I am trying to figure the best way to track inventory purchases. I purchase inventory and get an invoice that includes inventory, supplies (non-inventory), equipment, taxes, fees, and personal use. With accrual accounting, I figure Cost of Goods Sold for taxes by declaring inventory purchases and value of inventory on-hand. I can get value of inventory on-hand from my specific business management software. I can get total purchases from end-of-month payments to suppliers from my Tiller setup. But I really need to break down those purchases on an invoice-by-invoice basis. So I just made a spreadsheet that has columns with each of those expenditure types. My question is, can I use that spreadsheet (or is there something that already exists), that can group those invoices together according to each monthly statement from the supplier? And then, can I use the totals from the different expenditure types to split those monthly payments accordingly?
If i’m understanding this correctly you need to identify either on an invoice basis the different items that come and and which invoice it relates to? if so you could try the tags report below
and code by invoice:type to make it more traceable?
Maybe tags might work. But I have a follow-up question. I pay multiple invoices once a month, so a single transaction covers multiple invoices. On the Tag Report template, can I specify the invoice? And then on the transaction sheet tag multiple invoices from the Tag Report?
When you pay multiple invoices is this so it shows up as one transaction on tiller or separate? if one you can split using https://help.tiller.com/en/articles/6326655-automate-splitting-transactions
and then you’ll be able to specify. But even if you don’t so long as you don’t mind directing back to that particular transaction you can combine the tags that or use format transaction:invoice:type
When I pay multiple invoices, it’s one transaction on Tiller. I am good at splitting transactions. I’m looking for a way to link the one transaction (the payment to a company) to the split designations for whichever invoices that payment covers. It’s never the same number of invoices or the same $ amount in each split.
I looked at the tagging option a bit, but I think that just returns to the original problem of having to split transactions manually to reflect multiple categories and variable amounts in each category. If the $ amounts were always the same, that would be fine, but they are not the same.
With the three way tagging you don’t need to necessarily split, but say you do pay more than 3 invoices per transaction that does make the tag report not as helpful, unfortunately. Because tiller can only see what the bank sees in terms of transactions so at some point you’ll need to manually split certain things.
I have been thinking that this is sort of the reverse of reconciling bank or credit card statements. My own spreadsheet of invoices is like the Tiller Transactions sheet and each Tiller transaction that pays an invoice should be at least marked. I like how the Tiller transactions sheet can just keep growing from one year to the next. I don’t mind making a new invoice spreadsheet annually and then I can just grab the accounting information that I need from the totals on the invoice spreadsheet. Would be nice if the invoice spreadsheet could just grow like the transactions sheet, but seems like extracting the sums for any given time period then becomes challenging. (At least for me)