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Add accounts to charts of accounts, financial hierarchy, and account rollup - overview

In ONESOURCE Administration, select
Company Info
, then
Accounts
 to view the structure and other information about each of the
Charts of Accounts
 that a user's company maintains in their financial systems. Once defined, you can use these
Charts of Accounts
 to manage financial data as it arrives into ONESOURCE. This gives context around the information and how it relates to other information.
There are 3 related areas in
Accounts
:
  • Charts of Accounts
     - contains information about the accounts in a specific Chart of Accounts.
  • Financial Hierarchy
     - financial structure to which the account relates.
  • Account Rollup
     - map multiple financial hierarchies or accounts to accounts associated with master accounts.
ONESOURCE gives a pre-defined Financial Hierarchy standard that Thomson Reuters has established and maintains. The Financial Hierarchy has 3 pre-defined levels. Additionally, it enables the ability to add a 4th level that you can define to capture the Account Grouping level.
Accounts that are associated with the Financial Hierarchy explains what type of financial data is contained in the Account. You can then add accounts with different coding structures. ONESOURCE applications can use the Financial Hierarchy standard to channel Trial Balance data to areas in the application.

This article applies to:

  • PRODUCT: ONESOURCE Income Tax, ONESOURCE Platform
  • Sub-Product: ONESOURCE Administration

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