Introduction/Purpose: 

A profit centre is a unique organisational financial element that is in charge of generating revenue and overseeing its own financial performance. It is a method of categorising and analysing financial data based on distinct segments or divisions of the organisation.

Dependency:

• Chart of accounts: Profit centers are dependent on Financial Accounting having a well-defined and structured chart of accounts.

• Compliance & Regulations: Profit centers could be dependent on rules and regulations for compliance that are unique to their sector or location.

How To Navigate: 

The navigation includes the following steps for viewing the profit center in the Financial Accounting system

• Click on the master tab: The master can be accessed by clicking on the master tab on the side menu.

• Click on profit centre:  The profit centre can be accessed by clicking it from the account section.

Listing:

A profit center listing in a Financial Accounting system is a feature that provides a list of all profit centers.

• Users can view the following information on the profit centre listing page
  • Profit name and parent name 
  • Default currency 
  • Attachments and the approval status 

User can perform the following actions 

• Add new: The “Add new” function allows you to create and add a new profit centre to the system. 

• Show all listing: The “Show all listing” function is to display and update a list or collection of profit centres within a system or interface.

• Clear cache: The “Clear cache” refers to the process of deleting temporary files, data, or stored information that is stored in a cache.

• More options: The “More options” function provides the user with more actions or functionalities.

• Print records: The “Print records” feature allows users to print content by opening a print dialogue or displaying a preview of the content to be printed.

• Search: The “Search” function allows the user to look for a specific entry within the available data and presents the results that match the search parameters.

• Quick search: The” Quick Search” function allows users to quickly search and locate specific profit centres within the system.

Recording & Update:

Add New Profit Centre: 

• Profit centre name: The “Profit centre name” refers to the descriptive label provided to the profit centre, which clearly states the type of term it represents.

• Parent name: The “Parent name” refers to the superior or higher-level profit centre to which a specific profit centre is subordinated or belongs.

• Valid from: The “Valid from” refers to the date or period from which a profit centre’s information, attributes, or settings are deemed valid or active within the profit centre. 

• Valid till: The “Valid till” refers to the date or period during which a profit centre’s information, attributes, or settings are deemed valid or active inside that profit centre.

• Default currency: The “Default currency” refers to the major currency or currency utilised for transactions within a profit centre.

• Remarks: The “Remarks” refers to any additional remarks, notes, or descriptive data related to a certain profit centre.

• Status: The “Status” refers to a profit centre’s current state, such as whether it is active or inactive.

Users can perform the following actions 

• Submit: The “Submit” function allows the user to submit the required information while creating a new profit centre.

• Discard: The “Discard” function allows the user to cancel the submission of information provided at the time of creating a new profit centre.