a few questions/suggestions re Special accounts and tracking codes
- Do you think a Tracking report codes will be added to the reports list?, not just tracking code exception report.
reason I have a client who has rental properties but not part of the Trust business structure but Partnership .
They have income and expenses related to these rental properties coming in and being paid from the Trust business account so for all purposes Beneficiary loan movements in the Bal Sheet . I had the idea to set up a control account for these transactions and use special accounts to name the purpose eg net rental income, Rental Rates, Rental Body Corp etc and have set up tracking codes as the name of each rental property . This seems to work well but if I have a cheque or payment that relates to multiple properties like rates paid to a Council I can’t get the individual amount related to the rental property. If a tracking code report was available this would eliminate my problem but it is all related to the Bal Sheet.
I also find it difficult to get a clear picture of the income and expenditure by individual rental property as things stand at the moment.
- As for Special Accounts - Great ( Outstanding) feature by the way , if I go to summary page which has been customised by date range and click on the Bal Sheet Loan ( Control Account) that relates to special accounts I find that the list presented is all entries to date , not filtered in anyway . Is this possible to do?.. I am thinking I will need to journal the total costs of the special accounts out to the General Benf Loan account at year end so they can start fresh each financial year so that is not an issue but to get YTD reports or customised reports doesn’t seem possible at present.
I know this is an unusual application of special accounts but would work really well if the Tracking code report was able to be done by date range on the Bal sheet accounts, problem solved for me and I hope for others.
Same can be said for using Special accounts to track personal expenditure as say Drawing Control account being special accounts being itemised eg Rates, Elect , Food . I can’t get this information by Date range easily . I don’t have tacking codes on this Manager file , however the lack of being able to report by date range is a hindrance but not unworkable.If I did use tracking codes I would think the same as above paragraph would apply.
Let me say , I think what is being achieved with manager is outstanding. I just hope these few points can help it be even better.