Accounting Contexts
The Accounting Contexts subtab on the General Preferences page at Setup > Company > General Preferences. is visible by default in OneWorld accounts. If you don't have a OneWorld account, you won't see this subtab.
An accounting context can be a one-to-one relationship between a country’s local GAAP (Generally Accepted Accounting Principles) reporting requirements and a statutory chart of accounts (COA). It can also be a unique relationship that meets your company’s unique needs. Accounting contexts are useful when users want to work in a local GAAP context instead of a consolidated context with one centralized COA. Accounting contexts are also useful if you have Multi-Book Accounting. You can set an accounting context specific for your secondary book and use it for your secondary book reports.
When you have at least one accounting context exists, users can select their preferred accounting context at Home > Set Preferences. When users select an accounting context, all transactions, including system-generated ones, post to the defined COA account name and number for that context. For information about user preferences, see General Personal Preferences.
A user with the Administrator role or the Set Up Company permission can set up accounting contexts. To define an accounting context, enter the name and select the language if you want to translate the account name and number. Click Add and then click Save.
The available languages are based on the values you set on the Languages subtab. For information, see Configuring Multiple Languages.
When you have an accounting context, the Localization subtab on the account record lets you enter different names, languages, and numbers for a one account.
The account name you see depends on the following conditions, in order:
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If any line on the Localization subtab matches both the accounting context language and the user’s preferred language, the account name displays in that language.
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If there is a line only for the user’s preferred language, the account name displays in that language.
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If there is a line only for the accounting context language, the account name displays in that language.
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If none of these conditions exist, the account name displays as defined on the account record.
The account number displayed is based on the order of the following conditions:
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If any line on the Localization subtab matches both the accounting context language and the user’s preferred language, the account number displays in that language.
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If this condition does not exist, the account number displays as defined on the account record.
When you view a detail report associated with a specific summary report, the accounting context defaults to the selection on the summary report and can't be changed.
On transactions that display the account field, users see the name and number defined in their chosen accounting context.
For information about creating an account, see Creating Accounts. For information about entering account names, languages, and numbers for a single account, see Editing an Account.
If accounting contexts are defined in your system, you can them in account saved searches. For more information, see Use Accounting Contexts in Account Saved Searches.