I want to be able to insert variables (cost center, department, territory, my own, etc) into my journal entry, that I can use to create better reports.
Quickbooks has this feature called “class tracking”. What this does is for each entry into a journal, I can add it into a class. Then later, one can create a report such as a profit & loss statement, but by class. This is an outstanding feature, but pretty much everything else about the software really fails to live up to what I want to do.
This class tracking is useful for example if we want to account for a trust with 5 beneficiaries, each transaction can have a class of “beneficiary a, b, c, d, …”. Then when the year ends, we have a simple way to know how much assets each beneficiary of the trust has, how much income, etc, etc.
I have been fiddling for ERPNext for several days, but I am unable to come up with an out of the box solution for this type of problem.
I do see in the reports section, there is a way to input the cost center to filter the report. However, if each journal entry does not have a way to input the cost center, how am I supposed to use this feature?
Does anyone have a good solution?