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The IC matching cockpit

What it allows you to do

The IC matching cockpit allows you to compare the amounts declared by each entity with the declarations of the respective counterparties and then insert the reconciliation accounts where the IC relationships are balanced.

In particular, it allows you to perform the following actions:

  • manage approval/submission (and rejection) status

  • manage IC Matching/Elimination activities at the “holding company” level and at the individual “entity” level. Ideally, this can take place up to the last level, so as not to lose traceability for each insertion or for how the final figures were generated.

Displayed amounts

The amounts displayed on each row of the IC cockpit represent the IC relationships between the various entities in the group. For every relationship/matching rule combination, the values and any unbalanced amounts present on the declared IC relationships:

  • the first amount includes the IC entries between the entities of the relationship when the first entity has inserted the IC entries on the primary accounts and the second entity has inserted them on the dependent accounts
  • the second amount includes the IC entries between the entities of the relationship when the second entity has inserted the IC entries on the primary accounts and the first entity has inserted them on the dependent accounts

The amount displayed is determined by the contribution of the IC entries, the entity journals with defined counterparty and the reconciliation accounts for the categories belonging to the step/cockpit to be matched and the matching logic.

The amounts are displayed in the currency indicated when the cockpit was opened (IC cockpit opening window) using the conversion rule specified in each matching rule. This means that in the case of period average FX rate rules, the amounts in the IC cockpit are calculated taking into account the amounts on all periods that are less than or equal to the selected period. An appropriate coefficient, calculated on the basis of the period FX rate and the previous period FX rate is applied to the amount of every period.

IMPORTANT: Whenever the IC cockpit has to work with split source data (period display, period average FX rate), all scenarios/periods involved in the calculation must be either online or offline.

IMPORTANT: when running the balancing check, the threshold value set on the rule is converted into the IC cockpit currency. The FX rate used for the conversion is the final FX rate.

Actions on the relationship between entities

From the IC cockpit, and from the indicator that shows the status of the relationship between entities in particular, certain actions can be run in order to change the status of the entity and the relationship.

In single certification processes, actions run on the entities and on the relationships (e.g. IC insertion is complete, submit IC data, etc.) are registered simultaneously on all scenarios/periods linked to the process.

If scenarios/periods are added to/removed from the process when data collection and submission activities have been started, it is a good rule to reset the submission states. See the .

IMPORTANT: if you do not want to run the reset, the colours of the IC cockpit traffic lights may not be correct and error messages could be returned in the audit.