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.