Hello everyone! Hope you are all having an amazing afternoon so far.
I'm currently facing a very interesting challenge. By law, a company (client which I am working on) has multiple legal entities that must adopt a new local chart of accounts starting from 2025. They have been operating in F&O for nearly 2.5 years, and I'm brainstorming potential solutions.
One idea is to create a new legal entity, establish a unified chart of accounts, and map it across all required legal entities, essentially setting up everything from scratch—this would include payables and receivables setup, migrating cards, account structures, and linking the new COA with various financial dimensions.
However, I’m also considering the creation of new financial dimensions, though I'm aware this could complicate things as a local main account can only be linked with one financial dimensions. For example one main account can be linked with one department and not two, but the same department can be linked with as many different main accounts as we want. (just a example that came to my mind.
I'm thinking in that way to using these new local main accounts as new financial dimensions and mapping the existing ones to these for reporting purposes. But I’m unsure about how to integrate all the existing main accounts effectively.
Has anyone here dealt with a similar scenario? I’d greatly appreciate your insights on whether I’m on the right track and how you might approach this situation.
Thank you everyone!
