Setting up a new expense code for financial reporting purposes in the GL is essential for ensuring accurate financial reporting and analysis.
This process allows you to monitor spending in specific categories, assess budget compliance, and generate detailed financial reports.
To set up a new expense code, making it available across key areas such as timesheets, pay codes, and the GL matrix, follow the steps below in portal.
Click Settings.
Under General Ledger Costing, click Expense/GL Codes.
🤓Tip: Check existing expense/GL codes.
To add a new code, click Add Expense/GL Codes.
Fill in the following fields.
Expense/GL Codes
Description
Tax Code
Turn on the Active toggle.
Click OK.