I’ve got 2 businesses set up in manager.io (so when I log in, I have to choose which business I want to work with). Is it possible to run a financial report on BOTH businesses or do I have to do this manually (outside of manager.io)? They are actually different brands/trading names operating in different niches, but I’m a sole trader so I also need to run reports for my annual accounts. Thanks!
Technically, they are both one business–you. But since you set them up separately in Manager, you cannot extract combined reports.
A way around that might be to use tracking codes for the two brands rather than create them as separate businesses.
hi, if the two are registered with different company names then they are legally different businesses and you will have to manually consolidate reports always. If they are not legally registered as separate entities then you could have had one entity and use Tracking Codes to enable separate trading report.
For now i am sorry you will have to do this manually.
prevent this for 2016 by setting your accounts up and using tracking codes. Read about tracking codes here http://guides.manager.io/businesses/settings/tracking-codes
Of course, this is possible. But, depending on jurisdiction, it may also be possible that all economic activity owned by a single individual is regarded as activity of that taxpayer, not of any separate company.
@Tut Yes they are ‘one business’ because I’m a sole trader, but I need to keep each business account completely separate in order to be able to make good business decisions for each. I’m already using the tracking codes for geo regions, which are necessary for financial reporting in my country.
@Abeiku They do indeed have different trading names but here in The Netherlands I still have to consolidate the accounts and present them as ONE report. For the day-to-day running of the business I need the accounts completely separate, which is why I set them up as I did (they have nothing in common at all: one is a retail business and the other a service related business). Thanks for the suggestion - tracking codes would have been good but I already have to use them for geo regions required for reporting in The Netherlands. Looks like I just have to add the reports together - no big deal and it doesn’t take too long. Just wondered if it was possible to do this via manager.io
@Tut - just getting started, but have similar situation. I have two brands/ dba’s owned by a parent company. All sales transactions funnel into the operating account of the parent. All transaction fees are drawn as well. The operating account is for all financial accounting (esp for taxes) - purchases, income, payroll, etc.
So, I guess what I am asking is how to setup within Manager, so I can do day-to-day reporting of the dba’s, while being able to do consolidated reporting for the parent-owner? It would not be a joy to setup separate companies, and then have to rely manually entering data on tracking codes.
I do remember on another post, that a gentleman was informed that Manager does have the ability to do this, but I cannot find where
Any advices are appreciated.
@Nordic_Zen, the only way to do this in Manager is to use tracking codes. You basically treat each “brand” as division. The you can get profit & loss statement per division or consolidated one per whole business.
You only have one business which contains two divisions (two brands).
Here is the workflow http://guides.manager.io/businesses/settings/tracking-codes