You would use profit centers to track income and expenses for different “Groups” in your company (departments/stores/divisions). You can assign each group a profit center name and #, then set up the account #s you want to track for each of those profit centers.
1. Choose Profit Centers from the Setup menu. Here you setup the profit center # and corresponding name. You can have up to 99 Profit centers.
2. Click Chart of Accounts in the Command Center. Here you setup a “General” consolidating account followed by specific profit center accounts.
4000 Sales (general, consolidating account)
4000.01 Sales Store 1
4000.02 Sales Store 2
The reason for the “General” account is to be able to get a consolidated income statement. If no “General” account is setup, the first profit center account description will be used for the consolidated description.
You can setup profit centers in your chart of accounts for any type of account from 4000 and greater (Income and Expense).
When creating your journal entries, you can use these accounts to record your income and expenses to the different profit centers.
To create income statements for individual profit centers, click Income Statement in Command Center. Select one or more profit centers to be reported (these must be consecutive; you cannot choose non-consecutive profit centers). Select a report type and view, print, or create text file.
If you don’t select any profit centers, you will get a consolidated report for all profit centers.