How to Set Up Financial Management › How to Create Supplemental Financial Data

How to Create Supplemental Financial Data

As a financial manager, create the required data so end users such as investment managers can start using the financial management system. The data setup allows investment managers to plan investments by tracking costs and processing financial transactions against them. They can make financial decisions about their investments that are based on actual financial data.

Example: Create Financial Data to Process Financial Transactions and Plan Investment Costs

A financial manager at the Document Management Company oversees the finances for the HR Upgrade initiative. The initiative includes several investments that are assigned to different investment managers across the organization. To allow the managers to track individual investment cost and process transactions against the overall initiative, the financial manager creates the following financial data:

• Vendors ABC and XYZ to track the hardware and material.
• A financially enabled company profile RBC.
• Financially enabled investments, resources, and roles.
• Input type codes to differentiate the rates of the full-time resources from the contractors.
• Charge codes to differentiate the cost of regular work from overhead.

The following diagram describes how the financial manager creates the required financial data:

Follow these steps:

1. Verify the prerequisites.
2. Add vendors.
3. Create company profiles.
4. Create input type codes.
5. Create charge codes.
6. Set system defaults.
7. Specify WIP settings.
8. Financially enable investments.
9. Financially enable resources and roles.