The default finance parameters should be checked when creating a community. The following parameters can be configured:
- Finance line types
- Amount types
- Financials periods
- Financial views
Finance Line Types
Finance line types are the type of financials taken into account in the business case. It is used to calculate the net present value and the payback period. The user cannot add additional finance line types. The naming however of the finance line types can be changed. In addition, you can also define subcategories for each of the finance line types, e.g. a subtype licence fees which is part of the opex finance line type.
To rename the finance line type, go to the Community menu, browse to the tab “Financials” and select the tab “Financial Line Types”.
Find the type for which you want to change the name and click the “edit” button. Change the name or add comments and click “Apply Changes”.
To add subtypes for a specific finance line type (e.g. opex), click on the edit button of the finance line type.
Then, you will see the existing (if any) financial type details. To add a new one, click the button “Create Finance Detail”.
A new screen opens, where you can enter a new detail type. Enter a code and description and click the Save button. You can now enter financial data on this detail type.
Financial amount types are series of financials that you want to register in the system. Examples are the actuals, budget figures or rolling forecast. The user can configure as many financial amount types as needed. You will be able to select these types on project and portfolio level.
The financial settings are used for the display and calculation of the formula’s in the financials. If you want to change anything, change it in the tab Settings under the main tab “Financials” and click the button “Save”.
The financial periods define the fiscal years for which you want to maintain financials. By default the years are calendar years but if you have a fiscal year starting in the middle of the year, you can define these here. Go to the community menu, select the tab Financials and then browse to the tab “Financial Periods”.
Click the “Create new FY” button and fill in the details in the new screen that pops up. Apply Changes when ready.
If you want to close an existing fiscal year, you can also do it in this screen. Once closed, you will not be able anymore to make changes to the financials on project and portfolio level for the specific year.