Finance

Accounting Center

An Accounting Center in OMNI is the level at which financial statements viz. Balance Sheet. P&L etc. are maintained. The easiest way to consider Accounting Center is that it corresponds to a legal entity a Company, JV, Person etc.

Every Job in OMNI is under an Accounting Center and all transactions for that Job will be booked in that Accounting Center. Generally speaking if there is a Company in OMNI there will be one (and only one) Accounting Center for that Company.

Transactions in OMNI

In OMNI every financial transactions is maintained on 3 separate dimensions:

• Who the Transaction is with - this is called a Party, in other accounting systems such as Tally this is analogous to a Sub-Ledger
• The Reason for the Transaction - this is the Ledger
• The Responsibility center of the Transaction - in OMNI this is captured as a Job which in turn is grouped into Accounting Centers. In Tally this would be treated as a Cost Center.

For instance consider the scenario where in accounting package Mobile Expenses are maintained for each employee under the group Indirect Expenses, thus under this Group there would be various Ledgers for each employee (Mobile - Abbas, Mobile - Jonathan etc.),

In OMNI The Chart would be:

Ledger: Mobile Expenses

Party: Employee

So when you engage in a transaction i.e booking the Mobile Expense for Employee Abbas, the entry would be:

DR Mobile Expense - Party: Abbas

CR Sundry Creditors - Party: Telephone Company

This way when you run reports for Party Balances you can see all the transactions engaged with Abbas REGARDLESS of the Ledger for instance when you are booking Entertainment Allowance for Employee Abbas, the entry would be:

DR Entertainment Allowance - Party: Abbas

CR Cash (or Bank etc.) - Party: Accounting Centre (Company)

You could then get a Party Report which will show all CR and DR across all ledgers for (on behalf of) Abbas.