To process financial information by categorizing resources, investments, and transactions, create the following financial classes:
Differentiate the different types of resources for reporting. Allow you to apply different costs and rates for resources such as employees and contractors.
Describe clients or companies within the organization such as internal customers and external customers.
Use as columns in a matrix to determine the rates and costs of actual transactions or planned costs. For example, use WIP classes to differentiate between investment types or sizes (Critical Application, SOP Application, Legacy Product) and provide matching cost and rates. You can also use WIP classes for financial reporting purposes or for grouping billable and non-billable resources.
Differentiate the services that an organization provides its clients such as administrative or maintenance. Other examples include investment types such as projects, assets, applications, or project types such non-profit, major project, government project.
Categorize the type of work that resources record and differentiates costs, such as internal or contract labor.
Note: Initially, associate a resource class to the labor resource type and a transaction class to the labor transaction type only. You can create the other resource and transaction type classes (material, equipment, and expenses) once financial management is configured.
Follow these steps:
The financial organizational structure appears.
Note: When creating a resource class, select the Active field to make the resource class available for new references on resources, cost plans, and transactions.
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