Profit centers must be created so that profit center reports can be generated. Complete the following steps to create profit centers:
Go to General Ledger > Options > Settings tab as shown below:
Enable Use Profit Centers option.
If departments have been created and the Profit Centers are to be the same as departments, enable the Automatically Create Profit Centers from Departments option and click OK.
Go to General Ledger > Profit Center menu option if the Automatically Create Profit Centers from Departments option is disabled. Go to General Ledger > Departments, open a department and click on the Profit Center tab if the option is enabled.
Skip to step 7 if the Automatically Create Profit Centers from Departments option is enabled. Otherwise click the New button at the bottom of the window. The following window will appear:
Enter the ID of the new Profit Center.
Enter the Description of the new Profit Center.
Click OK.
The main profit-center window will reappear with the new Profit Center selected.
Add the overhead you want applied to this Profit Center by taking the following steps:
In the G/L account column, put in the G/L account number that the overhead comes from.
In the yearly percent column, put in the percentage of that account to be applied to this Profit Center.
The month columns will have the same percentage in each month as the yearly percent column does. They can be changed to different percentages manually.
The year-end adjustment column will have the same percent as the yearly percent column as well.
The Add by G/L Code or Copy from Another Profit Center wizards found on the Wizards button are useful time savers if a group of accounts are set with the same values.
The buttons at the bottom of the window perform the following functions:
OK will save changes and returns to the main EBMS window.
Cancel will not save changes before returning to the main EBMS window.
New will bring up the wizard to enter new Profit Centers.
Delete will delete the Profit Center selected. Profit Centers with transactions posted to them cannot be deleted.
Wizards has a drop-down list of wizards to choose from to add or change G/L accounts within a profit center.