Most of my business expense recording is done with credit cards statements for which I have imported QFX files into Manager for each individual credit card under the heading of “Bank Account”.
So far so good. But the most important thing I need an accounting program to do is allow me to create custom categories and sub categories so I can output my data to our CPA.
For example, I need to be able to go down my list of individual credit card charges (each card with a separate register under the parent heading of “Bank Account” and assign them a universal “expense category” to every line item charged to that particular credit card.
For example under “Bank Account>ABC Master Card> I would like to create sub categories such as Truck #1” – then under Truck #1 additional separate categories for “Fuel” - “Repairs” - “License Fees” - “Insurance” that I can assign in the register as needed.
Since we have more than one vehicle this account and category structure would apply to additional trucks and more than one credit card account. (Plus we have many other expense categories such as office under which might include computer equipment, postage, books … whatever)
It would also need to apply to other credit cards under the Bank Account heading, for example the next credit card might be “Bank Account>ZXY Visa Card>Truck #1”. And again sub categories for this.
Then at the end of all this I would want to create reports that show how much each truck cost to operate per each individual credit card used and hopefully have a report that would add them all together. For example the report might draw fuel costs from multiple credit cards for truck #1. Or alternately Insurance costs from all credit cards for truck # 2 and then output that data so our CPA can deal with the tax issues.
So far when I look at the register of any credit card statement that was imported into Manager, I see a column called “transaction” and every notation under that says “spend money”. Can I change “spend money” to actual categories such as truck#1 gas. Or City license fee, or whatever and then get reports summarizing all those charges per my required categories?