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01/05/2023 7:13 pm
A common question is whether to use a Cost Code or an Event to record, track and report your organisation's activities. As you have probably seen, Clubtreasurer provides a lot of flexibility and, ultimately, it is your choice which direction to go in; often there is no simple 'right' answer! However, there are a couple of principles and pointers that can help here:
- Cost Codes are generally used where the activity or purpose will be long-term (more than one financial year) - for example, different Revenue/Sales channels. Also, if you want to report these in your Profit and Loss/Income & Expenditure reports then you should use Cost Codes.
- Events are typically used for one-off, short-term activities or projects, eg. "Summer Party", "Annual Fund-Raiser", or "Winter Tour", etc.. Here you want to track all income and expenditure against your event(s) and analyse the surplus/deficits, etc.. for each one.
Finally, it is important to remember that Cost Codes and Events are independent of each other and so you can use the same Cost Code across different Events, and vice-versa.