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organize my expenses

Posted on 2010-08-12
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Last Modified: 2012-05-10
Hi

I need to organize my expenses, unfortunately the previos person was entering too many details to classified them.
Let's say we had an event called XYZ event, so what they were doing was recording as follow

Expenses
Event-XYZ - Supplies
Event-XYZ - Phone
Event-XYZ - Tolls
Event-XYZ - fees

I think that we cna better manage this ith classes
for example
Expenses                           Class
Supplies                             Event-XYZ
Phone                                Event-XYZ
Tools                                  Event-XYZ
fees                                   Event-XYZ


What do you think, any pros or cons on using this method.
the proble with the first approach is that i can track expenses on this event but if i want a general report this wont be in there.

please advise and explain

thanks
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Question by:titorober23
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JackOfAllTrades earned 600 total points
ID: 33433507
Wow that current COA must be huge if it is all broken out that way, what a mess.

Classes would do the trick, although classes are usually used to segregate P&L activity by a segment of the business.  An example would be multiple rental buildings or a business with multiple locations.  

If these are temporary events you may be better served coding them to jobs.  You can then pull specific reports for the events through job reports.
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Author Comment

by:titorober23
ID: 33446067
Can i mix, jobs and classes?
Dop i have to define them once or can they change all the time?
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Expert Comment

by:JackOfAllTrades
ID: 33446531
Incomes and expenses can be coded to a job and a class.

You would not want to change a job or class, but you can add additional ones as needed.

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Author Comment

by:titorober23
ID: 33446574
can you take a look at this question ID:26405655

thanks
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