Financial tags

  • 8 minutes

After posting transactions, organizations commonly require visibility into subledger data so that they can analyze the accounting entries that the system generates from those transactions.

Organizations use fields, such as the document number, description, or financial dimensions fields, to track subledger data in the general ledger because it's difficult to navigate the data model to the subledger data. The types of subledger data that organizations often track include:

  • Sales order or purchase order numbers

  • Vendor or customer names

  • Payment references

  • Invoice numbers

  • Reference numbers from external transactions that are imported into Finance

In addition to using the subledger data for analytics, organizations use the subledger data for processes such as ledger settlement.

You can create and enter up to 20 user-defined fields on transactions by using financial tags. The system stores these created fields on the accounting entries that you create for the transactions.

To use the Financial tags functionality, you need to turn on the Financial tags feature by going to System administration > Workspaces > Feature management.

This video explains how to set up a financial tag and use the financial tag in a customer payment journal. Financial tag values are displayed on inquiries, such as voucher transactions, and can be used for reporting and analytics.

Create a financial tag

To create a financial tag, follow these steps:

  1. Go to General ledger > Chart of accounts > Financial tags > Financial tags.

  2. Select New.

  3. Enter a label for the tag.

    Note

    The label must start with a letter or underscore. It can only contain letters, numbers, and underscores.

  4. In the Value type field, select Text, List, or Custom list.

    Note

    If you select List in the Value type field, select the value source in the Use values form field. The field contains a list of entities that you can select the tag values from during transaction entry. If you select Custom list in the Value type field, select Tag values to create the custom list of tag values that are available for selection during transaction entry.

  5. Select Activate to activate the tag.

Financial tags are a column in the Ledger settlement page, which provides visibility into the tag values that the ledger settlement automation uses and the transactions that require more investigation for manual ledger settlement.

For more information, see Financial tags.