Standard Financial Reports

Overview

Accounting Seed provides the following list of standard pre-configured Financial Reports. Each report can be filtered to run on any Ledger, Accounting Periods and GL Variables. They are:

• Profit & Loss
• Profit & Loss Versus Budget
• Balance Sheet
• Trial Balance
• Cash Flow Statement
• Ledger Inquiry.

Steps

1. Navigate to the Accounting Home.
2. From the Reporting Section, click Financial Reports.
3. Select the report you would like to run.
4. Select the Accounting Period(s), Ledger, and GL Variables you would like to filter on.
5. Click the Run button. The values chosen will be stamped in the resulting report footer.
6. Once the report has finished generating, click the Report Number link in the Report Generation Jobs section of the screen.
7. In each of the Financial Reports, any values that are underlined can be clicked into to reveal a list of the underlying data that makes up that value.  For further information about how this applies specifically to inception-to-date accounts (i.e. Balance Sheet), see notes below. 
   • If a GL Account has more than 4000 transactions for a particular accounting period:
     • Drilling into its hyperlink on a Financial Report will display the first 4000 transactions.
     • A message will display informing the user that only the first 4000 records are displayed.
     • The native Salesforce report Transaction Detail by GL Account can be run to retrieve a complete list of transactions.

When opening or closing multiple Accounting Periods at the same time, you may notice a delay in running reports until the opening or closing process has been completed. Opening and closing accounting periods typically takes three minutes to process.  See Close and Open Accounting Periods.  

Standard Financial Report Details

Profit & Loss:

• Shows the current period activity for the actual ledger.
• No Accounting Periods need to be closed to run this report.
• Can be run for up to 12 Accounting Periods at one time.

Profit & Loss Versus Budget:

• If Show All Periods is selected, a user can show the monthly actuals vs the total budget for the periods selected.
• Shows the $ difference and the % difference between Total Actuals versus Total Budget over the same periods.
• No Accounting Periods need to be closed to run this report.

Balance Sheet:

• Columns show inception-to-date activity for Balance Sheet GL Accounts.
• Although a Balance Sheet represents inception-to-date balances, drilling down into values on the Balance Sheet will only provide that selected period’s activity.  To run a multi-period activity for a Balance Sheet account, Accounting Seed recommends using the Salesforce reporter which can be navigated to through Accounting Home > Financial Reports > Management Reports.
• Can be run for up to 12 Accounting Periods at one time.
• Can be run for all closed periods plus the open period immediately following the last closed period.

Note: If the last period the report is run for is not yet closed, the Current Year Earnings GL Account will not be updated. This will cause the report to be off by only the current year earnings amount for that open period. All other lines will be accurate.

Trial Balance:

• Shows the Opening Balance, Current Period Activity, and Year-To-Date balance for all GL Accounts for the period it is run for.
• Can be run for closed periods or the open period immediately following the last closed period.
• Can be run for one period at a time.

Cash Flow Statement:

• Shows the breakdown of transactions by Cash Flow Category for all cash and cash equivalent GL Accounts.
• Shows the beginning cash balance, current period, and year-to-date values for each category.
• Can be run for closed periods or the first open period immediately following the last closed period.
• Can be run for an individual period, or for all periods within a particular fiscal year, provided they are closed or the first open period.
• When you are ready to activate Accounting Seed's Cash Flow Statement feature, you will need to wait until the beginning of your next fiscal year.because cash related transactions are required to be tagged with a Cash Flow category in order to generate a Cash Flow Statement. Cash related transactions include:: Cash Disbursements, Cash Receipts and Journal Entries to a cash account. For set up details for this report please refer to the Cash Flow Categories Set Up article.

Ledger Inquiry:

• Shows a user a GL Account’s transaction history that was posted to the general ledger. In order to run this report the following must be defined:
• Accounting Period range (no more than 12 periods)
• Ledger
• A user can also refine their results by additional filters:
  • Project (Revenue and Expense GL accounts only)
  • Project Task (Revenue and Expense GL accounts only)
  • Account
  • GL Variables 1-4
• If a user has a need to run a ledger inquiry for multiple GL accounts concurrently or for more than 12 accounting periods, then Accounting Seed recommends using the Salesforce reporter’s Transaction Detail by GL Account report which can be navigated to through Accounting Home > Financial Reports > Management Reports.
• The number of records supported for the ledger inquiry report is 5000. 
• It is now possible to run the Ledger Inquiry report for the Profit & Loss GL Accounts with Open Start and End Accounting Periods.

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Release Notes and Schedule

• If a GL Account has more than 4000 transactions for a particular accounting period:
  • Drilling into its hyperlink on a Financial Report will display the first 4000 transactions.
  • A message will display informing the user that only the first 4000 records are displayed.
  • The native Salesforce report Transaction Detail by GL Account can be run to retrieve a complete list of transactions.
  • It is now possible to run the Ledger Inquiry report for the Profit & Loss GL Accounts with Open Start and End Accounting Periods.