The Standard Industrial Classification (SIC) is a system of categorizing businesses and industries based on their primary economic activities. While SIC codes are primarily used for classifying and identifying different types of businesses, they are often used by governmental agencies, researchers, and other organizations for analytical purposes.
You can use SIC Codes Mapping when setting up the ExpensePoint™ template for file importing of your Transactions to categorize expenses. This can help in financial reporting, budgeting, and expense analysis.
For example, a company may use SIC codes to categorize expenses for various departments or cost centers within their organization. This can provide a more detailed breakdown used to segment and analyze expenses by industry or sector, providing insights into how different areas of the business are spending money.
To setup and edit the Standard Industrial Coding Mapping, go to Edit SIC Mapping option from the left side navigation menu.
Once you click on it, the Category/SIC Mapper window will open with the option to choose the Standard first, among which are NAICS 2007, Amex SIC - APA KR1025, MCC and Amex SIC - KR1022/KR1025. Once the Standard is selected, the Categories will load for it and you can either Search it by keyword/code or scroll the list to find the necessary code/category.
As soon as you find it, click on the Select Category from the bottom of the window to choose the Category where the selected code/category should belong.
Depending on the Categories you have setup for your organization, the list will display what you have available.
The main expense Categories could be:
- Air Fare
- Car Rental
- Cell Phone Allowance
- Fuel
- Hotel
- Meals & Entertainment
- Mileage - MB, AB, SK, QC
- Parking
- Taxi/Limo/Uber
- Tolls
- Mileage - ON
- Mileage - NB, NS, PEI, NFLD
Once you've selected the Category for the code, you should be able to it them inline with the code in the Category column.
If you ever need to clear the Category, click on the Clear Category to unlink the code.
The system will automatically Save your selected options, you do not need to save them. Once you have finished the mapping, click Close from the bottom of the window or on the X icon from the top right corner of the window.
Watch the video below about editing SIC Mapping.