More detail on a use case for account custom fields
Use case: ATO Annual tax return submission
Manager functional requirements:
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2 account custom fields
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Custom report which sorts & groups on both custom fields, display account name and collapsing below that level (not showing actual general ledger transaction but allowing drill down).
The end results should be a custom report similar to a reorganisation of the COA to reflect the local tax authorities specific reporting requirements
Custom fields
Define two custom fields (type list), a skeleton for which is shown below. Note both have a “Not this business” option for income or expenses which are no deductible, or pertain to a different ATO reporting entity.
Both custom fields are then set for each profit and loss account in the Manager business
ATO1
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100 Income – ordinary
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200 Expense – ordinary
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300 Income – Supplementary
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400 Expenses – Supplementary
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900 Not this Business
ATO2
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101 Gross payments subject to foreign resident withholding (excluding capital gains) B
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102 Gross payments where ABN not quoted A
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103 Other sales of goods and services C
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104 Gross distribution from partnerships D
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105 Gross distribution from trusts E
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106 Forestry managed investment scheme income X
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107 Gross interest F
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108 Gross rent and other leasing and hiring income G
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109 Total dividends H
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110 Fringe benefit employee contributions I
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111 Assessable government industry payments Q
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112 Unrealised gains on revaluation of assets to fair value J
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113 Other gross income R
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201 Foreign resident withholding expenses (excluding capital gains) B
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202 Cost of sales A
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203 Contractor, sub-contractor and commission expenses C
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204 Superannuation expenses D
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204 Bad debts E
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205 Lease expenses within Australia F
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206 Lease expenses overseas I
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207 Rent expenses H
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208 Interest expenses within Australia V
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209 Interest expenses overseas J
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210 Royalty expenses overseas U
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211 Royalty expenses within Australia W
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212 Depreciation expenses X
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213 Motor vehicle expenses Y
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214 Repairs and maintenance Z
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215 Unrealised losses on revaluation of assets to fair value G
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216 All other expenses S
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412 Personal superannuation contributions
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415 Other deductions (eg income protection)
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910 Income not this business
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920 Expenses no this business
Custom Report
Define a custom report
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Time period: financial year for current tax return
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Select… General Ledger Account – Code & Name. Amount
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Where… General Ledger Account isProfitAndLossAccount isChecked
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Order by… General Ledger Account Custom Fields ATO1 & ATO2, General Ledger Account Code & Name
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Group by… General Ledger Account Custom Fields ATO1 & ATO2, General Ledger Account Name
This should display information with totals ordered and unlabelled ready to copy to your tax return. Account level breakdown should be summarised with drill down into accounts supported.
Next year, clone the report and update the time period.
Or better yet Manager’s custom reports could be enhanced to support “Add comparative column” time periods. Doing so would require splitting the “Select…” section into “For all time periods” vs “Column for each time period. Meaningful reports are also likely to all have “Group by…” and “Groups to collapse” both checked