This step allows you to define one or more Legal Entities for which the service maintains the Management Ledger and perform related functional tasks. For a Legal Entity, a Management Ledger is maintained and is required to provide such information by way of financial reports as a reporting entity. The service supports preparation and maintenance of a hierarchy of Legal Entities, based on which the following information may be captured.
Topic:
NOTE:
Maximum levels supported for Legal Entity hierarchy in Balance reconciliation is 5.
Use the Legal Entity Settings to set up the Reporting Currency.
To set the Reporting Currency, follow these steps:
1. To navigate to the Legal Entity Settings, on the Home Page, click Administration, and click Legal Entity. The Legal Entity Settings Page is displayed.
2. On the Legal Entity Page, all the available Legal Entities are listed on the Left Hand Side. To set up the Reporting Currency and the Fiscal Year for a Legal Entity, select the required Legal Entity, and do the following:
§ Set the fiscal period to open for posting entries by disabling or closed for posting entries by enabling the Locked? option. An open posting period is when the selected posting period is set to open and the other posting periods stay closed.
§ Set the Reporting Currency to required standard. This Reporting Currency is used during the Execution Process in the Process Orchestration.
3. Click Save to save the Legal Entity Settings.