Using Classes, Locations, and Tags
So far, we've concentrated on looking at a standard profit and loss report, but it could be that an organization needs to break the information down on the profit and loss report even further.
Although an organization may operate as one entity for tax and statutory reporting, it may have offices in different locations or consist of different departments. They may even have a mixture of both.
Charities may need to record the use of different funds. These are known as restricted and unrestricted funds. In addition to using a chart of account category, they may need to indicate when income or expenditure needs to be allocated to a specific fund type.
When we have an organization that requires an extra level of reporting, we may need to look at using some of the other features available. Classes, locations, and tags provide us with additional data fields to complete when creating a transaction, as well as enhanced levels of reporting.
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