In this article we're explaining what organisations are, why you might like to separate your Portfolio by Organisations, and how you can create new Organisations in Nomos One.
What are Organisations in Nomos One?
Organisations are where your data is created and stored in Nomos One. Organisations can be used to separate your Agreements in Nomos One. You may also refer to these Organisations as your Entities or Portfolio. Organisations in Nomos One give your business the power to decide on how you break up your portfolio.
Why separate my Portfolio by Organisations?
User Access
You can invite a unique group of Users into individual organisations in Nomos One.
Currency
Each organisation has its own Settings Console. This allows you to select a unique Default Currency. This is useful as it saves you a step when onboarding Agreements in the system. It also allows you to select an individual Reporting Currency in your Accounting & Finance Settings for your Financial Reporting.
Asset Classes
Each organisation has its own Asset Classes. If you have different Asset Classes across regions or entities, you can separate your Portfolio over different organisations to have their unique Asset Classes set up
GL Templates
Like Asset Classes, if your entities or regions have different General Ledger details, you can set up separate GL Templates in your organisations to ensure that the GL codes are applying correctly.
Contractual Reporting
Although Agreements are kept in separate organisations, you have some ability to run Contractual reports across your different organisations, using our Global Reporting feature. These reports include:
- The Custom Agreement Report
- The Custom Property Report
- The Custom Entity Report
- The Custom Events Report
- Landlord Rent Roll Report
- Upcoming Events Report (Following)
- Upcoming Events Report (Organisations)
Please note: You can't run consolidated IFRS 16 Reports across organisations in Nomos One. If you need to report on all of your Agreements together for IFRS 16, you'll need to generate and export the reports individually in the organisations, before consolidating these outside of Nomos One.
If your Agreements require to be reported together for IFRS 16, you may like to consider keeping your Portfolio in one Organisation.
Where to find the Organisations you have access to
You'll find any organisations you have access to, in the sidebar when you're logged into Nomos One. You can always expand the sidebar to see the full name of the organisations.
Need to Create a New Organisation?
To ensure your Organisations are kept secure, our Support Team will create any new Organisations for you and only add users specified by you in your request message. Pop us an email at support@nomosone.com and we can set up a new Organisation for you!
Once it's created, you'll receive an email letting you know that you've been added to a new Organisation. Login to Nomos One and you'll be able to start using it right away.
Please note: Creating more organisations does not increase the limit of Agreements your business can store in the system. Your Agreement limit set out in your firm's Nomos One subscription spans across all Organisations you have. Please refer to your business' subscription contract for more details, or send our Support Team a message to check.
Nomos One does not provide or purport to provide any accounting, financial, tax, legal or any professional advice, nor does Nomos One purport to offer a financial product or service. Nomos One is not responsible or liable for any claim, loss, damage, costs or expenses resulting from your use of or reliance on these resource materials. It is your responsibility to obtain accounting, financial, legal and taxation advice to ensure your use of the Nomos One system meets your individual requirements.