Fiscal years, dimensions and exchange rates
Demo School wants to compare teaching costs by campus and programme without creating a separate expense account for every combination. Fiscal years define the reporting range; cost centres and dimensions describe where a transaction belongs.
Review the foundation
- Open Accounting > Accounting setup > Foundation.
- Check the fiscal-year dates before entering documents. Use Add fiscal year for the next reporting year and provide its label, start and end dates.
- Use Add cost centre to define responsibility centres. Check the key, code and group/posting type.
- Use Add dimension for a separate reporting axis, such as Programme. Add the allowed values and decide whether income and expense lines require it.
Record an exchange rate
Rates in this screen are manually recorded. Do not assume a live market feed or that changing a rate rewrites previously posted transactions.
- Select Add exchange rate. Choose the From and To currencies and the valid-on date.
- Enter the rate and a source reference that another reviewer can verify. Set whether it applies to buying, selling or both.
- Review the currency direction carefully. A rate from USD to KES is not the same number as its inverse.
Check the next document
- Prepare a draft for the intended date and confirm its defaults.
- Check cost centre and dimension values on the lines that need them.
- If submission reports a missing dimension, complete the required value rather than substituting an unrelated one.