Page 10 - Participant Guide ebook - Unanet GovCon Using General Ledger

In Unanet, when a Financial Organization is marked as a Legal Entity, certain system
parameters and business logic are enforced to ensure that the Balance Sheet balances
for the Legal Entity. All other internal Financial Organizations must be designated as
subdivisions of the Legal Entity.

Once these internal Financial Organizations have been established, they can be
modified to create parent-child relationships that reflect the company's organizational
tree and financial hierarchy used when creating financial statements.

MyCo is a Financial Organization and Legal Entity; all internal departments of MyCo are Financial
Organization subdivisions of that Legal Entity
External Organizations

External Organizations represent Customers, for whom you will perform work and who
will pay you for goods and/or services provided, and Vendors, to whom you will send
payments for goods and/or services. Customers and Vendors are their own
organizations in Unanet and are not considered to be Financial Organizations. A
Customer Profile or Vendor Profile must be created to associate the Organization with a
Legal Entity and establish Payment Terms.

LESSON 1: GENERAL LEDGER (GL)
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