how can we do reporting on Master data?

Hi all:

can any tell me "can we do reporting on master data". if so, HOW? can you please give me a step by step procedure.

This is what i know:plz correct me if i am wrong.

1. assuming that i want a report on 0sales_area.

2. i need to make that DS available in Infoprovider tree.

3. to do so, in infosource, i need to choose flexible updating for Master data, which in turn makes the Infoobject available in Infoprovider.

4. then i need to create Update rules.

5. and can get a report in BEx?

Am I correct?

please correct me

Thanks

kedar