Overview:

Financial Companies are the distinct legal entities contained within the database. They enable you to initiate AR and AP transactions between your financial entities, and allow you to set several defaults for each. If you do not have Multiple Financial Companies, Workbench requires at least one Financial Company to operate.

For more information on the setup and interaction of Multiple Financial Companies, navigate to that page.

Screen Guide:

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The landing page lists all existing Financial Companies, with the Code field linking to the edit popup window for that line. If you need to add an additional Financial Company, click + New Financial Company to begin with a blank editing window.

Main Tab:

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• Code is the unique identifier for this Financial Company. It is recommended to make this logical so that users can determine the FC by the code.

• Description is the longer descriptive text to be used for this FC.

• Branch is mostly unused except for MYOB Advanced Integration. This field can only be populated in the Scaffold by System Administrators.

• Bank Account No is an optional field that can potentially be used in reporting, but is not required.

• Default Location is the Location that this FC should use as the default for new entries.

• Template Company: Make sure you populate this with a template company that has the right attributes in them. When companies (Suppliers/Clients) are imported from the Financial System into Workbench, this company is used for any data that Workbench needs, that your financial system does not send through to. 
  To ensure these companies are synced to ‘Upvise’, the Upvise flag must be ticked on the Template Company, as Workbench will use this flag when creating the new company records.
  MYOB Advanced import of companies requires the template company to be set.

• Retention Job is the Job used to control retentions for Job Sales Invoices. 

• Docket Accrual job is the Job used to hold Docket accrual debits and credits when dockets are accrued from one month to the next.

• Stock Purchase Job is the Job which acts as the purchasing clearing job.

• Withholding Tax Job is the Job used to hold withholding tax for subcontractors who require tax withheld from their payments.

• TOIL Job is the Job used to accrue Time Off In Lieu and track its balance for each employee that belongs to this this Financial Company.

• External Database is used with MYOB Advanced Integration.

• External System is used with MYOB Advanced Integration.

GL Accounts Tab:

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• CR/DR PO Accrual should contain the Purchase Order Accrual credit and debit General Ledger (GL) accounts for this company if you are Generating PO Accruals.

• WIP Balance Sheet Account should contain the Work In Progress Accrual debit General Ledger (GL) account for this company if you are Generating WIP Accruals.
   WIP Codes themselves have a field to nominate the WIP Credit account.

• Inter Company is the GL for inter-company postings between your FCs, and is used to record values relating to other Fincos. Note that this is used in combination with the Inter-Company Tab.

• Contract Claim Accrual should contain the Contract Claim Accrual GL code if you use Contract Claim Accruals.

• Sub Claim Accrual is the GL code for accruing Subcontract Claim amounts.

Inter-Company Tab:

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For more information on this tab, see Multiple Financial Company Setup.

Next Steps:

Once created, Financial companies can be immediately used by creating Companies under them and subsequently creating new Jobs.