System Data Nominal Account Classification
Table Of Contents
Introduction
Nominal Account Classifications provide a way to categorise transactions within Khaos Control for reporting and analysis purposes.
The terms Nominal Classification and Cost Centre are used interchangeably throughout Khaos Control. By assigning transactions to different classifications, you can analyse income and expenditure across areas of your business, such as departments, locations or business functions.
Examples include:
- Warehouse
- Training
- Support
- Sales
- Administration
Every transaction can be assigned a Nominal Classification, allowing for more detailed financial reporting and management analysis.
For an overview of how Nominal Classifications work, see Nominal Classifications.
For setup instructions, see How To: Setup Nominal Classifications.
Nominal Account Classification Grid
The Nominal Account Classification grid contains the following field.
Description
The name of the Nominal Classification (Cost Centre).
Use meaningful descriptions that reflect how you want to analyse your financial data.
Examples include:
- Warehouse
- Training
- Support
- Marketing
- Operations
By assigning transactions to these classifications, you can produce reports that show income and expenditure for specific areas of the business.
Why Use Nominal Classifications?
Nominal Classifications can help you:
- Analyse costs by department or business area.
- Track profitability across different functions.
- Improve management reporting.
- Separate income and expenditure for specific projects, teams or locations.
- Gain greater visibility into business performance.
Context Menu Options
Apply Value Range
Allows you to apply the same value to all selected rows within the active column.
Clear Selection
Removes the current selection from the grid.
Additional Information
Nominal Classifications are a powerful reporting tool that allow financial transactions to be grouped beyond the nominal account structure alone. A well-planned classification structure can provide valuable insight into business performance and make management reporting more meaningful and easier to analyse.