Wouldn’t it be wonderful if we could divide our revenue streams isolating the income and expenditure of particular products or services that we offer. With Xero you can do just that!
You can set up tracking categories allowing you to report on the activity on each of these in isolation. Here you can monitor how different areas of your business are performing (such as departments, cost centres, or locations). With this you can make proactive decisions such as deciding to increase the production of a particular product over another as it returns a more desirable gross profit margin.
Tracking Categories and Options
Tracking Categories and Options
You can set up a tracking category with tracking options however you want, so we’ll use an example to show you how it works.
Let’s say you’re a business with seven work locations. You can track sales at each location by setting up a tracking category with tracking options for each location.
Assign a tracking option to new transactions such as invoices, bills, quotes, purchase orders, spend money and receive money transactions, and transfer money transactions.
Track previous transactions
Assign a tracking option to previously-entered transactions such as invoices, bills, quotes, purchase orders, spend money and receive money transactions, and transfer money transactions to run reports about previous business performance.
Track bank transfers
Assign a tracking option to transfers you make between bank accounts.
Track fixed assets
Assign a tracking option when you create a new fixed asset.
You can also add tracking options to the import file when you import fixed assets into Xero.
Track a budget
Assign a tracking option to a budget you’ve created in Budget Manager.
Track a contact
You can set up default tracking options for contacts. Just select the tracking category when creating new transactions for the contact.
Track payroll expenses
Assign tracking options to an employee or an employee timesheet to track payroll expenses by employee groups.
Review and filter reports by tracking category and category option to see the performance of different areas of your business.
Tracking Summary Report
View specific data from a tracking perspective. You can customise specific groups of accounts.
Filter the following reports by tracking category and category option:
New financial reports
Add a tracking column to any of these new reports using the report layout editor:
You can filter the following reports by tracking category:
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