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

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 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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