Accounting Tags

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Beginning in version 1.4, opentaps will support the use of accounting tags to help you track transactions within your organization. You can set up up to 10 accounting tags, each with as many values as you need, to track whether orders, invoices, payments, and accounting transactions should be attributed to the divisions, departments, activities, etc. within your organization. Opentaps will then allow you to get financial statements and reports by your different tags.

For example, in the demo data, the organization has set up three sets of tags: division, department, and activities: Accounting tags.png

These tags can then be entered as orders, invoices, payments, and manual accounting transactions are entered. You will then be able to run financial reports such as income statements while zooming in on particular combinations of tags, such as an income statement for the "Small Business" division or the "Product Development" activity. To run a report for all tags, use the "Any" option. To run a report for transactions which have not been tagged, use the "None" option.

The tags which can be associated with a particular type of transaction, such as an order or an invoice, is configured in the AcctgTagEnumType entity for your organization. For example, in the demo data, the orders and invoices can be entered with all three sets of tags, while payments can only be entered with division tag.

In general, you should think carefully about how to configure tags so that the financial statements will be in balance. If you want to produce balanced financial statements such as balance sheets for a particular set of tags, then all transactions must be balanced. For example, if you want to have balanced financial statements for your divisions, then you must begin by receiving payments which are tagged to each division, then receiving and making invoices and payments tagged to each division as well. In contrast, you can produce income statements for a set of tags as a way to track expenses by cost center, without creating fully balanced financial statements for such tags.

opentaps can be configured to check that accounting transactions are balanced with respect to one or more of your tags by configuring the AcctgTagPostingCheck Entity for your organization. For example, if you want to make sure that all transactions posted to your ledger are balanced with respect to the first tag for division, you can set it up by enabling AcctgTagPostingCheck for your organization and tag 1. Then, when you try to post an accounting transaction, opentaps will check that the debits and credits balanced for each division in your accounting transaction.

If you would like to tag each application of your payments, instead of just the payment itself, set the flag Alloc payment tags to appl on View Configuration Screen to Y. If you set this tag to Y, then the payment must be fully allocated before it could be set to SENT or RECEIVED and posted to the ledger.