Grouping of Tracking Codes

[babycarrier]

@Joe

Generally, it is better to keep records simple in the chart of accounts, and use other tools to make more detailed analysis.

For example, we can have an expense account called “Equipments Repair and Maintenance”, this is more convenient for the accounting reporting purpose rather than “Excavator repair and maintenance”, “Loader Repair and maintenance”, “Dump Truck repair and maintenance”.

Then we can open a tracking code the following way:

• Excavator 001
• Excavator 002
• Excavator 003
• Excavator 004
• Loader 001
• Loader 002
• Loader 003
• Dump Truck 001
• Dump Truck 002
• Dump Truck 003

Then if we have grouping tools for tracking codes, we can assign each equipment to a group. Sometimes even groups can be nested inside another group. This way you can have a beautiful nested and multi-level tracking codes (aka cost centers / profit centers / departments). Then you can run reports against various levels of those groups to see the complete picture.

I’ve seen many local accounting systems utilizing this methodology to keep accounting records clean and simple, but still enhance the level of analysis.

Kindly I am requesting you to take more further look into this functionality.

Thank You

Yes, thanks for the advice!