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Managing Financial Companies

Paige Freeman
  • Updated

Organizations and Organization Units are required to have at least one financial company. Having multiple financial companies has no impact on staff. Multi-financial company characteristics include:

  • Creating intercompany transactions is automated with multiple companies.
  • Creating intercompany (due to/due-from) transactions are automated.
  • Sharing revenue between financial companies in the same organization unit.

To view, add, or edit Financial Companies for an Organization Unit:

  1. From the Accounting Setup section on the Organization Unit Settings page, click Financial Companies.
    The Financial Companies page will display, as shown below.
  2. Click the pencil icon next to a financial company in the grid to edit the Financial Company's name and GL Accounts.
  3. Click the contextual menu to delete a Financial Company from the Organization Unit.
    If records exist for the Financial Company, when the user attempts to delete a validation message will appear: "Financial Company cannot be deleted as there are accounts defined for this company."
  4. Click +New Financial Company to add a new financial company to the Organization Unit.
    The Add New Financial Company page displays, as shown below.
  5. Enter the Company Number and Name.
  6. Click Save and Add GL Accounts or click Save.
    For more information, see GL Accounts.