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Carving
September 27, 2021
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Chart of Acounts

  • September 27, 2021
  • 1 reply
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Hi JamesM4.

Thank you for getting back to me on my request for assistance on Chart of Accounts dated September 26, 2021.

In regards to your response, I have no problem with setting up new accounts or editing same.

My main concern is:

  • I create a new account 472501 titled   “2021 – Instructor A – Carving A”  for 2021
  • as per your suggestion, I then change 472501  for 2022 to read “2022 – Instructor A – Carving A”  
  • If after changing the title to reference the 2022 year and I run a report for 2021 to cover 472501, wouldn’t the title for the 2021 report now show “2022 – Instructor A – Carving A”  with a subsequent loss of the 2021 instructor’s name and carving item in the title?

I am looking for the best way/suggestion to retain the same account/sub-account numbers from year to year without creating a new set of numbers for each subsequent year.

Thanking you in advance.

Regards.

Best answer by JamesM4

Hello Carving. Thanks for getting back to me here. Changing the title on the account means that the 2021 report for Carving A will also show up as 2022 since the account name was changed to reflect the new year. You'll still be able to see your account details, however, the account name is the one that'll be showing the difference. Since the account names will be changing yearly, you can utilize the filtering options on your report so they only show transactions affecting the 2021 financial year. The same would apply for other years aswell. Feel free to ask other questions, I'm here to assist. 

1 reply

J
JamesM4Answer
September 28, 2021

Hello Carving. Thanks for getting back to me here. Changing the title on the account means that the 2021 report for Carving A will also show up as 2022 since the account name was changed to reflect the new year. You'll still be able to see your account details, however, the account name is the one that'll be showing the difference. Since the account names will be changing yearly, you can utilize the filtering options on your report so they only show transactions affecting the 2021 financial year. The same would apply for other years aswell. Feel free to ask other questions, I'm here to assist. 

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