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The Chart of Account Applet is a critical component of the e-Claim module, designed to manage and configure essential financial details such as GL (General Ledger) Codes and Fiscal Year settings. This applet ensures that all financial transactions are accurately categorized and aligned with the organization’s financial policies.
Purpose and Importance
The Chart of Account Applet serves the following key purposes:
Streamlining Financial Processes: Ensures that claims and reimbursements are tied to the correct financial accounts.
Fiscal Compliance: Configures fiscal year settings to align with organizational and regulatory requirements.
Claim Categorization: Facilitates accurate categorization of expenses and claims for reporting and auditing purposes.
Key Functionalities
GL Code Management:
Definition: General Ledger (GL) Codes are unique identifiers used to categorize financial transactions.
Purpose: Ensure claims are posted to the correct financial accounts.
Example Use: Travel claims might be linked to a specific GL Code for travel expenses.
Each claim type (e.g., travel, accommodation, supplies) is pre-configured to a specific GL Code.
During claim submission, the system automatically assigns the appropriate GL Code based on the claim category.
Financial reports use GL Codes to summarize expenses by category.
GL Codes ensure that expenses are allocated to the correct accounts, facilitating accurate and timely reimbursements.
Fiscal Year Configuration:
Definition: Defines the start and end dates of the fiscal year.
Purpose: Ensures financial reports and claim records are aligned with the organization’s fiscal calendar.
Example Use: Claims submitted after the fiscal year-end are automatically categorized in the new fiscal year.
Fiscal year settings ensure reports are generated for the correct financial periods.
Fiscal Year settings ensure claims are reimbursed within the correct financial period.
Permissions:
Only authorized users from the Finance and AI teams can modify settings to ensure accuracy and compliance. Users are not encouraged to make any changes here, instead, this applet is best served for identification purposes only.
Permissions ensure that only validated GL Codes and Fiscal Year settings are applied across modules.
Example Use Cases
Travel Expense Claim:
A claim for travel expenses is submitted.
The system assigns the claim to the "Travel Expenses" GL Code.
The claim is reimbursed and reflected in financial reports under the corresponding GL Code.
Fiscal Year Transition:
A claim is submitted on the first day of the new fiscal year.
The system automatically categorizes the claim under the new fiscal year.
What Users Will Learn
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