Can you Filter Balance sheet report by Project in the same way P+L can be filtered?

Question asked by Alistair Wood 9 years ago

I am running a property development company and I believe the correct way to account for Work in progress over the year end is to keep it building up in the BS until a sale is made and then release it to the P+L in the financial year of the sale. How I have gone about this was to look at the P+L filtered by project (I create a project for each development) and then using a journal move items to an equivalent WIP account in the Balance sheet on a project basis. i.e. If I had a new gas connection installed costing £3000 initially it was in P+L against Utilities due to how I had entered the purchase invoice but I moved this to the BS using Journal under WIP - Utilities (I created equivalent WIP accounts in BS) at year end as this is the way my accountant wanted it held until property sold. The problem I am having is in the Profit and Loss report you can filter by Project but not in the Balance Sheet it appears. This being the case how can I see how much is sitting on the Balance sheet on a project basis so I can release that amount on the sale of a property?

Also should there be a better way to go about accounting for this type of scenario I would be happy to hear anyone's advice.

1 Reply

Hi Alistair,

I am afraid that it is not possible to filter the balance sheet in this way. You can have reports for income and expenditure by account code, but I am afraid there is no option to filter down the balance sheet. If you would like to see this added, please feel free to propose it as an idea for future development here on Community.

Chris

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