Tracking Codes - Balance Sheet

We need balance sheet tracking code wise? Is there any chance to have update in near future?

No. Tracking codes only apply to income and expense accounts. If you need to separate balance sheet accounts by division or function, you need to create separate accounts.

hi @lubos, @Tut

I see this reply to this request and wonder why we can’t add Tracking codes to Balance Sheet as I requested a long time ago in another tread? If this is true for whatever reason, then can we add Divisions to Manager?

The tracking codes would be the easiest fix but obviously divisional would be ideal result.

I give you a present day situation as to why tracking codes on Balance Sheet or Divisions is needed. I changed over a client to Manager for accounting purposes. The account was happy with everything except he made particular reference to the fact he couldn’t get tracking codes on the balance sheet entries for tax preparation needs.

He said to me, I need to have the ability to track Assets / Liabilities like I can Profit and loss reports because at some point the owner may wist to sell off one part of his business by location and I want to have the balance sheet tell me what assets and liabilities that location is using and value. At present this is not an issue to have them all grouped as one joint asset pool as it is all one business operating out of four different office locations
but just say in the future , he decides he will sell a location as a going concern to someone who wants to buy it. If I could have ability to allocate Plant and Equipment by location in the balance sheet like I can in the P&L it would save me and the client a lot of work and be able to provide the future owner of the location with a equipment list easily.

This outright need to generate extra balance sheet accounts for divisional purposes is unnecessary if the business is sold as a complete operation, this is more about if the need arises to segregate the assets by location, then a simple tracking code on the balance sheet as in the P&L reporting would do the job well.

No question it is not perfect for complete divisional accounting reporting purposes but it is a mighty helpful aspect of the program if it is possible to do and if someone can use this functionality in a more true divisional reporting instance then why not provide it and make manager more appealing to accountants and business in general?

He actually said because this functionality is not possible in manager at present by way of job/tracking codes in the balance sheet reporting but is possible in other well known accounting software , I cannot recommend this program to my clients. I am happy with the other functionality but until this is possible to do I cannot embrace this software.

I wonder what is the barrier to just adding a tracking code to the balance sheet reports ? and if not is there another way to get the same result I have not tried ? , as creating four locations for every Asset and Liability account where relevant does not seem like a logical approach to get a solution to the functionality requested.

any helpful insights or reconsideration of this request would be greatly appreciated.
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Currently you can create Balance Sheet Custom Control Accounts, so to focus on your point regarding Fixed Assets - your client can create a Fixed Asset control account for each location and record the assets at that location within that control account. The same can apply to other balance sheet areas.

Balance Sheet control accounts is the equivalent to Profit & Loss Tracking Codes.
The only current limitation, you can’t produce a balance sheet per location but you can extract the accounts (assets/ liabilities) related to that location.

You could also create a custom field for fixed assets, labelled Location. This can be set to show as a column and will appear in the Fixed Assets tab listing. You can search or sort by that column’s contents. You can do the same thing with intangible assets. Also for customers and suppliers, which would allow you to easily separate payables and receivables. And with employees. Bank and cash accounts will necessarily be separate. I can’t think of anything that could not be made easily separable. The process and work involved would be no different from other accounting packages.

@tut, @Brucanna, Thank you for most insightful replies, these suggestions will go a long way to get around the lack of tracking codes on Bal Sheet. Both suggestion were very helpful. I will see what I can do using the above .

You can understand that the purpose of tracking codes in balance sheet where the resources are held in one account. For example the company has a single bank account and funds in that bank are related to different segments. So it will be useful while posting entry in cash & bank module to add tracking code that this bank transactions belongs to particular segment. In quick books it is available in name of “class” identification.

Just wondering whether anything has changed re tracking codes and the balance sheet. I have a client who is selling off one of their locations and we need to easily be able to identify which assets belong to that location. I’ve read the various threads about using control accounts instead of tracking codes in the balance sheet, but unfortunately I was unaware of this before I set everything up. I used tracking codes with every entry, thinking I would be able to look at all my entries by location when I needed to, but have now realised this only applies to overheads in the P&L, not to anything that has been capexed and appears in the balance sheet.

If tracking codes were added to the balance sheet, my tracking codes would already be in place, otherwise I will have to create all the control A/Cs and go into each and every entry to put them into the relevant one, which will take an age.

Thanks

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I also suggested to have tracking codes in balance sheet. Hopefully, we will have it in future.

@yameen101 @OWS just for curiosity… how would you divide the other voices of BS that you cannot allocate to a tracking codes? In particular, how would you divide the retained earnings?

You could get the retained earnings breakdown from the Profit & Loss reports.
Balance Sheet tracking codes would only associate assets or liabilities relating to a location rather then the various Equity accounts.

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That’s exactly what I need - the assets and liabilities to be identifiable by location.

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I also agree with the tracking code should be added on the balance sheet accounts.

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