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Transaction classes are user-defined values that group transaction types. For example, to categorize the labor transaction type for financial reporting and analysis in your organization, add the following transaction classes:
Some other examples of transaction classes include the following:
Define at least one transaction class for each of the following transaction types:
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Transaction Type |
System Identifier |
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Labor. Used to capture people hours associated with costs. |
L |
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Material. Used to capture asset costs. |
M |
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Equipment. Used to capture physical asset costs. |
Q |
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Expense. Used to capture all other costs. |
X |
Every transaction is associated with a transaction class. This association is useful when applying costs to investments in an organization.
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