Financial Administration › Entities › How to Set Up Entities

How to Set Up Entities

Financial setup involves creating entities and financial defaults. Before you can use project cost accounting or IT financial management, you must define entities, financial defaults, cost and rate matrices, and currencies.

Financial setup requires input from the your IT or corporate finance department and must accurately reflect how investment or service costs are tracked and billed.

You must be granted the Administration - Application access right to perform financial setup.

Set up an Entity

Creating a financial entity is the first step in setting up financial management. Once an entity is defined, you can create financial plans, set up chargebacks, and establish project cost accounting.

The following is the recommended order for establishing an entity:

  1. Create an OBS Type for a financial department and for a financial location.
  2. Create and Edit an Entity and associate it with the department OBS and location OBS.
  3. Create and Edit Locations.
  4. Create departments for the entity and associate the departments with the locations.

    Note: See the Common Features and Personal Options User Guide for more information.

  5. Create and Edit Fiscal Time Periods.
  6. Create financial planning defaults.
Additional Financial Setup

Additional set up may be required to establish investment-level defaults, entity-level defaults, and system-level defaults. You can set the following up in any order: