An Accounting Context allows a company to organize its financial records based on local Generally Accepted Accounting Principles (GAAP). This is helpful when:
- A company operates in multiple countries with different accounting rules.
- Users prefer to work with local financial standards instead of a centralized chart of accounts (COA).
- A company uses Multi-Book Accounting and needs separate financial reports for different books.
Important: The Accounting Contexts subtab is only available in OneWorld accounts under:
Setup > Company > General Preferences
Using accounting contexts allows businesses to:
- View transactions in their preferred accounting format.
- Maintain separate financial records for different locations.
- Ensure compliance with local financial regulations.
- Easily switch between different accounting standards.
Benefits:
- Saved Searches: If accounting contexts are set up, they can be used in account saved searches to filter and analyze financial data.
- Custom Names & Numbers: Businesses can enter different names, languages, and account numbers for the same account using the Localization subtab.