Hi Glen,
Just seen the project tagging update. I think the last link would be to tag journal lines, particularly for payroll journals to allocate labour and depreciation costs to projects.
Just a thought
R
Hi @wizard
Thank you for suggestion. We’ll certainly consider this if there’s enough interest in this feature.
You can add adjustments at the moment which may help?
Project tagging Journals would be extremely helpful
Thanks, Matthew. The problem with adjustments is tying them back to the financial transactions. It’s too easy to make an error, whereas the journal is part of the integrated financial control system.
I’d certainly value this feature too - it would make more sense for depreciation journals than creating fake invoices etc.
Hi,
I saw this topic as a suggestion for a post I was about to make myself.
Tagging journals with project tags is extremely helpful as it would tremendously help with financial control.
Example:
For a contract with a customer, I provide services, and incur some expenses for business travel. All is paid in the end by a fixed lump sum.
As part of a business trip, my wife picks me up from the airport. This is a personal expense that is payable, yet cannot be processed as “purchases” because
a) it’s not a purchase, and
b) Purchases are controlled via the Creditors Control Account (2100), whereas this would need to go through Employee Payable (2110).
Hence I need to process personal expenses through a journal. Yet, I need to run a report on the total cost of a project including expenses and the final payment to determine the “value for money”.
The custom report option can’t provide, and tags are not allowed on journals therefore financial control missing valid costs that were not purchases in the first place.
Please allow tagging journals!
Thanks,
Michel
You can record it as a purchase (paid immediately from drawings/director loan, and you could then offset that with a transfer to 2110 if you wish, or just create a dummy bank account rather than 2110 to track money owed to employees and mark the “purchase” as paid from there). I guess you might need to mark it out of scope for VAT purposes if you’re VAT registered
True.
But that’s - AFAIK - incompatible with payrolling expenses which I plan to register for coming tax year.
Thanks Ian (yet again g),
I had to wrap my head around this for it to make sense for me, but I think I know what you mean.
This is one of the situations where accounting software defaults can be hampering, and the workaround then causes effectively proliferation of fake bank accounts, where they really are just credit control accounts (and thus should be treated as such).
Cheers,
Michel
Hi, am a new user to Quick File and like it . But I do need the feature of tagging also journal entries (similar to cost centres, projects in other tools). when is that feature available?
Let me know please Thanks
There are no plans to add this at the moment for journals, but you can add adjustments to projects which may help.
There’s more on this here: New Project Adjustments
Good Morning Matthew
Did you ever put the feature for tagging a journal? I could really do with this for wages journals.
Hi @oneillsfwm
There hasn’t been any change here I’m afraid. If anything does change however, we’ll be sure to update this thread.
Just seen this reply, for those of us who aren’t accountants this is a bit more complicated, as I run a number fo projects journals are essential but when running project P&L’s my journals are missing as we cant tag them, there must be an easier way
I wouldn’t say you necessarily need accounting knowledge to use the project adjustments - it’s just simply entering a date, invoice value and/or cash value.
There’s an example of what’s required to create the adjustment in the link in the post you referenced:
Adding project tags to journal LINES would certainly get my vote as a feature as they would then appear in the line level detail in the backup data.
Project adjustments just don’t quite tick the double-entry box for me.
cheers
Agree if Projects could be tags in JOURNALS this would be great…