Types of Hierarchies You Can Create
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Types of Hierarchies You Can Create
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Planful offers several types of hierarchies you can create based on budgeting and reporting needs. The table below provides information on each type, when you should create that hierarchy type, and if it is required to be built or not.
| Hierarchy Type | When to Create this Type of Hierarchy | Required/Not Required |
|---|---|---|
Finance | This is the foundation hierarchy which represents your chart of accounts. A Finance hierarchy is generally created for each financial segment you define on the Define Financial Segments page | Required |
Budget Entity | This hierarchy type contains budget entities and is used to manage budget workflows and assign budget responsibilities to budget managers. It allows budget managers to work with their parts of the overall budget plan or forecast. | Required for the Planning Application |
Attribute | An Attribute Hierarchy can be used as an alternative common chart of accounts hierarchy. | Not Required |
Alternate | It's important that Alternate Hierarchies are not confused with Multiple Set of Book Hierarchies (also called Sibling hierarchies). Alternate hierarchies provide information on a segment of your hierarchy and in some cases only certain members of that segment (based on how you set up the hierarchy). Alternate hierarchies use the same set of books for the alternate hierarchy and the segment the alternate hierarchy is based off. Sibling hierarchies are used in Consolidation. | Not Required |
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