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Edit SIC Mapping

The Standard Industrial Classification (SIC) system categorizes businesses and industries based on their primary economic activities. While SIC codes are primarily used to classify and identify different types of businesses, they are often employed by governmental agencies, researchers, and other organizations for analytical purposes.

 

Purpose of SIC Codes Mapping in ExpensePoint

In ExpensePoint, SIC Codes Mapping helps categorize expenses when importing transaction files via templates. This categorization helps with financial reporting, budgeting, and expense analysis.

For example, a company can use SIC codes to categorize expenses to specific departments or cost centers. This enables a granular breakdown of spending by industry or sector, offering valuable insights into how various parts of the business allocate resources.

How to Set Up and Edit SIC Mapping

  1. Access the SIC Mapping Menu:
    From the left-side navigation menu, select Edit SIC Mapping.
    Edit SIC Mapping menu option in the Template navigation menu
  2. Choose the Standard:
    The Category/SIC Mapper window will open. First, select the classification standard you want to use. Options include:
    1. NAICS 2007
    2. Amex SIC - APA KR1025
    3. MCC
    4. Amex SIC - KR1022/KR1025
      After selecting the standard, the related categories will load. You can either search by keyword/code or scroll the list to find the relevant category.
      List of categories in the Category/SIC Mapper window
  3. Assign Categories:
    Once you locate the appropriate code or category, click the Select Category button at the bottom of the window to assign it to a specific expense category.
    Select Category button in the Category/SIC Mapper
    The available Categories are based on your organization’s setup and may include:
    1. Air Fare
    2. Car Rental
    3. Cell Phone Allowance
    4. Fuel
    5. Hotel
    6. Meals & Entertainment
    7. Mileage - MB, AB, SK, QC
    8. Parking
    9. Taxi/Limo/Uber
    10. Tolls
    11. Mileage - ON
    12. Mileage - NB, NS, PEI, NFLD
      List of Category options
  4. View and Modify Assignments:
    After selection, the assigned category will appear inline with the code in the Category column.
    Assigned category appearing inline in the Category column
    To remove an assignment, click on the Clear Category to unlink the code.
  5. Saving and Exiting:
    The system automatically saves your changes; you do not need to manually save them. When you have finished mapping, click Close at the bottom of the window or the X icon in the top right corner of the window to exit.

 

 

Watch the video below for a step-by-step visual guide on editing SIC Mapping.