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 OBJECTIVES    

 OBJECTIVES     . Review the design of customized Financials Statements Discuss Parameter Review report and actual set up Understand column selections for financials Learn how to create financial statement budgets . PREREQUISITES. The following procedures and records are recommended:

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 OBJECTIVES    

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  1.  OBJECTIVES     • Review the design of customized Financials Statements • Discuss Parameter Review report and actual set up • Understand column selections for financials • Learn how to create financial statement budgets 

  2. PREREQUISITES • The following procedures and records are recommended: • Printed General Ledger Chart of Accounts. • Printed Trial Balance Report (Period and Year-To-Date) • Printed Financial Statement Parameter Review reports • Create a worksheet for initial design

  3. OPTIONS • OPTIONS available for producing financials statements: • Auto Generate Parameters: This option allows you to automatically generate the parameters for the Balance Sheet and Profit and Loss Statements. Standard Financial Statements will be generated based on the chart of accounts and control types. • Auto Generate the standard financial statements, then use Add/Modify Parameters to modify the standard statements. • Create customized financial statements using the Add/Modify parameters option.

  4. AUTO REGENERATE AND CHART OF ACCOUNTS • Chart of Accounts – modifications to chart of accounts will cause the following informational error to appear:

  5. CONCEPTS • There are three types of lines or concepts used in the financial statement parameters: • HEADERS – Used to print long description lines on financial statements. • DETAIL – These lines have the chart of account number referenced (ACCT SEL) and will show the dollar amount for the account number. You can have 1 or more account numbers referenced on a detail line. The detail line also has the TOTL SEL which is the total line number that the detail line will add into. Budgets can be added to detail lines. • TOTAL – Used to provide a place to add detail lines and show totals. Total lines can also add into other total lines. Budgets can be added to total lines.

  6. STEP ONE – UP FRONT PLANNING • Planning is KEY to CUSTOMIZED financial statements • Decide how you want the completed financial statement to look • Create the financial statement starting with totaling and work up to individual details • CREATE A WORKSHEET • Use a worksheet to conceptualize and plan • Use a worksheet to layout the statement prior to input • Use a worksheet to determine subtotals and totals, details and summaries • Use Auto generated parameter review report as guideline

  7. PARAMETER REVIEW REPORT • Auto generate parameter review report • Use as a guideline • Illustrates how Standard report is created • Based on account type/control type • Use Standard system generated financial parameter review report as aide to set up and audit

  8. PARAMETER REVIEW REPORT • Parameter Review Report: Based on account type/control type “AS” - Asset Account Control Types • 105 Cash accounts for Payroll, General Account, savings and all other cash accounts. 110 Accounts Receivable for all construction related work. • 115 Accounts Receivable for non-construction related items. This would include notes receivable, deposits, and other like accounts. 120 Retainage being held on construction billings. 125 All accounts that are set up for bad debt allowances. • 130 Accounts that are established for the cost of jobs in progress under the completed contract method of accounting. • 140 Accounts established for the posting of earned revenue under-billings amounts under the percentage of completion basis of accounting.

  9. PARAMETER REVIEW REPORT • Parameter review report

  10. PARAMETER REVIEW REPORT • Parameter Review Report

  11. WORKSHEET

  12. TOTALING • TRIAL BALANCE 03/31/2006 • 100 CASH-GENERAL  \ • CASH-PAYROLL \ CASH & EQV. • 105 PETTY CASH / • ACCTS REC \ • AR RET / CURRENT A/R • NOTES REC \ TOT. • 125 OTHER REC / OTHER A/R CUR. • 130 EMPLY LOANS ASSETS • 132 RESERVE BAD DEBT • 135 PREPAID EXPENSES • 140 MATERIAL INV • 150 LAND • 155 AUTO & TRUCKS • 160 MACH & EQUIP • 161 ACC.DEP-MACH/EQUIP • BALANCE SHEET • TOTAL ASSETS • TOTAL LIABILITIES • TOTAL EQUITY • TOTAL LIABILITIES AND EQUITY

  13. SUMMARY VERSUS DETAILS • TRIAL BALANCE 01/31/2006 • 100 CASH-GENERAL • 102 CASH-PAYROLL • PETTY CASH • TOTAL CASH • OR • CASH REFLECT SINGLE LINE AMOUNT FOR ALL CASH ACCOUNTS COMBINED • BALANCE SHEET • DETAILS: SUMMARY VERSUS DETAILS • LINE ITEM DETAILS OR SINGLE LINE TOTAL

  14. LINE NUMBERING BALANCE SHEET or INCOME STATEMENT • ESTABLISH LINE NUMBERS • Line numbering • Balance Sheet = .0100 - .4700 • Income Statement = 1.0100 – 1.5600 • LEAVE ROOM FOR “GROWTH” • LINE NUMBERING • MUST ENTER ALL APPROPRIATE ZEROS • LIMITS

  15. PARAMETERS ADD/CHANGE • BALANCE SHEET OR INCOME STATEMENT • TOTALS • ADD OR SUBTRACT • DEBIT OR CREDIT • DETAIL LINES • EVERYTHING IS “POSITIVE” • SYSTEM TAKES NATURAL SIGN AND CONVERTS • TO A POSITIVE FIGURE • TOTAL LINES PLUS OR MINUS

