A financial statement is a report of the financial activities of a business, which in it's most basic form, consists of a Balance Sheet and Income Statement.
•Balance Sheet - The balance sheet reports the company's assets, liabilities and equity based on a specific cutoff date. The accounts on the balance sheet are perpetual, meaning they carry a balance from year to year.
•Income Statement - The income statement reports the revenue, expenses and profits for a specific date range. The accounts on the income statement are 'closed' during the year end process and the net profit for the year is posted to the retained earnings account on the balance sheet.
AccuBuild contains two different report writer versions of the balance sheet and income statement reports:
•Traditional - These reports are printed through the Ledger > Reports > Financial Statements menu option. The version allows the user to enter account ranges for each account type (assets, liabilities, etc) into the report designer. The traditional reports may only be printed for the current fiscal year or the next fiscal year.
|
Financial Statement - Traditional Version |
•My AccuBuild Reports - The MAR version of these reports are based on the Account Type for Financial Reporting field found on each account in the Chart of Accounts.
oUse the Ledger > Account Type Codes option to view or update the list of codes (glfstype.adt). This is a company table so it may be customized on a company by company basis.
oUse the Ledger > Account Types Link to update the Chart of Accounts with the account type codes. This screen option is quicker than editing each account in the Chart of Accounts screen.
oReports may be printed for any date range - prior, current or future.
 | Note: If you have made adjustments of any kind to your retained earnings account in the year that you are reporting on, then do not use the cutoff month option on the report dialog screen. Instead, print your balance sheet using the first day of the fiscal year as your beginning date to ensure that the retained earnings are calculated correctly. The ending date should be the last day of your reporting period. |
A work around to this would be to reclassify your retained earnings adjustments to a new account such as 'Current Year Retained Earning Adjustments' and flag the account as an 'income statement' type account so that the balance will be closed out to the actual retained earnings account when the fiscal year is closed. This new account would be linked to the Retained Earnings account link for financial statement reporting but it will not interfere with the beginning balance calculation of the retained earnings account. This will allow you to use the 'cutoff month' option on the report dialog screen.
| Note: Account 30400.00 is a reserved account number that is used by the MAR Balance Sheet to hold the Net Income for the reporting period. Do NOT set up this account number in your Chart of Accounts for your Net Income or for any other account purposes. If you have already posted transactions to this account, please contact AccuBuild Support at steam@accubuild.com to have a technician modify the account number for you (GLMaster, GLDetail). Setting up account 30400.00 in the Chart of Accounts will cause the MAR Balance Sheet to replicate the Net Income multiple times. |
Financial Statement Options:
Financial Statement (glrep06a.669)
❑Financial Statement - RESERVED FOR FUTURE ENHANCEMENT
❑Financial Statement - Consolidated - RESERVED FOR FUTURE ENHANCEMENT
❑MAR Income Statement (glrep06a.669)
❑MAR Income Statement – Colored Groupings (glrep06b.669)
•Highlights each account level by color to make viewing easier.
❑MAR Income Statement – Monthly & Total Activity (glrep06c.669)
❑MAR Income Statement - Export (glrep06d.669)
❑MAR Income Statement - Colored Groupings - Export (glrep06e.669)
❑MAR Income Statement - Monthly & Total Activity - Export (glrep06f.669)
❑MAR Balance Sheet (glrep06m.669)
❑MAR Balance Sheet with Drill Down (glrep06n.669)
❑MAR Balance Sheet Multi Page (glrep06o.669)
•Prints the Assets and the Liabilities & Capital on separate pages
❑MAR Balance Sheet Multi Page with Drill Down (glrep06p.669)
•Prints the Assets and the Liabilities & Capital on separate pages