I have achieved this already for a sole trader Australian tax return using 3 Custom fields (CF) in Non-inventory items. The 3 CF’ s are Tax Main, Tax Supplementary, and Tax Business, and a Custom Report (CR) is produced for these three categories.
There are some issues that I have had to overcome, partly because of restrictions to COA account access in transactions and partly because there are no global CF’s.
Problem 1 - No global CF’s
With Non-inventory items (you can select almost all accounts from the COA and with having 2 (or more) NII’s pointing to the same account it can be more granular than CF’s on COA. The problem is Inventory Items. The CF’s on Inventory Items is a different variable to CF’s on NII’s, so stymies you when creating a CR as it is not possible to filter all the required transactions.
The workaround remedy for Inventory Items is to create a nett zero Purchase invoice, at year end, using NII on one line and no NII on second line to go in and out of the same account. (see screen shot - lines 3 to 6). I would use a Journal entry (JE) for this, but JE’s do not allow NII’s.
Problem 2 - Restriction to COA account access in transactions.
It is not possible to select the COA account of Accumulated Depreciation in any transaction form. I wanted to use NII’s for depreciation entries so that I could use CF’s in these transactions, but because of this restriction I am forced to use the inbuilt Depreciation Entries, where an NII cannot be applied. I use the same workaround remedy mentioned above for this also. (see screen shot - lines 1 and 2).
The other functionality that I have built into the CF’s on NII’s is to to have a Part Tax Related (PTR) designation in the Tax Main CF and create a separate CR to see part tax related transactions on some expenses. I then include this in the nett zero Purchase Invoice as well (see screen shot - lines 7 and 8) based on percentage.
To overcome this issue I suggest that we need global Custom fields to allocate to every line in transactions (including the header line and other hidden lines)
To do this what is required is, when creating or editing a transaction, a “journal of entries” (all line items that will be generated by the transaction in brief journal format) be shown below the line items in the transaction form.
All the fields will be locked from editing except for a series (maximum could be set) of editable couplet “menu dropdown” fields (CF name and CF content) to select CF’s for each line. Users could have the option in the transaction to show or not show this functionality.
This would also help with tracking BS accounts that is not possible with Tracking Codes.
There would be no need to change the existing non-global CF’s and these could remain for other purposes.