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There are two types of financial dimensions: custom dimensions and entity-backed dimensions. Custom dimensions are shared across legal entities, and the values are entered and maintained by users. For entity-backed dimensions, the values are defined somewhere else in the system, such as in Customers or Stores entities.

Financial dimensions are used to code accounting entries for reporting (for example, to identify sales per department or expenses per cost center). Financial tags (tags) are an alternative to financial dimensions. An organization can create up to 20 user-defined financial tags and enter values for them on transactions.

The Financial tags (tags) feature eliminates the need to use document numbers, descriptions, or financial dimensions by letting an organization create and enter up to 20 user-defined fields on transactions. Those fields are then stored on the accounting entries that are created for the transactions.

Financial tags let organizations track user-defined fields on accounting entries posted to the general ledger. Financial tags are an alternative to financial dimensions and should be used to track transaction-specific data, such as document numbers and even some master data.

Financial dimensions are data classifiers that are used for financial reporting. Usually, financial dimensions identify information such as the purpose, cost center, and department. The number of financial dimensions and their names strictly depend on the business process and may vary for different companies.

Financial tags let organizations track user-defined fields on accounting entries posted to the general ledger. Financial tags are an alternative to financial dimensions and should be used to track transaction-specific data, such as document numbers and even some master data.

Financial dimensions are data classifiers that are used for financial reporting. Financial dimensions identify information such as the purpose, cost center, and department. Financial dimensions have changed considerably since Microsoft Dynamics AX 2009.