What is Category Tracking?
Class Tracking in Sage is a way
to break down different segments of merely one organization. Let's say, for
example, that you own a chain of restaurants. You have one in the north portion
of town, one on the south portion of town, one in the east portion of town, and
one in the west portion of town. You could establish sessions with the
following names: North, South, East, and West, and invest these to each cope -
writing assessments, arriving into costs, generating invoices, etc.
If you want to see how of all the
restaurants are doing as an organization, you would run an ideal Benefits and
Loss. But if you wanted to see how a particular restaurant was doing, you would
still run a Benefits and Loss, but you would filter it by Category. This
evaluation will deliver increases and costs for whichever category you choose,
assuming all of the very first details were designed effectively. Very nice!
What Types of Records Can Use
Category Tracking?
Class Tracking is ideal for
Benefits and Loss dealings, not for Stability Piece dealings. On most screens
it's easy tell if you are operating in an ongoing income and decrease cope, or
an stability aspect cope with sessions. Let's take the Write Assessments show.
You are acquainted with both halves of this show, no doubt. There is the upper
Half with the green "check," and the bottom Half, with two tabs that
say Expenses and Elements of a white position.
If you have category monitoring
turned on in Sage, begin the Write Assessments show (from the cost-effective
choice, choose Write Checks). Invest some efforts and look where the Category
wide range is situated. It's in the bottom Half of the show. The upper Half of
this show is definitely an stability aspect cope - it entails cash away from
the conventional traditional financial institution issue. Reduced Half of the
show is often an ongoing income and decrease cope. And it is in this area where
the course is assigned.
The same keeps for the Get into
Bills show. Start it up now and see (from the Providers choice, choose Get into
Bills). In the Invoice show, it is is a little more obscure, but still, the
course assigned here will affect an ongoing income and decrease issue.
Can I Have Separate Companies in
a Single Sage File, and Allocate Each Its Own Class?
No. Each exclusive entity, with a
modern FEIN, must have it's own laptop computer or laptop computer or computer
details file.
I've often seen issues from those
who set up different organizations within a Sage laptop computer or laptop
computer or computer details file, and invest a classification name for to each
organization. At some aspect, the entrepreneur inevitably wants a
classification evaluation concentrated on the quantity aspect for each organization
- the cost-effective details, a / r, traditional financial institution bank
credit score rating credit score cards, details due, etc., all broken down by
category. Sage Category Tracking cannot do this, and was not designed for this!
Another issue with developing
different organizations within a individual Sage laptop computer or laptop
computer or computer details file is that ownership across the lenders might
not be the same. Retained Earnings for each organization cannot be separated
(at least, not instantly by Sage). Maintaining individual Retained Earnings is
important if the ownership across the entities varies AT ALL.
Also, if the entities are
corporations, preparing the corporate taxes becomes a genuine challenge if
they've all been set up into a individual Sage laptop computer or laptop
computer or computer details file. There's just no way to have Sage breakout
the individual balance sheets that are needed for the taxes.
What Should I Do If I Have More
Than One Company in a Single Sage File?
You will need to split up them
into individual Sage details. I know, I know - you don't want individual Sage
files! I know. But that is the way it needs to be - truly! If you need help
doing it, go to the Intuit web page and get a Sage ProAdvisor to help. This is
a sticky scenario and should be handled by somebody who understands accounting
principles.
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