Financials includes a robust, complete chart of accounts to get you up and running quickly. Financials also gives you the flexibility to use your own chart of accounts and still retain the benefits of the integrated Financials framework.
You choose whether to use the provided chart of accounts or your own chart of accounts when you enable features. In Enable Features:
- To use your own chart of accounts, click the checkbox next to the feature name.
If you choose to create your own chart of accounts, enabling features creates an account structure with key members for you to add your own chart of accounts. Import your own accounts for each enabled feature. Selecting this option enables direct entry and trend-based planning.
If you initially create your own chart of accounts, you can incrementally enable the standard, provided chart of accounts.
- To use the provided chart of accounts, select accounts and drivers under each feature name.
If you choose to use a standard chart of accounts or to use driver-based planning, select which accounts and drivers to enable. Selecting this option enables a complete chart of accounts for the selected feature and enables driver-based planning.
Whether you create your own chart of accounts or use the provided accounts, you can:
Use existing forms and dashboards
Work with existing integrated financial statement
Use existing calculations, such as trend-based planning
Integrate Financials with Capital, Projects, and Workforce.
Notes if you are using your own chart of accounts:
For information about importing the accounts, see Importing Metadata. You can use the Dimension Editor to see the key accounts provided.
If you want to use the dashboards that graphically depict total results, you must add your accounts as shared members under the appropriate parent: OFS_Total Revenue, OFS_Total Cost of Sales, OFS_Total Operating Expenses, OFS_Cash. The share can be at the level of detail required for your business.
Other charts and dashboards use the key members that are provided.
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Learn about enabling and configuring Financials with your own chart of accounts.
Learn about leveraging best practice planning in Financials using your own chart of accounts.