Allocations

Gravity supports 2 allocation mechanisms. Voucher Allocations and Posted Journal Allocations. For Voucher Allocations see Vouchers

Posted Journal Allocations

The GL allocation function facilitates the allocation of funds from one GL account to multiple GL accounts based on calculated percentages. This allows for the distribution of the monthly rent invoice, for instance, to various "rent" GL accounts within different departments or business units via accounts payable.

Allocation percentages can not exceed 100%. However, allocation percentages can be less than 100% allowing for a balance to remain in the allocation account.

Allocations are supported by Gravity’s inter-entity function. This means that the allocation account can be in one entity (e.g. management company entity) and allocated to other entities (e.g. business units).

When posting amounts to an allocation account, Gravity identifies the transaction and prepares a journal entry based on the allocation percentages. The journal is prepared in a posted status.  

Allocation accounts are set up using the chart of accounts (COA) function.

Access COA functionality from financials> system settings> Chart of Accounts

Allocation accounts in the Chart of Accounts (See Chart of Accounts) are the same as normal accounts but the the Account Class is set to Allocate.

Once the class is selected a new tab called Fixed Allocation Lines is created. On this tab you can identify the Entity, Account, percentages and dimension overrides.