Accounting entities

An accounting entity is the highest organizational element in Global Ledger within a finance enterprise group. An accounting entity can represent any business or legal entity of an organization, such as a company, division, or region. All transactions must be associated with an accounting entity.

An accounting entity has these characteristics:

• A functional accounting entity currency and up to three alternate currencies
• The close configuration to use
• The current year and period
• If accounting units are used, whether to use zone balancing for accounting units
• Whether to balance by transaction currency and auto balance currency transactions
• Allow the Unrelease Manual Journal
• Valid systems
• Whether to require journal approval and to set the approval amount
• Assign Address Code

Depending on your finance enterprise group finance structure, the accounting entity may be associated with an accounting unit structure.