Evaluate your organizational structure and your business needs to plan your chart of accounts. Define your chart of accounts, including...
- Evaluate your organizational structure and your business needs to plan your chart of accounts.
- Define your chart of accounts, including your account combinations.
- Define your accounting period types and accounting calendar.
- Optionally define a transaction calendar and valid business days for that calendar if you plan to use average balance processing.
- Define the functional currency for your set of books, or enable one of the predefined International Standards Organization (ISO) currencies. You should also define or enable any additional currencies you plan to use.
- Define a set of books and assign a calendar, functional currency, and account structure. If you need to report on account balances in multiple currencies, define additional set of books for your reporting currencies. If you plan to use average balance processing, you must specifically enable average balance processing, assign a transaction calendar, and define a Net Income Account.
- Assign your set of books to a responsibility in System Administration.
- Define reporting responsibilities and assign each reporting set of books to a separate responsibility in System Administration.
- Define conversion rate types and enter daily rates, period rates, and period-average rates to enter transactions in multiple currencies.
