DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Summary Of Businesses


#1

Each business represents (for me) a project to follow. A company department can have many projects as a subgroup and thus option of businesses grouping is required.

Do you think to enable such an option?


#2

That is what Tracking Codes do. Go to Settings > Tracking Codes.


#3

Thanks, maybe my topic isn’t clear. P/s see below what Lubos wrote on Tracking codes and projects/divisions. For me each business is a projects and I need to “join” few business.
Can it be done using tracking codes?

lubos - Apr 29

Tracking codes can be used for the purpose of tracking profitability by job but I do agree maybe tracking codes will be in future reserved for long term concepts such as divisions and maybe something new (projects?) will be introduced for short-term trackability.

This way you could possibly set the budget, deadline or how much you have quoted client for the project. Or even setup to-do list and track the progress. Then you would see how you are going per each project. The reason why inventory and manufacturing is usually implemented in
accounting packages first it’s because it’s well understood concept. Also it’s essential for financial reporting. Project tracking has no impact on financial statements, it’s more of an internal thing.


#4

You have misundersood what Lubos suggested. I think that comment is from one of my topics. What he meant was he would create two levels of tracking codes. One for divisions like IT support, Sales, Website Services, Broadband Services and then he would create another type of tracking code for projects such as installation in may 2015 for customer x.

Nowhere did he say that this would apply to the concept of using a business as a division! Create one business which applies to your entire company. Create tracking codes that apply to your divisions and eventually Lubos will implement another level of tracking codes which apply to projects. This is the logical way to structure your company accounts.

What you have got - a business for each division is impractical from end of year accounting point of view and duplication of customers/suppliers etc. I very much doubt Lubos will implement what you are looking for as you will be the only person that is using a business as a division. I think that you need to re-examine how you have set things up.


#5

Thank you so much. Yes you are right. I’m not an accountant and don’t use Manager as an accounting software.

I’m a civil Engineering using it to track multiple project expenses multi-year cumulatively and found this amazing application so easy to implement it.

Maybe in future Manager will expand.


#6

I concur with @dalacor. I cannot imagine a situation in which a company with several projects does not share some bank accounts, services, costs, or personnel across the projects. If you organize each project as a business, you will necessarily have to assign expenses to one business or another, and you will have no way to aggregate your accounting to know how the overall business is doing.

You will also have trouble with taxes, because you will need consolidated financial information to report the business’s results. To me, the only way your approach makes sense is if you operate a holding company and literally create a new financial entity for each project. Then you could have a business for a single project, but would also need a set of books for the holding company.

I recommend obtaining professional accounting advice on the structure of your business and accounts. Remember, this forum only addresses how to use Manager to keep records.