The Accounting Contexts subtab on the General Preferences page at Setup > Company > General Preferences. is visible by default in OneWorld accounts. If you do not have a OneWorld account, this subtab is not visible.
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 specific needs. Accounting contexts are useful when users prefer to work in a local GAAP context, rather than in the consolidated context with one centralized COA. Accounting contexts are also useful if you have Multi-Book Accounting provisioned in your account. You can set an accounting context specific for your secondary book and use it for your secondary book reports.
When one accounting context exists in your system, users can select their preferred accounting context at Home > Set Preferences. When users select an accounting context, all transactions including system-generated transactions post to the defined COA account name and number. For information about user preferences, see General Personal Preferences.
An administrator or a user with the Set Up Company permission can set up accounting contexts. To set up an accounting context, enter the name and then optionally, select the language in which the account name and number should be translated. Click Add after each defined accounting context. Click Save.
The available languages are based on the values defined on the Languages subtab. For information about the Languages subtab, see Configuring Multiple Languages.
When an accounting context exists in your system, the Localization subtab on the account record enables you to enter different account names, languages, and numbers for a single account.
The account name that displays is based on the order of the following conditions:
If any line on the Localization subtab represents both the accounting context language and the user’s preferred language, the account name displays in this language.
If there is a line only for the user’s preferred language, the account name displays in this language.
If there is a line only for the accounting context language, the account name displays in this language.
If none of these conditions exist, the account name displays as defined on the account record.
The account number that displays is based on the order of the following conditions:
If any line on the Localization subtab represents both the accounting context language and the user’s preferred language, the account number displays in this language.
If this condition does not exist, the account number displays as defined on the account record.
When viewing the detail report associated with a specific summary report, the accounting context defaults to the selection on the summary report and cannot be changed.
On transactions that display the account field, users see the name and number defined in their selected accounting context.
If accounting contexts are defined in your system, you can use account saved searches. For more information, see Use Accounting Contexts in Account Saved Searches.