Reports & tax

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1. Balance Sheet Tracking Categories

   Xero has tracking categories for Profit & Loss reporting.
   Our single entity charity uses tracking categories to produce a profit and loss report by fund where the fund type is an option within a fund category.
   We need the same for the balance sheet to produce a balance sheet report by fund on an ongoing basis.
   For example, income and expenditure transactions on a bank account can be tracked, but not the bank account balance itself. Ditto for liability accounts etc.
   This would also need a tracking option/field on manual journals.

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   2 comments  ·  Reporting  ·  delete…  ·  Admin →
   Existing functionality  ·  AdminDavina Roper (Admin, Xero) responded

   Thanks for raising this and Im happy to say this functionality is already available in Xero. You can use tracking categories and options to report on your Balance Sheet by fund, in addition to using tracking for Profit and Loss reporting.

   To view the Balance Sheet by fund:

   1. Set up your fund type as a tracking category, with each fund as a tracking option.
   2. Ensure the relevant transactions are assigned to the appropriate fund.
   3. Open the Balance Sheet report and use the tracking filter to select the required fund.

   When creating a manual journal, you can also select the relevant tracking category and option on each journal line. This allows the journal entries to be included in reporting for the appropriate fund. Tracking is also available when importing manual journals using the tracking fields.

   Please note that some system accounts, such as bank, accounts receivable and accounts payable accounts, may have restrictions on direct manual journal entries. Xero uses the Tracking Transfers account to help keep the Balance Sheet balanced when it’s filtered by tracking.

   You can find further guidance in Assign tracking options to transactions, Add, import and post manual journals 😊

   Thanks for raising this and Im happy to say this functionality is already available in Xero. You can use tracking categories and options to report on your Balance Sheet by fund, in addition to using tracking for Profit and Loss reporting.

   To view the Balance Sheet by fund:

   1. Set up your fund type as a tracking category, with each fund as a tracking option.
   2. Ensure the relevant transactions are assigned to the appropriate fund.
   3. Open the Balance Sheet report and use the tracking filter to select the required fund.

   When creating a manual journal, you can also select the relevant tracking category and option on each journal line. This allows the journal entries to be included in reporting for the appropriate fund. Tracking is also available when importing manual journals using the tracking fields.

   Please note that some system accounts, such as bank, accounts receivable and accounts payable accounts, may… more