Configuring Financials

Before project financials can be captured and reported accurately, key financial settings must be configured at the organisation level. These settings ensure consistency across all financial data, align reporting with corporate requirements, and support accurate budgeting and cost tracking.

Users with the Financial Administrator role are responsible for setting up financial configurations. They can access the Financial Administration page from the dropdown menu under their avatar, where all configuration options are available. Proper financial setup ensures that projects operate within a structured framework, allowing for seamless financial reporting and control.

Key financial configurations include:

• Fiscal Year Setup – Define the organisation’s fiscal year to align with internal and regulatory reporting cycles. This may follow the calendar year (January to December) or a different structure, such as April to March or August to July, depending on corporate policies and regional financial regulations. Correctly setting the fiscal year ensures that financial reports and forecasting are generated accurately within the appropriate accounting periods.
  
  
• Currencies and Conversion Rates – Establish the default currency for financial reporting and configure conversion rates for multi-currency financial tracking. If projects operate across different regions, conversion rates ensure accurate cost reporting in both local and base currencies, supporting consistent financial analysis across portfolios.
  
  
• Expense Categories and Types – Define structured classifications for project costs. Expense Categories represent broad cost groupings (e.g., Software, Travel, Equipment), while Expense Types provide more detailed classifications within each category (e.g., SaaS subscriptions under Software, flights under Travel). This structure enables precise cost tracking, streamlines reporting, and ensures alignment with organisational accounting standards.

These financial setup elements form the foundation for effective cost management, ensuring that all project-related financial data is captured, reported, and analysed consistently.