How to Setup Reporting Code 3 Used for Grouping/Consolidating in the Income Statement

1

To utilise these reporting codes, you must first identify the groups required within the 'Income' and 'Expenses' sections of the Income Statement,

For example, you may require the following groups:

INCOME:

Tuition Fees                                  (I10)

Boarding Fees                              (I20)

Government Grants                     (I30)

Sundry Income                             (I40)

EXPENSES:

Tuition Salaries                            (E10)

Other Tuition Expenses              (E20)

Administration Salaries               (E30)

Other Administration Expenses (E40)

2

Decide the order in which you want these groups to appear and allocate reporting codes accordingly — the key consideration is that the order of the groups is determined by the actual reporting code allocated. In the example above, the reporting codes are in brackets.

It is wise to leave gaps in the code allocations to facilitate easy expansion and scalability in the future.

3

Finance > General Ledger > Setup Information > General Ledger Setup

Setup these valid reporting codes on the 'Reporting Codes' tab. The description entered here is what will appear as the subheading on your Income Statement.

4

Finance > General Ledger > Account & Journal Information > Accounts Grid Entry.

Attach the appropriate reporting code 3 to each Income and Expense GL code in the Chart of Accounts using the 'Reporting Codes Grid'.

Now you should run your Income Statement and check that each account appears under the correct reporting code.