---
schema_version: "1"
id: 465438eb5bb74adbc0cd4ab6f422c97f8452a5d2ac88f610067f94bb3c9b52cc
title: Set Up Financial Accounting Features
collection: admin
version: current
locale: en-us
portal_url: https://docs.salesforce.com/admin/current/en-us/ind/264-0-0/billing_setup_financial_accounting_features.md
canonical_url: https://help.salesforce.com/s/articleView?id=ind.billing_setup_financial_accounting_features.htm&release=264.0.0&type=5
source_site: help.salesforce.com
content_type: documentation
content_hash: 28a3ca36701356d3551c58212d0a000c2158e64813265dda707fae1043ce44b9
description: Make sure that every billing transaction is compliant with double-entry accounting principles by automatically generating dual transaction journals, each containing both a credit and a debit entry to maintain balanced records. Select a default Data Processing Engine definition that's run to close legal entity accounting periods when your Billing operations user initiates their closure. Set up Billing to show transaction amounts in both the transactional currency and your corporate currency.
products:
  - Revenue Cloud
release: "264"
---
# Set Up Financial Accounting Features

Make sure that every billing transaction is compliant with double-entry accounting principles by automatically generating dual transaction journals, each containing both a credit and a debit entry to maintain balanced records. Select a default Data Processing Engine definition that's run to close legal entity accounting periods when your Billing operations user initiates their closure. Set up Billing to show transaction amounts in both the transactional currency and your corporate currency.

### Required Editions

<table class="slds-table slds-table_bordered slds-max-medium-table_stacked slds-m-bottom_small edition">
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            <td class="slds-cell-wrap" style="vertical-align:top;">Available in: Lightning Experience</td>

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            <td class="slds-cell-wrap" style="vertical-align:top;">Available in: <strong>Enterprise</strong>, <strong>Unlimited</strong>, and <strong>Developer</strong>
              Editions with <span>Revenue Management</span></td>

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              <p>The Store Transaction Amounts in Corporate Currency and Legal Entity Accounting
                Periods features are available:</p>
              <ul>
                <li>For the Invoice and Credit Memo records, and their related records with <a href="https://help.salesforce.com/s/articleView?id=ind.revenue_licenses_areas_and_features.htm&amp;release=264.0.0&amp;type=5">the <span>Revenue Management</span> Advanced license or the <span>Revenue Management</span> Billing
                    license</a>.</li>

                <li>For the Payment, Refund, and Debit Memos records, and their related records
                  only with <a href="https://help.salesforce.com/s/articleView?id=ind.revenue_licenses_areas_and_features.htm&amp;release=264.0.0&amp;type=5">the <span>Revenue Management</span> Billing license</a>. Contact your
                  Salesforce account executive for more information.</li>

              </ul>
              <p style="margin-bottom:0;">The Create Transaction Journals for Transactions feature and Create Transaction
                Journals for Foreign Exchange Gains or Losses feature are available with <a href="https://help.salesforce.com/s/articleView?id=ind.revenue_licenses_areas_and_features.htm&amp;release=264.0.0&amp;type=5">the <span>Revenue Management</span> Billing license</a>. Contact your Salesforce
                account executive for more information.</p>
            </td>

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      </table> <table class="slds-table slds-table_bordered slds-max-medium-table_stacked slds-m-bottom_small permission">
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            <th scope="colgroup" class="slds-cell-wrap" colspan="2" style="text-align:center;vertical-align:top;" id="d65068e116">User Permissions
              Needed</th>
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            <td data-label="User Permissions Needed" class="slds-cell-wrap" style="vertical-align:top;" headers="d65068e116 ">To enable and configure financial accounting features:</td>

            <td class="slds-cell-wrap" style="vertical-align:top;" headers="d65068e116 ">Billing Admin permission set</td>

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From Setup, in the Quick Find box, enter Billing, and then select **Billing Settings**. Follow these steps to configure the required financial accounting features based on your business needs.

## Create Transaction Journals

To automatically create Transaction Journal records for your transactions, turn on Create Transaction Journals for Transactions.

