Configure Ledger (COA - Fiscal calendar - Account Structure)

After you create a legal entity, you must create a ledger for that legal entity. You can have only one ledger for each legal entity. You can use information that has already been set up for other legal entities, such as charts of accounts, account structures, fiscal calendars, and currencies, or you can set up new information.

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Configure account structures

Account structures use the main account and financial dimensions to create a set of rules that determine the order and values used when entering the account number. You can set up as many account structures as you need for your business. The account structures are assigned to a company’s ledger setup, so they can be shared.

Example

To illustrate a best practice for setting up an account structure, let's assume that a company wants to track their balance sheet accounts (100000..299999) at the account and business unit financial dimension level. For revenue and expense accounts (300000..499999), they track financial dimensions Business Unit, Department, and Cost center. If they make a sale, they also like to track Customer. Using this scenario, it would be recommended to have two account structures assigned to the company’s ledger - one for Balance sheet accounts, and one for Profit and Loss accounts. To optimize the user experience and validation, Customer should be an advanced rule that is only used when a sales account is used.

Balance sheet account structure

Main account	Business unit
100000..299999	*;” “

Profit and loss account structure

Main account	Business unit	Department	Cost center
300000..499999	*;” “	*;” “	*;” “	*;” “

Create account structures

1. Go to General ledger > Chart of accounts > Structures > Configure account structures.
2. Click New to open the drop dialog.
3. In the Account structure field, type a name to describe the purpose of the account structure.
4. In the Description field, type a description to specify the purpose of the account structure.
5. Click Create.
6. Click Add segment.
7. In the Dimensions list, select the dimension to add to the account structure.
8. Click Add segment.
9. Click Add segment.
10. In the Dimensions list, select the dimension to add to the account structure.
11. Click Add segment.
12. Click Add segment.
13. In the Dimensions list, select the dimension to add to the account structure.
14. Click Add segment.

Add Segment

Activate Structure

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Chart of Account

To track and maintain financial information in an organization, you can set up a chart of accounts. A chart of accounts is a collection of accounts that define a financial framework. To further track the transactions in these accounts, you can add segments. These segments are known as financial dimensions.

Create New Chart of Account

Create Main Accounts

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Fiscal Calendars Setup

Fiscal calendars provide a framework for the financial activity of an organization. Each fiscal calendar contains one or more fiscal years, and each fiscal year contains multiple periods. Fiscal calendars can be based on a January 1 to December 31 calendar year, or on any dates that you select. For example, some organizations select a fiscal calendar that starts on July 1 of one year and ends on June 30 of the following year.

There is no limit to the number of fiscal calendars that you can create, and no limit to the number of fiscal years that can be created for a fiscal calendar. Each fiscal calendar is independent of your organization, and can be used by multiple legal entities in the organization. For example, an organization has eight departments and each department is a separate legal entity. Five of them share the same fiscal calendar and three use different fiscal calendars. You can create one fiscal calendar for the five legal entities that share the same fiscal calendar, and then create separate fiscal calendars for the other legal entities.

Create New Fiscal Calendar

Create New Fiscal Year

The fiscal calendar can be divided into periods and arranged in months and quarters.

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