Forum Discussion

Judy01's avatar
Judy01
Trusted User
5 years ago

Categories for Reporting

Hello   Our company has a Financial year end of 31 December. As of 1 July this year, one of our 'sister' company will be amalagamated with us. I need to be able to report both divisions seperately ...
  • Neil_M's avatar
    Neil_M
    5 years ago

    Hi Judy01 

     

    You may want to have this discussion with your accountant over whether you would be best to avoid using categories until the end of the year or whether you should start using the categories immediately.

     

    One way you could handle getting into the categories with the right amounts for the current financial year would be to use journal entries and potentially a holding account. These journal entries could be used to move the amount out of the account then back again as two separate transactions with the category attached to the second transaction. Do speak with your accountant if your unsure as to how those journal entries should look

Judy01's avatar
Judy01
Trusted User
5 years ago

Hi

 

I am re-posting my query in a different section because I have not had any answers undr Reporting yet and I need to get this resolved :)

 

Hello

 

Our company has a Financial year end of 31 December. As of 1 July this year, one of our 'sister' company will be amalagamated with us. I need to be able to report both divisions seperately and consolidated, and it seems that setting up Categories is the way to do this. I realise that I can't change categories on historical transactions so my question is how to deal with this since we will be half way through a year.

Basically my Categories will be Sales and Service. I will have a full set of accounts for Sales and a half year for Service. Rather than use the Sales category now, where I can't change historical data, am I best to run the rest of this year with no category for the sales division and enter all transactions of the service division under a service category?

 

In 2021, I can use the Sales and Service categories.

I hope that makes sense. I just need to be able to show results for each division on 31 December 2020. Next year will be easy.

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.