After turning on Create Transaction Journals for Transactions, make sure that your Accounts Receivables admin [creates general ledger accounts and general ledger account assignment rules, and defines the criteria for billing transactions](https://help.salesforce.com/s/articleView?id=ind.billing_general_ledger.htm&release=264.0.0&type=5 "Set up a chart of accounts for your legal entities by creating general ledger accounts. Assign appropriate general ledger accounts to transaction journals by setting up general ledger account assignment rules. Automatically generate dual transaction journals based on the configuration for the billing transaction type and criteria in the general ledger account assignment rule.").

## Create Foreign Exchange Gain and Loss Transaction Journals

To automatically create foreign exchange gain and loss transaction journals for your billing transactions, turn on Create Transaction Journals for Foreign Exchange Gains or Losses.

To use this feature, consider these key requirements.

- The Create Transaction Journals for Foreign Exchange Gains or Losses toggle appears only when Create Transaction Journals for Transactions is turned on.
- This feature is applicable only when [advanced currency management](https://help.salesforce.com/s/articleView?id=sales.administration_enable_advanced_currency_management.htm&language=en_US) is enabled and [dated conversion rates](https://help.salesforce.com/s/articleView?id=xcloud.editing_conversion_rates.htm&language=en_US) are set in your Salesforce org.
- Use only these general ledger accounts to create realized and unrealized gains and losses transaction journals. Don't set up general ledger account assignment rules for these accounts:

1. Select the unrealized gain and unrealized loss general ledger accounts.
2. Select the realized gain and realized loss general ledger accounts.
3. Select the account receivable general ledger account.

See [Foreign Exchange Realized Gains and Losses](https://help.salesforce.com/s/articleView?id=ind.billing_foreign_exchange_realized_gains_and_losses.htm&release=264.0.0&type=5 "Automatically create dual transaction journals for foreign exchange gains or losses when payments and credit memos are created and applied to invoices. The invoices can be fully or partially settled. Foreign exchange gains and losses transaction journals help with income statements during corporate accounting, which ensures accurate measurement of financial performance.").

## Select Default Data Processing Engine Definition to Close Legal Entity Accounting Periods

In the Billing Defaults section, select a default Data Processing Engine (DPE) definition to close legal entity accounting periods.

Use the Close Legal Entity Accounting Period Data Processing Engine definition, or clone and customize it to suit your requirements.

If you don't select a default DPE definition, the system automatically selects either the Close Legal Entity Accounting Period DPE definition or the Close Legal Entity Accounting Period (Advanced) DPE definition based on your license.

See [Close Legal Entity Accounting Periods](https://help.salesforce.com/s/articleView?id=ind.billing_legal_entity_accounting_periods_close.htm&release=264.0.0&type=5 "Maintain financial data integrity and accurate reporting by finalizing all transactions and closing the legal entity accounting periods at the end of their related accounting periods.") and [Data Processing Engine](https://help.salesforce.com/s/articleView?id=ind.dpe_intro.htm&language=en_US).

## View Transaction Amounts in Corporate and Functional Currencies

To view transaction amounts in corporate and functional currency, turn on Store Transaction Amounts in Corporate and Functional Currencies.

This feature is applicable only when [multiple currencies is enabled for your Salesforce organization](https://help.salesforce.com/s/articleView?id=sales.admin_enable_multicurrency.htm&language=en_US).

See [Close Legal Entity Accounting Periods](https://help.salesforce.com/s/articleView?id=ind.billing_transaction_amounts_corporate_currency.htm&release=264.0.0&type=5 "Manage multi-currency billing transactions by viewing amounts in transactional currency, functional currency, and corporate currency.").

After you set up financial accounting features, your Accounts Receivables admins can [manage financial accounting](https://help.salesforce.com/s/articleView?id=ind.billing_financial_accounting.htm&release=264.0.0&type=5 "Streamline the financial accounting process for your organization with accounting periods for legal entities, chart of accounts, journal entries for your billing transactions, and by capturing transaction amounts in corporate currency.").