we are looking to break account in division/ department how do I do this

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  • Updated 3 years ago
we have done acquisition would like to keep things separate accounting wise can we setup a new division or department within reckon hosted
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Rob Campbell

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Posted 3 years ago

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Kevin Russell, Accredited Partner

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Yes
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Rob Campbell

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Yes - but how do you set it up
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Jeffrey Arana

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Rob Campbell

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using reckon hosted
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David Robertson

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If your acquisition is a pty Ltd company or organisation needing statutory accounts you will need to set up another a company. You cannot manage a balance sheet for more than one company in one accounting database.
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Rob Campbell

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David

thanks for the feed back the acquisition is not a PTY Ltd  company we are just purchasing just the assets and taking on the staff we will trade under our own company name
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John Graetz

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Rob.  It sounds like using Classes would probably give you the desired result.  By doing this, every P&L transaction is assigned a Class, which is effectively a separate department or division - go to Lists> Class List to set it up.  You can then run a P&L based on each class/division to see how each is performing.  Bear in mind that prior transactions will not be assigned an automatic class unless you go back and edit each transaction.  In other words, if you start from say 1/5/17 your P&L when you run it will show all prior transactions as unassigned (to a class).  
John L G