What is considered the primary classification in OneWorld?

In the context of NetSuite OneWorld, the primary classification is subsidiaries. NetSuite OneWorld is designed to support global businesses and organizations with multiple legal entities, and subsidiaries are the foundation for this structure. Each subsidiary can be set up to manage its own financials, taxes, and reporting according to local regulations, making it essential for accurate financial consolidation.

Subsidiaries allow for the distinct separation of business units within the larger corporate structure. They enable companies to maintain specific currencies, compliance needs, and operational practices that can vary significantly from one location to another. This classification is pivotal for managing and reporting financial performance across different regions and entities within a corporation.

Other classifications, such as departments, classes, and locations, serve as additional layers of categorization within the subsidiary structure. While they provide functionality for more granular reporting and management within each subsidiary, subsidiaries themselves are the primary unit for defining how the overall business operates.