After you have entered your chart of accounts in the Chart of Accounts Maintenance window, you need to set up your financial entities. A financial entity is a department, job, project, store, or corporation for which you want to print financial statements. When defining financial entities, keep in mind that DDDD (account number) is the constant— never changing, and LLL (subaccount number) is the variable—always changing.
If you use subaccounts, you need to set up a different financial entity for each group of subaccounts for which you'll print financial statements. Click here for an example.
Follow the steps below to set up a financial entity.
Click GoTo, then click Financial Entity Maintenance. The Financial Entity Maintenance window displays.
In the Entity box, enter a code, up to 6 digits, to identify the financial entity. Some examples would be Store1, or Dept9 (use something that describes the group of accounts you'll assign to the entity).
In the Description box, enter a description of the entity. Some examples would be Store 1 Hank's Hardware, or Department 9 Power and Hand Tools.
In the Range or Wildcard box, select either Range or Wildcard, depending upon how you want to designate the subaccounts that correspond to this financial entity.
Click here for a detailed explanation and examples of using Range or Wildcard.
In the DDDD- To DDDD- area, fill in the subaccounts that make up this entity. Click here for an example.
Click Add.
If you have more financial entities to add, click Clear, and then repeat steps 3-7.
(Optional) Print a list of financial entities by running the Print Financial Entities (RGEN) report. Because you can run reports based on financial entity, this report will help you know which subaccounts are included in the financial entity used to run a particular report.