Overview
On the Financials tab, you can edit fields and information relating to the Financials page against each initiative. Note that you’ll only have access to this if you’ve purchased the financials add on.
General Settings
Financial Year Start (Month):
Specify the month your financial year begins. For example, select "January" if your financial year starts at the beginning of the calendar year.
Currency:
Set the currency used in financial transactions and reporting. For instance, you might select GBP (£) if your operations are based in the United Kingdom.
Currency Symbol:
Option to hide or display the currency symbol in financial reports and documents. Enable this setting if you prefer not to show the currency symbol.
Optional Fields
Fields for both Initiative Financials and Financial Profiles can be enabled or disabled in this section.
How it Works
Each financial field can be managed independently for Initiatives and Financial Profiles. This means:
Enabling a field for Initiatives does not automatically make it available on Financial Profiles, and vice versa
You have full control over where each field appears, depending on what level of financial detail is needed
Example: If you enable the Financial Category field for Financial Profiles, it will appear on all financial profiles. However, it will not be visible on the Initiative-level Financials unless you also enable it separately in the Initiative configuration.
Available Fields:
Field Name | Description |
|---|---|
Financial Category | Finance classification for tracking initiative financials. This is a dropdown field; dropdown options will need to be configured |
External Reference | Unique identifier for the initiative in an external system |
Default CapEx allocation | When set default CapEx allocation is used when a new cost item is added to an initiative |
Asset useful economic life | The length of time an asset is expected to be useful. Used in depreciation calculations |
Total Budget | The total budgeted amount for the initiative |
Asset available for use | The date when an asset is available for use in operations, or when it is in the desired location and condition. Used in depreciation calculations |
Adding Cost and Benefit Items
Add a Cost Item
To add a new cost item, first click on the Add cost Item button within the Cost Items section.
A modal window titled Add cost item will appear. Enter the name of the item in the Item Name input field.
After entering the name, click the Add button to add the new cost item to the list.
This cost item will now appear as an option to be added to an initiative on the Financials tab on an initiative detail page.
Add or Reassign Child Cost Item
To add a child cost item to an existing cost item in the 'Financials' configuration page, follow these steps.
First, locate the existing cost item to which you want to add a child cost item. Click on the three dots located next to the cost item's name.
A context menu will appear. From this menu, select the Add child cost item option.
An Add child cost item modal will appear, prompting you to enter the child item name. Enter the desired name for the child cost item in the provided input field.
Once added, you can also reassign a cost item by following the same steps but selecting Reassign to another cost item instead. This will open a modal where you can choose a new parent cost item.
Choose the new parent cost item from the dropdown menu. After selecting, click the Reassign button to complete the process.
Once reassigned, you will see the updated list of cost items in the Cost Items section, including the newly reassigned child cost item under its new parent. To see the cascade of a cost item, hit the plus icon next to the cost item.
Add a Benefit and Child Benefit item
Adding a benefit or child benefit item works the same way as adding cost items. This ensures a consistent approach for both types of items. You can also reassign a child benefit item in the same way as a child cost item.
Budgets and Plans
For information on the following, please read our guide on Budget and Plans.
How to create a Budget
How to create a Plan
How to reference and display an existing Budget or Plan
Which datasets can I use to see previous Budgets and Plans
Subscription Required
Access to the financials module requires a paid add-on subscription. Your organization will need to be subscribed to use this functionality.
Configure multiple currencies and FX rates
Configure multiple currencies and FX rates
Administrators can configure multiple currencies for a portfolio from the Financials section of Configuration.
Multiple currency configuration controls:
The portfolio’s base currency
Which currencies can be used on financial profiles
The monthly FX rates used for conversions
Whether FX pairs are enabled or disabled
How currency symbols or codes are displayed
Base currency
The Base Currency is the portfolio’s global currency.
It is used as:
The default currency for portfolio-level reporting
The default reference currency for financial profile creation
The reference currency for FX pairs
Once at least one FX rate has been configured, the base currency cannot be changed.
Add an FX pair
FX pairs define which currencies can be used and converted in Kiplot.
Each FX pair is configured against the portfolio’s base currency. For example, if the base currency is GBP, you might add FX pairs for GBP:EUR and GBP:USD.
To add an FX pair:
Open the Configuration page on the Financials tab.
Open the FX rates or multiple currencies section.
Select Add currency.
Choose the currency to add.
Add at least one monthly FX rate.
Save the FX pair.
The FX pair is enabled by default when it is created.
Monthly FX rates
FX rates are configured monthly. When Kiplot converts values, it uses the FX rate for the month of each financial value. For example:
A January value uses the January FX rate.
A February value uses the February FX rate.
A March value uses the March FX rate.
This allows financial values across different periods to be converted using the correct rate for each month.
If a value exists before the first configured FX rate, Kiplot uses the first available configured rate. If a value exists after a configured rate, that rate is used until another rate is added for a later month.
For example, if the first EUR rate is entered for March, values before March use the March rate. If the next EUR rate is entered for July, values from March to June use the March rate, and values from July onward use the July rate.
Edit FX rates
Administrators can edit FX rate values for past, present, or future months. To edit an FX rate:
Open Configuration.
Go to Financials.
Open the FX rates section.
Find the FX pair.
Update the required monthly rate.
Changing an FX rate does not change origin currency values. However, it may change calculated totals and other converted values that depend on that FX rate.
You cannot edit the currencies used in an existing FX pair. To use a different currency, create a new FX pair.
Disable an FX pair
Disabling an FX pair prevents users from creating new values or conversions in that currency, while preserving existing values.
When an FX pair is disabled:
Existing entries in that currency keep their currency.
Users cannot select that currency for new line items.
Users cannot convert rows into that currency.
Financial profiles already using the currency show a warning.
New line items on affected profiles default to the base currency instead.
Plan or budget creation is blocked if the disabled currency is required for conversion.
To disable an FX pair:
Open Configuration.
Go to Financials.
Open the FX rates section.
Find the FX pair.
Turn off or disable the FX pair.