Enhancements to financial tags

Business value

Financial tags were introduced as an alternative to financial dimensions to track data that is used for internal analytics. We are continuing investing in financial tags to ensure that they are available everywhere that financial dimensions are available for transaction entry, giving customers better flexibility to use tags. Minimizing the use of financial dimensions and using financial tags instead will improve the performance of the entire system, including transaction entry, posting and general ledger processes such as year-end close, foreign currency revaluation, and more.

Feature details

Financial tags are expanded into the payment and bank reconciliation processes to ensure complete tag entry and support for the procure-to-pay process, including the vendor invoice. With this feature enabled, financial tags will be populated in the following scenarios: - Customer and vendor payment journals generated from payment proposal. - Account and offset account lines on those payment journals. - Journals created through advanced bank reconciliation matching rules, including Generate voucher, Customer payment, and Vendor payment actions. Financial tags are used to default the properties of the transaction. Because of this, there are no plans to include financial tag default values on master data such as customer, vendor, or product. Instead, defaulting rules can be used to default any value from a transaction to the tag.