Financial tags added to accounting distributions

Important

Some of the functionality described in this release plan has not been released. Delivery timelines may change and projected functionality may not be released (see Microsoft policy). Learn more: What's new and planned

Enabled for	Public preview	General availability
Users, automatically	-	Jul 2024

Business value

Financial tags let organizations track user-defined fields on accounting entries posted to the general ledger. Financial tags are an alternative to financial dimensions and can be used to track transaction-specific data, such as document numbers or master data. Additional financial dimensions increase the size of an organization's chart of accounts, negatively impacting performance on processes such as the foreign currency revaluation and year-end close. Financial tag values are displayed on inquiries, such as voucher transactions, and can be used for reporting and analytics. They will be available for processes such as ledger settlement to provide more matching options. For example, a financial tag can be created to track payment references, making it easier to match transactions within ledger settlement. This enhancement to financial tags for source document framework and the accounting distributions will further complete the financial tags.

Feature details

Financial tags can now be added to accounting distributions for documents that use the source document accounting framework. As with journals on the original release of the financial tags feature, this enhancement allows the entry of financial tag values on the Accounting distribution page. The same financial tags defined and activated in prior releases for journals will be available for entry on the Accounting distribution page.

In future releases of the product, financial tags can default for accounting distributions from the documents that create accounting distributions. With future releases, financial tags will be incorporated into more source documents such as free text invoice, purchase order, and vendor invoice document entry.