New Definition – Sector
We are now using the term “Sector” to refer to what might be thought of as a profit center in the general ledger. The issue: some clients have a chart that uses both a division and an area, while others just use division. We have recently moved G/L financials to the web, in a product we call G/L View. We needed a way to change a display, in an Income Statement for example, from one division to another. We were tripping up on the need to call that a “division” sometimes, but a “division/area” at other times.
Our solution was to assign a new name, Sector, for either of those. So, when using G/L View, one might use a drop-down list to change the Sector, and any discussion of divisions or areas is absent. Expect to see this term used more in PRX in the future.