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Account Structure overview

Financial Management differs from other modules in the way that accounts are automatically created. The following table outlines actions in Financial Management and their resulting effect on the account structure.

Actuals Accounts

Action Taken

Account Structure Change

Details

Creating a Matter

No account auto-created

 

Adding a Vendor to a Matter

No account auto-created

 

Posting an Invoice

If these actuals accounts do not already exist, they are created:

Account for Fiscal Year
Account for the quarter
Account for the month
Account for the vendor
Accounts for the posted code

If any of the accounts already do exist, they are re-used in order to accurately track spend from the invoice.

Allocated Accounts

Allocated accounts have the same structure as other accounts, but operate slightly differently in a few ways:

  • Out-of-the-box allocated accounts are only created via the budget wizards.
  • Allocated accounts automatically adjust if levels of detail are not present. However, the hierarchy will always be:
  1. Time (Year > Quarter > Month)
  2. Vendor
  3. Category Hierarchy

In the instance that one of these sections is missing, the lower details will be moved up accordingly. The structure remains the same as with actuals accounts, with only fewer details/levels.

Note: Identical actuals accounts are created regardless of budget template structure. Allocated accounts could be missing based on the selections of the budget template 

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