July 25, 2022
Information on how to tune (configure) your financials.
This tutorial contains information on how to tune the financials so they are relevant to your organisation. They cover how to:
- Configure your financial lines
- Add your chart of accounts information
- Decide whether you want ‘Legend Resourcing’ information to feed into your financials
Configure your financial lines
This involves selecting the financial lines you want to display on financial views. See the screenshot below for how to configure your financial lines.
Add your chart of accounts information
This adds the accounts you want to see in your initiative finances eg travel, furniture, power etc. These will most likely match the relevant accounts from your organisation’s financial management system (FMIS). If you are intending to import financial information from your FMIS, the relevant accounts in our application will need to match FMIS accounts.
In relation to resource accounts, there are two set up automatically:
- Legend Resourcing (CAPEX)
- Legend Resourcing (OPEX)
These two account codes are used for resource expenditure which is automatically calculated in the application when you use our resource allocation and/or time recording functions.
You can also add additional resource account codes for other resource expenditure which you might add manually or via financial import.
See the screenshot below for how to add chart of accounts information.
Decide whether you want ‘Legend Resourcing’ information to feed into your financials
‘Legend Resourcing’ information is generated from the application’s resource allocation and time recording functionality.
The information is calculated using:
- Hourly rates
- Resource allocations added to tasks or initiatives
- Approved time from timesheets.
By default, this information shows as part of the financials on the Finance tab.
If your organisation imports resourcing expenditure from your FMIS, then you may not want this information to be included in the initiative’s financials (as displayed in the Summary, Chart and Table views of the Finance tab). For example if time recording data from the application is uploaded into your FMIS prior to importing financials into the application, you would not want to include this information in your financials. If it did, then the time recording data would be double counted. To prevent double counting, see the screenshots below.