  16. ADD/MODIFY PARAMETERS • Select TYPE – Balance Sheet or Income Statement • Select FORMAT – Single Company or Consolidated • Line Details: • Select the line number you desire, hit tab key and the description will display and the action button will light up. • Select the line type: • Header • Detail • Total

  17. ADD/MODIFY PARAMETERS

  18. ADD/MODIFY PARAMETERS • Additional Parameters • Left margin – header lines only • Start this line on a new page • Skip lines – cosmetic spacing • Divide by – total lines only – Percentage of

  19. ADD/MODIFY PARAMETERS

  20.  ADD/MODIFY PARAMETERS - DETAILS • Accounts Detail – enter account(s) for this line. • Summary presentation – multiple account numbers • Account Details: Account Number • CREDIT OR DEBIT • Add or Subtract

  21. ADD/MODIFY PARAMETERS - DETAILS

  22. ADD/MODIFY PARAMETER - DETAILS

  23.  ADD/MODIFY PARAMETERS – TOTALS • Each detail screen requires Total Lines Detail • Total Lines Detail • CREDIT OR DEBIT • Add or Subtract

  24. TOTAL LINES DETAIL

  25. ADDING LINES TO EXISTING STATEMENT • You can add additional lines to an existing financial statement • Create line number between two lines already created •  Type in a new line number • Finish filling in the related information on Add/Modify screen and then click “Add” •  Add Total Line • Add Account(s) Detail • Exit

  26. PRINTING FINANCIAL STATEMENTS • Inquiries and Reports - Print Financial Statements • Select type of financial • Balance Sheet • Income Statement – Monthly • Income Statement – YTD • Ratio Analysis • Source and Use Analysis • Select Print Standard Columns or Create your own Columns • Print All Lines • Parameter Review Report • Multiple Financial Statements

  27. PRINTING FINANCIAL STATEMENTS

  28. PRINTING FINANCIAL STATEMENTS • Action Codes • A = TIME FRAME • B = CURRENT BUDGET • C = MONTHLY TRANSACTIONS • D = PERCENT OF • E = VARIANCE DOLLARS • F = VARIANCE PERCENT • G = BLANK • TIMES: ONE through FOUR (Up to 4 time periods) • COL1 and COL 2 • D Percent of • E Variance Dollars • F Variance Percent

  29. PRINT FINANCIAL STATEMENTS

  30. NON-STANDARD COLUMNS • Identify Col1 and Col2 • Action Code D Percent of – Col1 divided by Col2 • Action Code E Variance Dollars – Col2 less Col 1 • Action Code F – Variance % - Col2 less Col1 divided by Col2

  31. PRINT FINANCIAL STATEMENTS

  32. MORE CUSTOMIZED • DIVISIONALIZED OR DEPARTMENTALIZED FINANCIAL STATEMENTS • CONSOLIDATED FINANCIAL STATEMENTS • Activate Company number field

  33. BUDGETING • Budget Details • No Budget • Monthly Budget • % Budget • Annual Budget • Budget Details screen • Select budget type • Hit Details   • Budget screen dependent upon budget selection • Monthly – month by month input – amount or percent • % - Enter desired % (not allowed for total lines) Percent of line or Percent of amount • Annual – Amount entered will be divided by 12

  34. BUDGETING

  35. BUDGETING

  36. EXPORT Print to Screen then select Export icon • Export to Excel • Export to PDF file

  37. EXPORT Select Export type • Export to Excel • Export to PDF file

  38. FINANCIAL RATIO REPORT The Print Financial Statements: · Balance Sheet · Profit & Loss - Monthly · Profit & Loss - YTD · Ratio Analysis · Source & Use Analysis

  39. FINANCIALRATIOREPORT

  40. FINANCIAL RATIO REPORT • Current Ratio: Current Assets (control types 100 to 154) divided by Current Liabilities (control types 200 to 259) • Acid Test: Cash + Accounts Receivable (control types 100 to 114) divided by Current Liabilities (control types 200 to 259) • Working Capital: Current Assets (control types 100 to 154) minus Current Liabilities (control types 200 to 259) • Fixed Asset Newness: Net Book Value of Fixed Assets (control types (160 to 164) less (165 to 169)) divided by Fixed Asset Cost Basis (control types 160 to 164) • Current Assets to Total Assets: Current Assets (control types 100 to 154) divided by Total Assets (control types 100 to 199) • Total Liabilities to Net Worth: Total Liabilities (control types 200 to 299) divided by Net Worth (control types 300 to 399 + Net Profit ((400 to 499) – (500 to 599))

  41. SOURCE AND USE ANALYSIS REPORT • The Source And Use Analysis report provides you with a review of significant changes that have occurred in your financial position during a selected time period. The analysis is based on a comparison of balance sheets at the beginning and end of the accounting period. Increases and decreases are arranged to present the sources and uses of funds during the time period.

  42. QUESTIONS ???

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