Discussion on Custom Controls and Sub Accounts and Tracking Codes

There has been a lot of talk about Custom Controls and Sub Accounts and I will admit that I don’t entirely understand the difference between the two. I will download the latest version of Manager onto my laptop to review the Sub Accounts.

However, what I would like to raise in this topic is how people are planning to use Custom Controls, Sub Accounts and Tracking Codes to categorise income and expenses.

For example, I currently use Tracking codes to track income and expenses from my divisions which are IT Support, Installations Service, Website work, Sales of laptops, whiteboards, projectors, computers etc.

However Lubos has suggested that I use custom control accounts instead of tracking codes especially for my inventory sales. My one concern with custom control accounts is I don’t want 20 sales categories on my summary page or on the profit and loss statement this is why tracking codes work reasonably well for me. However I have to manually add tracking codes for inventory.

In short, I would like to know what other people use or will be using Tracking Codes, Custom Control Accounts and Sub Accounts for, so that I can see what methods would be the most optimal and I have no doubt that this topic would interest other people.

As I understand it the propose custom control accounts will enable you to allocate different bank/credit accounts to different sub control accounts which can then be allocated to different parts of the Balance Sheet, but they will still be using a control account type heading

For example; if you operate on overdrafts from different banks you could point them all to a sub control account called Overdrafts and then have that sub control account listed under Current Liabilities on the Balance Sheet. The same could apply to credit cards.

So hopefully to achieve my ambition of having individual bank/credit card accounts listed on the BS, I’m planning to allocate to each account its own sub control account with exactly the same name and then direct them to the balance sheet as it suits.

In particular, I am planning on creating a liabilities group called Credit Cards and then have them individually listed under that. Well that’s the plan

PS I don’t use tracking and don’t have a need for P&L sub totals

Broadly as I understand it:

Custom Control Accounts allows you to breakdown the Control Accounts into components and report them in different location s- e.g. separating bank accounts and credit cards and then placing the bank accounts under current assets and the credit cards under current liabilities BS Focused

Sub Accounts allows you to group and sub total similar accounts - e.g. instead of having one Motor Vehicle Expenses account you could have MV Fuel, MV Servicing etc plus a sub total MV Total Cost. P&L Focus

I thought the groups will sum up the balances of all accounts and sub-groups under it and present it without listing the content at first glance and allow users to drill down (Expand) if they wanted to see the content (accounts or sub-groups) of that group.
I thought Manager will display the first two levels of groups e.g. Asset >Intangible Assets or Revenue >Direct Income.
then leave the rest for Drilling down. I think that the essence of groups in accounts is to give a quick general view. The user may decide to expand and view all groups and accounts or view in a collapsed or scaled down state

So far my reports still report only two levels anyway. I know there will be improvement though.

I think that I am going to have to play with sub accounts for my business as it will be easier to understand how this works in conjunction with tracking codes and control accounts. I sort of understand it, but I think that I will need try out different methods and see what results that I get. thanks

Its good to have an Expand (+) / Collapse (-) button at Summary tab against each account under Asset or Liabilities section. Because if I’m having more than one Bank Accounts, by clicking Expand button we can see individual balance at one shot.

I will look forward to the updated guides on this before I change all my tracking codes etc to sub accounts and custom control accounts. Particularly as Custom Control Accounts are not yet implemented.

I just mean to have a function like this (as shown on below image) o that our entire banking transaction / cash transaction can be viewed at once place. This is similar to the previous update made on this screen. Everyone please check and comment whether its a good option or not…

The above is exactly how I hope the sub accounts will work. Whether the sub accounts show in the BS is not important for me, but it would seem that assuming the offset of the sub accounts shows in the BS, then it is easier to have all information at the one document, but being able to visually pick up the summary information as offset on the example of BibinMK.

I agree with the idea. I have a feeling the custom control account has to be implemented before finalisation of the groups function. Let wait and see ho this will go