Working with many distinct divisions (tracking categories, analysis codes, classes, or projects)? If so, segments are for you.

With segments, you can select specific divisions and set them up as their own entities on Syft. This is great when it comes to permissions and making sure that the right people have access to the right division, as well as utilizing the full Syft feature set at a divisional level.

To create a segment:

Once you have set up the segment, you have the flexibility to update the selection of divisions at any point. This can be done by navigating to the entity settings of the parent entity, scrolling down to 'Segments', selecting a segment and then choosing the correct divisions.

The default reporting currency and financial year end of a segment is set by the configurations of the parent entity. However, the reporting currency can be changed in the entity settings screen at any time.

When configuring the layout and chart of accounts of your segment entities, note that Syft will only pull through accounts containing transactions that have been allocated to the relevant divisions. Keep this in mind when creating budgets and forecasts in your segments, as you may not have access to certain accounts from the parent entity. Newly allocated accounts in your accounting provider that are not currently in your segment, will pull through on a refresh.

Segment entities can be added to a consolidation, opening up a world of possibilities for deeper analysis of your financial data. There is no restriction on how you can consolidate segments, meaning you can combine data for common divisions from different entities (to track the total performance of your sales division across the group, for example) or you could segment an entity completely (a segment for every single division) and reconsolidate them all to 'mimic' the parent entity. Such an exercise presents new and exciting reporting and analytical opportunities and we implore you to reach out to your account manager to find out more!