tracking categories (Profit Centres)
Tracking categories (Profit Centres). If you have more than 1 retial shops under 1 group and you want to run profit and loss statement for each shop to track expenses, sales and inventory for each shop seperately.
Reporting tags is not the solution for this. Customer support kept referring me to reporting tags but if you arerunning inventory and you sell for example red umbrella in Shop1 and also in Shop2. You need to be able to assign categories (tags) at an invoice level not on an item level. Entering a tag to each item is a very time consuming method.
I am an Accountant CPA. Also I teach Accounting and Bookkeeping software such as MYOB and XERO.
Here is what I am suggesting, it is a feature that is already in XERO and MYOB and I would love to see it in Zoho Books.
Please watch this video from XERO so you can have an idea about what I mean
se tracking to review and compare different areas of your organisation, and improve your reporting. Tracking may also reduce the number of accounts in your chart of accounts, as tracking removes the need for duplicate accounts across different business areas. Learn how this feature can improve your reporting capability for your business. To find out more about reporting in Xero check out xero.com/accounting-software/financial-reporting/
Joseph
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Joseph
commented
I am quoting this from MYOB categories feature help page:
Categories are like labels which you can assign to transactions. A category might be a separate department or office within your company, or another business segment. For example, a business could use categories to represent different divisions such as accounts, marketing, sales and operations.When entering a transaction, you can allocate one category to it. You can then run reports for each category.
Categories can be assigned to the following transaction types:
spend money
receive money
transfer money
general journal entries
sales
purchases
build items
inventory transfers
inventory adjustments
payroll processing (Plus and Premier, Australia only)
pre-conversion sales and purchases.
You cannot allocate categories to some transactionsYou cannot allocate a category to these transactions: Pay Bills, Receive Payments, Prepare Bank Deposit, Settle Returns and Credits/Debits and Pay/Receive Refunds. When entering these transactions, the categories assigned to the original transactions will be used. For example, the categories assigned to purchases appearing in the Pay Bills window will also be assigned to the payment.
http://help.myob.com/wiki/display/ar/Categories -
Joseph
commented
MYOB is able to enter the tracking category per invoice not per each item line which is a time consuming method especially if each sales invoice has 50 items