How to Set Up Financial Management › How to Create Supplemental Financial Data › Create Company Profiles (optional)

Create Company Profiles (optional)

Optionally, create company profiles to associate with investments when integrating with third- party billing systems so you can classify the data. Activate and financially enable the company profiles to process financial transactions against them and determine how their costs affect investments.

Define the financial properties of the company before setting up the billing addresses. You can set up multiple billing addresses for a company. A placeholder billing address profile is created by default using the company name and ID. You can edit the profile to provide the billing address information.

Note: Selecting a financial location and a financial department for a company automatically populates the WIP class, investment class, and company class with default values. The default values are populated only if you specified these values for the entity that is associated with the location and department OBS.

Follow these steps:

1. Open Home, and from Financial Management, click Companies.
2. Click New.
3. Complete the requested information.
4. Click Save.
5. Open the Properties menu and click Financial.
6. Complete the requested information. The following fields require explanation:

   Financial Status

   Indicates the status of the company profile.

   Values:

   • Active. You can create financially enabled investments for the company.
   • Inactive. You cannot create financially enabled investments for the company.
   • No New Business. Financially enabled investments currently exist for the company currently but you cannot create more investments.

   Financial Location

   Defines the financial location of the company that is used for processing financial transactions.

   Financial Department

   Defines the department that is assigned ownership of the company. The value for this field defaults based on the value of the financial location for the company. If you modify this value, the location value can also change.

   WIP Class

   Defines the work-in-process (WIP) class indicating the financial transaction category for the company.

   Investment Class

   Defines the investment class to which this company is assigned. The value is used to categorize company-related investments.

   Company Class

   Defines the company class to which this company is assigned. The value is used to describe the company within the organization.

   Date Opened

   Defines the effective date that the company was financially enabled.

7. Save the changes.
8. Click Billing Addresses and provide the billing address information.