Set up and manage entity master list

An entity master list is a comprehensive and centralized database that contains detailed information about entities in the system. Each entity is uniquely identifiable, often through an ID or key. The list serves as a single source of truth for entity-related information.

Entities are created and added to a master list. With the entity master list, entities exist independently and are only referenced within the period to which they are added (as the period is created, it gets the entities that are available for it). So, if the end date of an entity is before the start date of the new period, that entity will not be available for use in that period. This helps to establish and set security and access controls for each individual entity.

Add a new entity

On the navigation menu, click . The Settings page displays the Entities tab by default.
Click and then, provide the following properties for the entity in their respective fields:

Code: A unique code by which the entity will be identified.
Name: Entity name.
Currency: The main currency the entity uses for business transactions.

 Note: While each entity has its own currency, the application also supports multiple currencies. If reconciliation requires different currencies, the form layout for supporting items can be customized to enter amounts in different currencies.
Start date: Date on which the entity becomes effective (active) in the application.
End date: Date on which the entity ceases to be active. End date determines when entities are removed. Once an end date is set for an entity, it will no longer be included in any period with a start date after that end date. However, all historical data for this entity will remain, and the entity will still be listed in the master list.
Negative Format: Format for depicting negative figures — Parentheses or Dash.

Click . The new entity is added to list on the left side panel.

 Note: Entities whose start and end dates fall within a given period will be automatically included in the reconciliation for that period. These entities will also appear on the Entities tab of the Period Setup page for the corresponding period. To set up a period, refer to Set up and manage periods.