This section explains how a Financial Entity can be created within enVisual360. Financial Entities are used for General Accounting transactions, Sales Ledger and Purchase Ledger. Accounting Entity is an extension of an Entity within enVisual360, meaning any Entity if enabled for such can become an Accounting Entity.
Creating a Financial Entity Overview
A Financial Entity is created via the Entity Wizard, there are 4 tabs available when creating a financial entity
Accounting Entity - displays the address and currency to be used for accounting transactions
Periods/Chart Templates - Accounting Period with start and end date are configured here with relevant accounting ledgers
Bank Details - To link and create bank account for the accounting entity
Control Accounts - To set up accounting control accounts as required
Security - to set up appropriate security required for the accounting entity
Accounting Entity
This section displays the primary address of the Entity been used/converted into accounting entity. The Accounting Currency of such Entity is defaulted to the currency of the Country of the Entity Primary address. However, this currency can be edited and changed as required. This will be the currency such accounting entity will use for transactions.
To Create a Financial Entity, simply tick the Accounting Entity Details section by ticking the 'Make Accounting Entity' checkbox
Do not click save button and navigate to the Periods/Chart Template tab
Periods/Chart Template
This tab is used to configure Accounting Periods, Dates and Ledgers as required. This section is mandatory and cannot be left blank.
Note - The Chart Templates are configurable in Financial Maintenance and selected as required here. Do not click the save button yet and navigate to the Bank Details tab
Bank Details
This tab is used to setup bank account for the accounting entity as required. This section is not mandatory and can be left as is during creation of an Accounting Entity. However, if required, select the Nominal ledger, Contact (Bank), Currency and other relevant information necessary
Control Accounts
This section is used to configure control account as required. This populates data already configured at the Chart Template level which can be modified as required.
Do not click the save button and navigate to the Security tab
Security
This tab is used to control who can view and use the Financial Entity within enVisual Menu > General Ledger section. Security can be assigned and maintained here as required.
With ALL the four accounting tabs completed as required, clicking the save button should then Create an Accounting Entity with left panel options such as Accounting Entity Security and Master Entity Details options enabled.
Upon saving, the page should return to Accounting Entity tab as read only and disabled with other tabs now hidden. Other tabs are hidden because details of such tabs can no longer be edited via this section anymore but in there respective sections within enVisual360. If editing records of such section is required, they can be modified as follows
- To modify the Accounting Periods, Dates and Ledgers, this can be done at Maintenance > Financial Years
- To modify Bank details, this can be done at Banking
- To modify Control Accounts, this can be done at Maintenance > Chart of Accounts
- To modify Security, this can be done at Entity Wizard > Financial > Accounting Entity Security
The ability to Add and Edit Accounting Entity is controlled by security which is maintained at Settings > Security > System Security > Financial > Accounting Entity > Accounting Entity - Add/Edit. Here security is assigned to who can access Entity Wizard > Accounting Details and Security sections
With the above Accounting Entity now created, such can now be used for General Ledger Accounting Transactions.