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Introduction:
Please refer to the Introduction provided with the Organization Setup for more information on this topic. 

Description: 
The Financials tab on the Organization profile allows you to designate certain organizations as Financial organizations. A Financial Organization represents either a legal entity or a subdivision of a legal entity. You can arrange Financial organizations in a hierarchy in order to aggregate financial transactions. You can also set up multiple legal entities within a single instance or configuration of Unanet. 

All transactions in Unanet must be charged to a Financial Organization if the Use Financial Organizations system property is checked (Admin > Properties > Financials > General). The transaction data is then used when creating various financial reports. Debits and credits must balance within each legal entity, but they do not need to balance within a financial organization that is not a legal entity. 

Note: Financial organizations may be used with all license types.

  • Legal Entities - All Financial Organizations must be a legal entity, or a subdivision of a legal entity.
  • Financial Reporting Hierarchy - The financial reporting hierarchy is used when creating financial statements.
  • Cost Pools Hierarchy - The Cost Pool hierarchy is used when defining cost pools.

When considering how to apply Financial Organizations to your data, determine whether you would like a Financial Statement made for this organization. If so, then you will want that organization to be a financial organization.  

Note: Vendors and Customers typically would not be Financial Organizations.




Best Practices:
Create Financial Organizations in a hierarchy that mirrors your company's internal organization structure.

Examples: 
Examples of Financial Organizations may include d
ivisions, cost centers, offices, departments, lines of business, and other internal types of organization.

Additional Information

Help Docs - Financial Organizations

KC - FAQ - Should I Mark a Financial Organization as a Legal Entity?

 


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