non-real estate related cash flow data.
• Reviewer: this role can review and thereafter approve or reject Financial Plans.
• Reader: this role can read a Financial Plan.
• Analyst: this role can run reports or pivots on Financial Plan data.
RE Finance process
The RE Finance process in which these roles play their part looks as follows (see the following screenshot):
Step 0. System Settings – User data
The Global Administrator makes application wide settings under which the definition of User roles to Users with an RE Finance license.
Step 1. Financial Data on Enterprise level setup
The Global Administrator takes care of the setup on application level (Enterprise level). This is a one-time action. Thereafter only incidental maintenance is needed. The following aspects needs to be covered during setup:
• Entity mapping (with Reaforce project companies or RE Assets ownership level)
• Definition of the Cash Flow Structure, P&L and Balance Sheet for the Enterprise
• Definition of the Cash Flow Structure, P&L and Balance Sheet for Excel
• Index Series for the Enterprise
• Payment Schedules for the Enterprise
• VAT Categories for the Enterprise
• Corporate Tax
• Revenue & Cost Recognition for the Enterprise (when Reaforce is used as source system)
• General Ledgers
• Financial rules
Step 2. Financial data per entity setup
The Local Administrator (of the given entity) takes care of the setup on entity level. This is a one-time action. Thereafter only incidental maintenance is needed. The following aspects can be covered during setup:
• Index Series per Entity
• Payment schedules per Entity
• CIT payment schedules per Entity
• VAT Settings for per Entity
Step 3. Create Financial Plan
The Global Administrator creates the overall Financial Plan for the Enterprise. This is needed for every financial period.
Step 4. Financial Plan data import and data entry per Entity
The Financial Controller (periodically) draws up the Financial Plan for his Entity. In doing so the following steps are relevant:
• Import Cash Flow prognosis from Reaforce projects, RE Assets or from Excel
• Entering the Opening Balance
• Entering General Expenses
• Entering Loans, both incoming and outgoing
• Entering Dividend payments and Share Capital transactions
• Import Actuals
Next, the Financial Controller submits the Financial Plan for review.
Step 5. Review and approval of the Financial Plan per Entity
The Reviewer reviews and approves or rejects the Financial Plan per Entity.
Step 6. Financial Plan analysis
The Reader analyzes the Financial Plans for one or more Entities.
The Analyst can analyze data for one or more Entities by creating reports, pivots and analyzing dashboards.
Step 7. Financial Plan closure
The last step in the process involves closure of the Financial Plan by the Global Administrator. No further actions are possible on the Financial Plan thereafter.
