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Dynamics 365 Community / Forums / Finance | Project Operations, Human Resources, ... / Chart of Accounts Set Up
Finance | Project Operations, Human Resources, ...
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Chart of Accounts Set Up

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Posted on by Community member 2
Hello All,
 
So I am new to the world of D365, and my company are in the process of working through how we will implement this over the next few years.  I am being asked to support with designing what our Chart of Accounts should look like and have a question for all you experts.  
 
I know we will need to set up Main Accounts with Financial Dimensions for Business Unit / Cost Centre.
 
My question is if I want to record further analytics against a specific Main Account - so for instance on my Marketing GL I want to record the spend type (i.e Social Media Activity / PR Activity / Brochure Print / Content Design / etc) - would this be achieved by applying an additional Financial Dimension to this Main Account specifically?  Can that be done - I have seen this in other systems but not sure if this exists in D365 or not?
 
Any advice would be gratefully received.
  • Suggested answer
    BillurSamdancioglu Profile Picture
    BillurSamdancioglu 17,153 Most Valuable Professional on at
    Chart of Accounts Set Up
    Yes you can do. If you create service items for these needed to be used on the PO etc., then you can select dimensions on itemsand then they will be defaulted on transactions as well.
  • Suggested answer
    Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 46,393 Super User 2025 Season 1 on at
    Chart of Accounts Set Up
    Historically, what you suggest would have been the easiest way to accomplish it.  MSFT recently added Financial tags to F&O, so that presents another option for categorizing transactions.  Financial tags - Finance | Dynamics 365 | Microsoft Learn
     
    A benefit of Financial dimensions is they can be backed by other entities in the system - Departments, cost centers, projects, etc., reducing dimension value maintenance.  However, they are more structured than Financial tags, which are more 'free text' in nature and can be applied to vouchers even after journal posting, something which can't be done with financial dimensions.  
     
    Also, if you decide you want to use Financial dimensions solely, plan for the future.  Adding more financial dimensions to your account structures at a later date won't permit updating historical transactions with the new dimension values.

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