Cost, Activity and Program Codes
Best practice in exploration management requires that expenses be categorised in three dimensions, according to Cost Codes, Program Codes and Activity Codes.
Correctly used, these contribute to:
(1) Good management accounting - accounting to inform management on high cost aspects of their operations, and to assist in budgeting for future activities
(2) Simplifying financial accounting - keeping track of capital as opposed to operating cost items
All CampControl accounts start up with CampControl’s pre-configured Cost Codes, which have been refined over many years, and are suitable for most new exploration projects. CampControl Account Managers, however, can enter their own Cost Codes into the system for use within their account. The account can be configured to use these in addition to the pre-configured codes, or as a replacement for the CampControl Cost Codes.
Program Codes are codes used to categorise expenditure by the exploration program or project it contributes to. These are often very important for accounting purposes, when it is important to distinguish expenditures on different properties because different partners or funding sources may be involved in different properties. Program Codes are customiseabl in CampControl.
All CampControl accounts start up with CampControl’s preconfigured Activity Codes. CampControl Account Managers, however, can enter their own Activity Codes into the system for use within their account.