Accounting dimensions - assets/funds

ERPNext
1

I am setting up a new, clean ERPNext v15 for a company and would like guidance on best practices for setting up asset accounting.

For example:

  • Fund account 1 has an opening balance of 100
  • Fund account 2 has an opening balance of 110
  • Fund account 3 has an opening balance of 120

The simplest solution would be to create sub-accounts for each fund, but this approach isn’t very flexible. Therefore, I am considering using dimensions.

  1. Am I correct in assuming that dimensions are the right approach for this?
  2. If so, how do I create and maintain these dimensions, and can they be used for entering opening balances?

Thanks in advance!