Accounting Seed provides five standard pre-configured Financial Statements with the package. They are as follows:

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

Each can be filtered to run on any of the GL Variables. To run these reports follow these steps:

  1. Navigate to the Accounting Home, from the Reporting Section, click Financial Reports.
  2. Select the report tab you would like to run.
  3. Select the Accounting Period(s), grouping, and any GL Variables you would like to filter on.
  4. Click the Run button.
  5. Once the report has finished generating, click the Report Number link in the Report Generation Jobs section of the screen.

In each of the Financial Statements, any values that are underlined can be clicked into to reveal a list of the underlying data that makes up that value.  For further discussion as to how this applies specifically to inception-to-date accounts (i.e. Balance Sheet), see notes below.

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 and 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 each 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.

Note: Accounting Seed's new Cash Flow Statement feature cannot generate a Cash Flow Statement until your next fiscal year.  This is because all cash related transactions (Cash Disbursements, Cash Receipts and Journal Entries to a cash account) in a customer's fiscal year are required to be tagged with a Cash Flow category in order to generate a Cash Flow Statement.

This functionality is available in our Daisy release (available now). We are releasing this functionality early to allow our existing customers to do the necessary planning, setup, and training of staff prior to the beginning of their next fiscal year

For set up details for this report please refer to this article: Cash Flow Categories Set Up

 

ASU-banner-4.jpg

 

Was this article helpful?
1 out of 1 found this helpful
Have more questions? Submit a request

4 Comments

  • 0
    Avatar
    Jeanae Remala

    When I try to run the standard "Profit and Loss Versus Budget" report noted above, when I click on the "Run" button, the system blanks out the ledger field and gives me an error message that says "Error - Attempt to de-reference a null object".  What does this mean?  What needs to be done to fix it?  

  • 0
    Avatar
    Tony

    Hi Jaennae,

    We need you to submit a support ticket to resolve this.

    Thanks,

    Tony

  • 0
    Avatar
    Sara Sutch

    Is there a way to exlude inactive GL accounts from the financial reports?

  • 0
    Avatar
    Ryan Faulkingham

    Hi Sara,

    The best way to do this is to create a custom report and selecting only your active GL accounts. Here is a helpful article to walk you through this process. There is also a related ASU course at the bottom of this article: 

    https://support.accountingseed.com/hc/en-us/articles/217569927-Custom-Financial-Reports-Overview

    Thank you,

    Ryan 

Please sign in to leave a comment.