ONESOURCE Financial Hierarchy APIs provide developers access to a hierarchical list of Financial Accounting Classifications that can be further used to describe what the type of business data is to various ONESOURCE applications.
Globally there are multiple Accounting Standards that can influence the presentation of Financial Data and across the ONESOURCE suite there are different approaches to that presentation layer by countries or authorities. ONESOURCE Financial Hierarchy provides a curated ONESOURCE generic standard to allow financial data to be classified into a category of data. That standard can then be interpreted by each ONESOURCE application to group data and present the data to meet the specific needs.
ONESOURCE Financial Hierarchy is the standard for the platform that will assist with making data more useful and understandable across all processes. By mapping Accounts in a Chart of Accounts to the Financial Hierarchy any data attached to that account will now have a greater understanding of the meaning of the data.