Enter Forms of Business

Explanation

Use this activity to enter the forms of business (such as corporation or sole proprietorship) that companies use in different countries. 

Prerequisites

• The country codes that are used by your system must be selected by your system administrator (or equivalent person) in the ISO Code Usage window.

System Effects

As a result of this activity, you will be able to select the form of business from the List of Values when you create or update information in the Company/General tab.

Window

Forms of Business

Related Window Descriptions

Forms of Business

Procedure

1. In the Country Code field, use the List of Values to select the country code that represents the county for which you will specify the form of business. The system automatically populates the Country Description field based on the code you select.
2. In the Corporate Form field, enter the code that represents a form (or type) of business for the country specified in the Country Code field. (These codes must comply with the codes used by the bank if you are must prepare and sent reports to your banking institution. For example, if you are a German company and must report to the Central Bank, the codes you use here must comply with those used for Central Bank reporting.)
3. In the Description field, enter a description of the form of business specified in the Corporate Form field. 
4. Save the record.
5. Repeat steps 1 through 4 until you have entered all the forms of business that you will use when setting up companies in the Company window.