Organization and transaction data in FI is used as the basis for external accounting and reporting. At a minimum, the following features should be configured:
- Organization Structures
are used to present the overall framework of the governmental entity. You should use these structures as follows:
- Company Codes
should reflect the actual legal entity required to process vendor payments and perform 1099 and W2 reporting. Avoid the use of multiple company codes, if possible.
- Business Areas
should represent agencies or lines of business for which full financial statements are required. If you have only one agency or line of business, you should still consider using a business area to allow for the easy addition of future agencies or lines of business.
- Functional Areas
should represent the lowest-level programs, functions, or activities for which revenue and expenditure reporting is required.
- GL Accounts
should represent the lowest-level categories or classifications of assets, liabilities, revenues, and expenses necessary for internal and external reporting. You should avoid using GL accounts to capture information on areas of responsibility or other organizational characteristics.
- General Ledger
is used to record financial transactions. You use the General Ledger features only to record and manage information at the overall company code, business area, or general ledger account levels.
- Special Ledger
is used to perform fund accounting and reporting. You use the Special Ledger features to record and report on information by fund and functional area, as well as by company code, business area, and general ledger account.
For more information on the configuration and use of FI, refer to the Financial Accounting documentation.
For more information on using Financial Accounting features in Fund Accounting, see the following:
Financial Accounting