Hi guys. Noticed that the receipt and payment forms no longer have the option to select tracking code. Are you facing the same problem too?
Tracking codes are applicable only when selecting profit & loss account. By default, tracking code on line item is hidden since
Suspense account is balance sheet account.
Got it. But I used tracking code to track total amount of money invested or pulled out by projects as in tracking code. How do I achieve it now?
Do you use custom report for that? Because built-in reports utilize tracking codes for P&L accounts only.
Yes. Custom report could show me data of each project (tracking code) as required on account of receipts and payments
So you are capitalizing expenses spent on projects, that’s why you can’t use profit & loss statement and need custom report. Correct? What is the example of such capitalized expense?
i am purchasing multiple products from one vendor for multiple Sites so i was using tracking code to track which product is for which site
So now how can i track while purchasing
@Sabir_Zafar since tracking codes set on balance sheet accounts have no impact on any built-in reports, why was this useful to track? I mean, did you use custom reports or in what way it was useful to have this information at hand?
i created custom report to get purchase report by project wise using tracking code
I see. And these products are (I assume) inventory items, correct?
Since they are inventory items, they are in your balance sheet. When you consume these items for the project, what transaction type do you use to expense them. Inventory write-offs?
yes dear these are inventory items
i make sales invoice for each site to update inventory.
while i am purchasing i am using tracking code like
i purchased cement for site A and bricks for site B from Same Vendor so i want to tracking each item. when i make purchase invoice from there i use “copy to Sales invoice” to sites by know that item was being purchased for particular site by using tracking code.
if there is no tracking code can find which product is purchased for which site as when a lot products purchased from same vendor same time.
OK, I get it now. So this is not as much of a reporting issue. It’s more of a workflow issue where you record tracking code during purchase so at sales invoice time, you do not have to figure out appropriate tracking codes if you copy purchase invoice into sales invoice.
I invest in projects where there will be no short term return. Hence, a tracking of these funds are required which I used to record under tracking code.
Since, a customer/supplier don’t have tracking code feature and I don’t have any sales in this case, the tracking code is very necessary to track the money I put in or get back.
Please relook into the matter and revert the feature as I am already suffering, losing track of the funds I invested in.
@raJ, you need to be more specific. The tracking code field no longer appears until an account is selected that allows it. So in general, tracking codes have not disappeared. They just do not show until the context is appropriate. You need to post screen shots of situations where you need a tracking code and it is really not available.
Our auditor requests Deposit Reports and Check Reports. I was able to generate a report for each of those using the Tracking Codes, until now. Is there a way to create those reports using the Reference Number? I can’t find Reference Number in the Custom Reports fields. I miss that Tracking Code option.
That is not what tracking codes were for. If you want lists of deposits, drill down on statement balance in the Bank Accounts tab. Copy to a spreadsheet. If you are looking for a list of checks specifically, you could add a custom field to the payment form and do the same. Or you could enter check numbers into the description and conduct a search. There are probably a dozen ways to get that sort of information that will work better and be easier than tracking codes.
I have 2 divisions in my company and used tracking codes to keep track not just of inventory items by division but also payments and receipts. I can have a non-purchase order related payment for supplies, etc. that are part of one division or another. The goal was to be able to track profitability of each division separately while also having corporate P&L. It worked perfectly and was much appreciated. It was actually one of the reasons I wanted to work with your software and I couldn’t do this easily in some other programs.
Does this now mean (in the middle of the year) that I have to split the companies into two completely different ‘companies’ and add everything back together manually at the end of the year for taxes!!! (Not to mention monthly for sales tax payments, etc.
How do you suggest dealing with this moving forward?
FYI - it does look like I can clone a Purchase Invoice from March where electric is split between divisions and I can keep the tracking codes. New Purchase Invoice so not allow this and trying to use old payments and clone so not work.
I also read the guides on this:
Brilliant Industries wants to monitor profitability of its incandescent and LED lamp manufacturing divisions. It sets up two tracking codes: INC and LED . All income and expenses are designated with one code or the other. At the end of each financial period, Profit and Loss Statements are generated separately for the two divisions. Combined Profit and Loss Statements can also be created comparing performance of the two divisions.
ALL income and Expenses? Wouldn’t Payments and Purchase Invoices be considered Expenses?
You can still do all these things.
Keep doing what you were doing. Assign line items posted to profit and loss accounts to relevant tracking codes. Only two things have changed:
Tracking codefield does not appear until an eligible P&L account has been selected.
- You can no longer choose tracking codes for line items posted to balance sheet accounts. But those were ignored anyway.
What do you mean by this? You can still clone purchase invoices. And they can still be edited after cloning.
Technically, no. Payments and Purchase Invoices are both transaction form types. The expenses are represented by the line items on them. Any line item posted to an expense account is an expense. But, for example, if you record payment of a purchase invoice, the line item will be posted to Accounts payable, so is not an expense. The expense appeared on the purchase invoice.
The item that got me started on this was a reimburse for medical expense. Our company puts a certain amount of money each month into a Medical Reimbursement Expense account which live in Liabilities. Expenses are then posted against that account as needed. After checking it out it appears that the ‘Expense’ happens when I put money in the liability account and tracking is available at that time so it should come out alright.
Sorry for the panic!