📘 Setting Up Accounting Schemas in iDempiere for NIIF/GAAP Compliance

 Designing a robust accounting schema in iDempiere is essential for financial transparency, audit readiness, and regulatory compliance. Whether you're working under NIIF (IFRS) or GAAP, iDempiere offers flexible tools to structure your chart of accounts and reporting flows. In this guide, we’ll walk through the key steps to configure a compliant schema, with practical tips for Latin American businesses.

🧩 Step 1: Define Your Accounting Schema

Navigate to: Accounting > Accounting Schema

Key fields to configure:

• Currency: Set your functional currency (e.g., NIO or USD).

• GAAP/NIIF Compliance: Choose the standard your company follows.

• Costing Method: Standard, Average, FIFO, etc.

• Auto Post: Enable automatic posting of documents.

💡 Tip: You can create multiple schemas if you need parallel reporting (e.g., one for local GAAP, another for IFRS).

📂 Step 2: Build a Structured Chart of Accounts

Go to: Accounting > Element Value

Organize your accounts by:

• Type: Asset, Liability, Revenue, Expense, Equity

• Hierarchy: Use parent-child relationships for grouping

• Segmentation: Include dimensions like department, project, or region

Example for NIIF:

• 1.1.01 – Cash and Cash Equivalents

• 2.1.01 – Trade Payables

• 4.1.01 – Revenue from Contracts with Customers

• 5.1.01 – Operating Expenses

🧮 Step 3: Assign Default Accounts

Navigate to: Accounting > Accounting Schema > Default Accounts

Set up:

• Receivables/Payables

• Tax Accounts

• Inventory and COGS

• Bank and Cash Accounts

This ensures that every transaction automatically posts to the correct account.

📊 Step 4: Configure Accounting Dimensions

Use dimensions to enhance reporting:

• Organization

• Business Partner

• Product

• Project

• Campaign

These allow for multi-level financial analysis and are essential for NIIF-compliant reporting.

🔍 Step 5: Validate with Sample Transactions

Before going live:

• Create test invoices, payments, and journal entries.

• Review accounting facts in Accounting > Fact Details.

• Ensure debit and credit balances match expected flows.

SQL to verify balance integrity:

sql

SELECT account_id, SUM(amtacctdr - amtacctcr) AS balance
FROM fact_acct
GROUP BY account_id
HAVING SUM(amtacctdr - amtacctcr) <> 0;

✅ Final Checklist

• [ ] Chart of accounts structured and segmented

• [ ] Default accounts assigned

• [ ] Dimensions configured

• [ ] Test transactions validated

• [ ] Backup created before deployment