Do I need to know every report code

Ensure you understand the fastest and most accurate skills for mapping

There are around 200 report codes in Australia.

Other regions will have similar amounts.

Do you need to know every single one?

Not really.

We try and keep it simple for you.

Here are some tips for getting the reports working without much fuss.

Revenue accounts

For any client who wants a trading statement showing cost of sales and gross profit:

1. Main revenue accounts = REV.TRA.GOO
2. All other = REV.OTH

For clients who do NOT want a trading statement:

1. Main revenue accounts = REV.TRA.SER
2. All other = REV.OTH

Expense accounts

For any client who wants a trading statement showing cost of sales and gross profit:

1. Opening stock / WIP = EXP.COS.OPE
2. Direct costs = EXP.COS
3. Purchases = EXP.COS.PUR
4. Closing stock / WIP = EXP.COS.CLO

For any client who wants expenses grouped into categories, such as interest, depreciation, employment, occupancy, administration etc:

1. Take a look under report codes
2. You will see all the subcategories

If your client does NOT want grouped expenses, then leave them as EXP.

Balance sheet accounts

With the balance sheet, there are many categories. 

However, here are the main categories that you need to get familiar with:

1. Bank accounts = ASS.CUR.CAS.BAN
2. Receivables = ASS.CUR.REC
3. Fixed assets = ASS.NCA.FIX
4. Payables = LIA.CUR.PAY
5. Tax = LIA.CUR.TAX
6. Related parties
7. Chattel mortgage - LIA.NCL.CHM
8. Hire purchase = LIA.NCL.HPM
9. Settled sum = EQU.SET
10. Share capital = EQU.SHA
11. Dividends = EQU.RET.DIV
12. Distributions = EQU.UDE.3

There are many more, these are just the most common.