Introduction
Welcome to this user-friendly guide on how to make the most of Accounting Dimensions in Empress.
Accounting Dimensions are a powerful feature that allows you to tag each of your financial transactions with relevant dimensions such as Branch, Business Unit, and so forth. This is known as Dimensional Accounting. By managing each segment individually, you can reduce maintenance on your general ledger accounts, keeping your Chart of Accounts clean and efficient.
Accessing Accounting Dimensions
To get started with Accounting Dimensions, you need to navigate to the Accounting Dimension list. Here’s how you do it:
Home > Accounting > Settings > Accounting Dimensions
Creating Your Own Accounting Dimension
Creating a new Accounting Dimension is easy. Follow these steps:
- Go to the Accounting Dimension list and click on New.
- Choose the Reference Document that you want to use as a custom dimension. For example, if you select Department as a Reference Document, your new dimension will be based on the Department.
- Enter a name for your dimension. This name will be shown in the transactions where dimensions are created.
- In the Dimension Defaults table, you can specify default dimensions for specific companies. This dimension will then be automatically included in transactions for that company.
- If you want the dimension to be mandatory in transactions, tick the “Mandatory” checkbox.
Once you have created your dimension, Empress will automatically generate custom fields for that dimension. You can find these custom fields in the Accounting Dimensions section inside transactions that affect Accounting entries.
Utilizing Accounting Dimensions in Your Business
Here are some ways you can use Accounting Dimensions in your daily business operations:
Tagging Transactions with Dimensions
To tag a transaction with a dimension, simply select the specific dimension in the Accounting Dimensions section when you’re creating or editing a transaction.
Filtering Reports by Dimensions
You can filter your financial reports - such as the Profit and Loss Statement, Balance Sheet, and General Ledger - based on your Accounting Dimensions. This makes it easy to see exactly how different parts of your business are performing.
Making Dimensions Mandatory
If you want to ensure that certain dimensions are always included in your ‘Profit and Loss’ and ‘Balance Sheet Accounts’, you can make them mandatory. Just tick the ‘Mandatory for Profit and Loss Account’ or ‘Mandatory for Balance Sheet’ checkboxes when you’re creating or editing your dimensions.
Disabling Dimensions
If you no longer need a particular dimension, you can disable it. Don’t worry - any old transactions that used that dimension will still keep their data.
Summary
Accounting Dimensions are a versatile tool that can help streamline your financial management and reporting. By tagging transactions with relevant dimensions, filtering reports by dimensions, and making certain dimensions mandatory, you can gain more control over your financial data and make your business operations more efficient.
Remember, if you need further assistance, you can always refer to our non-technical resources or contact our support team. Happy accounting!