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Financial Classes

Use financial classes for the following purposes:

More information:

Resource Classes

Investment Classes

Transaction Classes

Resource Classes

Use resource classes to categorize financially enabled resources.

Note: You can associate a resource to only one resource class.

Examples of resource classes include:

More information:

Financial Classes

Create Resource Classes

Edit Resource Classes

Create Resource Classes

Follow these steps:

  1. Open Administration, and from Finance menu, click Setup.

    The financial organizational structure appears.

  2. Click Resource Classes.

    The list page appears.

  3. Click New.

    The create page appears.

  4. Complete the following fields:
    Resource Class

    Defines a unique resource class ID. This field is display-only after the class is created.

    Description

    Defines the detailed description of the class.

    Resource Type

    Specifies the type for the resource class. This field is display-only after the class is created.

    Values:

    • Labor
    • Material
    • Equipment
    • Expense
    Active

    Indicates if this resource class is active. An inactive resource class is unavailable for new references on resources, cost plans, and transactions.

  5. Click Save.

More information:

Financial Classes

Resource Classes

Edit Resource Classes

Edit Resource Classes

If you no longer need a resource class, you can inactivate it.

Follow these steps:

  1. Open the resource class.

    The properties page appears.

  2. Edit the following fields:
    Description

    Defines the detailed description of the class.

    Active

    Indicates if this resource class is active. An inactive resource class is unavailable for new references on resources, cost plans, and transactions.

  3. Save the changes.

More information:

Financial Classes

Create Resource Classes

Company Classes

Company classes categorize clients, vertical markets, or lines of business within your financial organization and are required when financially enabling a company.

Use company classes for:

Examples of company classes include:

A company can belong to only one company class at a time.

Important! Do not delete the company class if a company is associated with the company class. Deleting assigned company classes causes validation errors.

Create Company Classes

Follow these steps:

  1. Open Administration, and from Finance menu, click Setup.

    The financial organizational structure appears.

  2. Click Company Classes.

    The list page appears.

  3. Click New.

    The create page appears.

  4. Complete the following fields:
    Company Class

    Defines a unique company class ID. This field is display-only after the class is created.

    Limits: 8 characters

    Description

    Defines a detailed description of the class.

    Short Description

    Defines the class description

    Limits: 15 characters

  5. Save the changes.

Edit Company Classes

After creating a company class, you can delete it by selecting it from the list page and clicking Delete.

Follow these steps:

  1. Open the company class.

    The properties page appears.

  2. Edit the following fields:
    Description

    Defines a detailed description of the class.

    Short Description

    Defines the class description

    Limits: 15 characters

  3. Save the changes.

More information:

Company Classes

Create Company Classes

Investment Classes

Use investment classes to categorize work logically within an organization. For example, you can use investment classes to categorize investments.

More information:

Financial Classes

Create Investment Classes

Edit Investment Classes

Create Investment Classes

Follow these steps:

  1. Open Administration, and from Finance menu, click Setup.

    The financial organizational structure page appears.

  2. Click Investment Classes.

    The list page appears.

  3. Click New.

    The create page appears.

  4. Complete the following fields:
    Class Name

    Defines the name for the class (up to eight characters). This field is display-only after the investment class is created.

    Description

    Defines the detailed description of the class.

    Short Description

    Defines the short description of the class.

  5. Save the changes.

More information

Investment Classes

Edit Investment Classes

Edit Investment Classes

You can delete an investment class by selecting it from the list page and clicking Delete.

Follow these steps:

  1. Open the investment class.

    The properties page appears.

  2. Edit the following fields:
    Description

    Defines the detailed description of the class.

    Short Description

    Defines the short description of the class.

  3. Save the changes.

More information:

Investment Classes

Create Investment Classes

Work in Process Classes

Use work-in-process (WIP) classes to categorize companies and investments. WIP is also used to indicate methods of revenue recognition. You can use the WIP class to define the rates and costs for transactions, and to group transactions for posting to the general ledger. For projects, you can use them to calculate recognized revenue.

Important! If the WIP class is currently associated with a company, investment, or transaction, do not delete the WIP class.

Create WIP Classes

Follow these steps:

  1. Open Administration, and from Finance menu, click Setup.

    The financial organizational structure appears.

  2. Click Work in Process Classes.

    The list page appears.

  3. Click New.

    The create page appears.

  4. Complete the following fields:
    Work In Process Class

    Defines the name for the class. Display-only after the class is created.

    Limits: 8 characters

    Description

    Defines the detailed description of the class.

    Short Description

    Defines the short description of the class.

  5. Save the changes.

Edit WIP Classes

To delete a WIP class, select the class from the list page, and click Delete.

Follow these steps:

  1. Open the WIP class.

    The properties page appears.

  2. Edit the following fields:
    Description

    Defines the detailed description of the class.

    Short Description

    Defines the short description of the class.

  3. Save the changes.

Transaction Classes

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:

Transaction Type

System Identifier

Labor. Used to capture people hours associated with costs.

L

Material. Used to capture asset costs.

M

Equipment. Used to capture physical asset costs.

Q

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.

More information:

Financial Classes

Create Transaction Classes

Edit Transaction Classes

Create Transaction Classes

Follow these steps:

  1. Open Administration, and from Finance menu, click Setup.

    The financial organizational structure appears.

  2. Click Transaction Classes.

    The list page appears.

  3. Click New.

    The create page appears.

  4. Complete the following fields:
    Transaction Class

    Defines the unique ID for the class. This field is display-only after the class is created.

    Limits: Eight characters.

    Description

    Defines the detailed description of the class.

    Short Description

    Defines the short description of the class.

    Transaction Type

    Defines the transaction type. This field is display-only when editing the class.

    Values:

    • Labor
    • Materials
    • Equipment
    • Expense
  5. Save the changes.

More information:

Transaction Classes

Financial Classes

Edit Transaction Classes

To delete a transaction class, select it from the list page, and click Delete.

Follow these steps:

  1. Open the transaction class.

    The properties page appears.

  2. Edit the following fields as needed:
    Description

    Defines the detailed description of the class.

    Short Description

    Defines the short description of the class.

  3. Save the changes.

More information:

Transaction Classes

Create Transaction Classes