Financial Reports Setup
Use the programs Financial Reports Setup menu to set up and display your own financial reports, such as balance sheet, profit and loss, and so on.
Spend some time reviewing the various standard report formats that are available. You can view existing formats in Report Format F/M.
Report formats define the following parameters for the different types of reports:
• the number of periods to use.
• whether or not to use percentage of base columns.
• the columns or headings on each report (example: P&L 8 columns with % of base, P&L 6 columns without % of base, etc.).
• the mask size (to print up to 15 digits, including negative sign, parentheses, etc.).
Work Flow Concepts
Set up a layout of each report in Report Setup F/M using your chart of accounts to create custom GL financial reports — such as profit and loss statements or balance sheets — according to you company’s own specifications
To create custom GL financial reports, you must create a record in the custom report file for every line to be printed on the GL report. Each report contains parameters that tell the report how to print. There are two steps to creating a custom report. The first step is creating the header record; the second step is creating each line.
For example, the layout of the P&L usually prints gross sales, subtracts cost of sales to get net sales and then all expenses are added up and subtracted from net sales to get the net profit or loss. You must set up each line of the report so that it indicates which GL account number needs to be in each section, where captions and totals should be, when to print memos, which operations to perform on what lines, etc.
To create a custom report, first enter general information about the report. For example, should the header be reprinted on every page? If the figure is a negative, should the minus sign appear before or after the figure or should the figure appear in parentheses?
Then enter each line, one by one, determining what each line type is and what should appear on each line. As each line type is determined, the corresponding set of fields appears on the screen.
To help you set up and modify reports, the Report Setup Layout program prints a layout of the report showing what accounts have been used, where totals are, and so on. This program prints according to data created through the Report Setup F/M and is a printout of all information included in the financial report records for a given financial report. It may be used to make corrections and changes to reports you set up in the Report Setup F/M program.
You can also duplicate report formats by using the Duplicate Report Setup program. This program is useful when you want to set up a new financial report that is very similar to a report that has already been set up. Instead of creating an entirely new report, you can duplicate the original report and then make modifications to the new report. This saves time when you need to set up two reports that only differ on a few minor differences. All records for a given financial report are duplicated under a new financial report name.
Once reports are set up, you can also set up the reports to print for various companies, branches and/or departments in Report Group F/M. For example, report groups can be set up to print reports for one or multiple companies, selected branches for one or multiple companies, selected departments for one or multiple companies, or selected branches and departments for one or multiple companies. Report groups can also indicate whether to consolidate the selected companies, branches and/or departments. (Note: Companies on consolidated financial reports must use the same fiscal year.)
The Report Figures F/M displays the records in the report figures file. While printing reports, if totals are to be stored (in order to be recalled for a calculation/comparison on another report, i.e., storing the net profit or loss from the P&L to print later on the balance sheet) the figures are maintained in the report figures file. Financial report figure records are generally created as determined by the user during the printing of GL reports for use on subsequent financial reports. It is occasionally necessary to modify the figures for proper reporting on the subsequent report.
For example, at the end of the profit and loss report, the net profit or loss is calculated and printed. This figure is later used in printing the balance sheet, so at the time of the P&L printing, the net profit or loss may be written to a file (this figures file). On the balance sheet this net profit or loss is printed after retrieving the figure from this file. If the figure needs to be modified before printing on the balance sheet it may be done so through this program.
Financial reports are usually printed at the end of a period, and as a result the program to print the financial reports is on the End-of-Period menu. Financial report figure records are created through the printing of financial reports. Records are removed during the End-of-Period Update .
Report Group F/M (GLF310) Program Concepts
Use the Report Group F/M program to establish and maintain the report groups that determine what groups of GL account numbers appear on the GL financial reports.
A report group is a user-defined, four-character code that references multiple companies, branches and departments. You have the option to:
• Enter two descriptions to print on the header of the financials.
• Skip up to nine lines after each description.
• Consolidate account balances for companies, branches and/or departments. (Note: Companies on consolidated financial reports must use the same fiscal year.)
• Enter up to 10 ranges of companies, branches and/or departments to print.
Report Group Example
Report groups come into play when you print financial reports. An example account number might be 410-00-00 where the 410 is the base account number, -00- is the branch and -00 is the department. If the company has 2 branches (01 and 02) and 2 departments (01 and 02) then the following account numbers could exist:
410-01-01
410-01-02
410-02-01
410-02-02
When you set up a financial report, 410-00-00 is entered (not indicating any specific department or branch). The report groups are where you specify which companies, departments and branches to print on the financial reports. When printing the financials, the system looks at the report group to determine which account numbers (including branch and department) to print.
Using the example above, if the report group specifies branch 01, departments 01 and 02, the financial report would print the following account numbers:
410-01-1
410-01-2
Branch 02’s account numbers are not printed because branch 02 was not specified in the report group.
When setting up report group, you can specify for account type lines (as set in the Report Setup F/M) whether to consolidate for selected companies, branches and/or departments.
Using the previous example of the 410-00-00 account number using branches 01 and 02 and departments 1 and 2 the following account numbers exist:
410-01-01 (Branch 01, Department 01)
410-01-02 (Branch 01, Department 02)
410-02-01 (Branch 02, Department 01)
410-02-02 (Branch 02, Department 02)
If printing all branches and all departments and if the departments are to consolidate, the financial report would print the following:
• A total of both departments for branch 01
• A total of both departments for branch 02
The department figures are consolidated into one figure.