We currently have one company setup without using branches, The subaccount segment string is AAA-BBB where AAA is the Department and BBB is the Product. We want to add the physical location by either creating branches or a third segment in the subaccount segment string ie CCC is the Location. Is there any benefit to creating Branches (say for data entry, reporting, complexity of system administration) to capture this information compared with changing the subaccount string to include a third segment ?
+11Hi
As you mentioned, your company does not actually have any branches.
1/. You can apply branch creation for management purposes. For example, if you have a new product group and want to track its profit and loss, you can create a Branch corresponding to that product group. After setting up, you can monitor its profit and loss, liabilities, inventory, and which users have access to that Branch,... all specifically for that product group.
2/. For subaccount, it is to manage the specific elements (segments) you want to track within an account. When a transaction occurs, you must select the correct subaccount. The benefit of this is that you can view reports based on the accounts and subaccounts associated with transactions. One important thing to note is that for accurate data, you must select the correct subaccount when recording transactions.
In summary, a Branch helps you comprehensively manage what you want to track as a separate company or branch, while a subaccount is used to manage tracking details (segments) within an account. Depending on the specific case, you can choose to use either a Branch or a subaccount for management. Alternatively, you can use both.
Best Regards,
NNT
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