Use this screen to print financial statements. You can print a Balance Sheet, an Income Statement, and a Statement of Cash Flows.
The Balance Sheet is an integral element within your financial reporting system. It shows, in summarized format, your asset, liability and equity accounts. The design and descriptions for each line item within the Balance Sheet are established when you set up Financial Statements in the Set Up Financial Statements screen.
The Income Statement is the second report that makes up the financial statements. It presents all of your income and expense accounts in a summarized format along with gross profit from projects, net income before taxes, and net income. The design and descriptions for each line item within the Income Statement are established when you set up financial statements.
The Statement of Cash Flows is the third report of the financial statement group. In Costpoint, the cash flows statement is linked to a selected balance sheet and a selected income statement. The Statement of Cash Flows measures the sources and uses of cash for a given period of time.
The Balance Sheet, Income Statement, and Statement of Cash Flows are the "financial statements" to which we refer throughout this documentation.
In addition to the General Ledger account balances for any period in the current fiscal year, the financial statements can reflect either the prior period balances, the balances at the end of the prior year, or comparative budget data.
You can print Financial Statements at any time, and you should print them whenever summary financial statements are needed. It is often a good idea to print a preliminary version of the financial statements early in the closing process to locate potential adjustments. After all journals have been posted, indirect rates calculated, and revenue computed and posted, you should again print the financial statements for distribution to management.
You must create G/L report tables before you run financial statements with comparison columns. Therefore, if you want to select comparison columns, you must run the Create General Ledger Report Tables screen before printing your financial statements.
You must completely reconcile the bank accounts and all other balance sheet and income statement items before running the Cash Flows Statement. The Cash Flows Statement should be one of the last reports run for the month.
Select the code of the Financial Statement that you want to print. The drop-down box contains all of the financial statements that you have set up in the system. Default balance sheet, income statement, and cash flows statement are provided with Costpoint. The Financial Statement codes for those statements are "Balsht," "Incstm," and "Cshflw."
If you elected to create a Separate Statement of CI (Comprehensive Income) in the G/L Settings screen (Controls module of General Ledger) and the Set Up Financial Statements screen (Financial Statement Setup module of General Ledger), it will appear as an option in this drop-down box.
Please note that the financial statements selected do not need to be the primary statements.
Select the grouping with which you want to print your reports. Valid options include:
Organization - This is the default option. Use it to print standard financial statements. Balances stored in the Financial Statement Summary table are printed for the designated orgs. "Organization" is the only valid option when printing the Cash Flows Statement. When you print the Cash Flows Statement, enter only balance sheet level organizations.
Ref 1 - Use this option only if Reference Number 1 is used in data entry. Balances stored in the Reference Summary table are printed on the financial statements for the Reference Numbers selected.
Ref 2 - Use this option only if Reference Number 2 is used in data entry. Balances stored in the Reference Summary table are printed on the financial statements for the Reference Numbers selected.
Alternate Reporting - Use this option to produce financial statements for alternate reporting structures. Alternate reporting structures are defined through the use of Reference Number 1 as an alternate structure. Account/orgs are first linked to the reference number through the Org Account Reference Structure table. This table is used to assign account balances to the correct alternate structure.
Reorganization - Use this option to produce financial statements for reorganizations. Reorganization structures are stored in the Reorganization Organization Link table. Balances stored in the Financial Statement Summary table are printed for the designated organizations linked to the selected reorganization.
Enter, or use the drop-down box to select, the range of financials to be included on the report. The system-defined options are: "All," "One," "Range," "From Beginning," and "To End."
The values entered in these fields vary depending on the Range Option that you have selected. Enter the starting and/or ending IDs for the range of organizations, Ref 1s, Ref 2s, or alternate reporting structures you want to print on your financial statements. If you have selected "All" as your Range Option, these fields are inactive.
Use this field to designate the level at which you want the financial statements to roll up. Enter the number of the level at which you want to print.
Enter, or use the drop-down box to select, the range of periods to print. Please note that if the F/S Code that you have selected is for a balance sheet ("BALSHT"), you must enter a value of "One" as your Range Option. The available options are: "All," "One," "Range," "From Beginning," and "To End."
The values entered in this field vary depending on the Range Option you selected. If you select "All" periods, these fields will be inactive. Enter the starting and/or ending periods for the range of accounting periods within the selected year to be included on the report.
Select this checkbox to print a column showing YTD balances. This checkbox is available only when printing a F/S Code designated as an income statement ("INCSTM"). The system default is to select this checkbox for an F/S Code with a type of "INCSTM." If you do not need to see this information, uncheck this checkbox.
Select this checkbox to print a column identifying the percent of sales on each line. This checkbox is available only when printing a F/S Code designated as an income statement ("INCSTM"). The column divides each line item by the amount on the subtotal line for Revenue/Sales for current amounts.
Select this checkbox to print optional comparison columns on financial statements. This information is updated by the Create General Ledger Report Tables utility. If you selected this option, financial statements must be run after the utility is executed.
This radio button is available only if a Range Option of "One" period is selected. It is a valid option for both "INCSTM" and "BALSHT" type F/S Codes. Select this radio button to print balances for the period immediately preceding the one selected. If you select this radio button for a balance sheet report, the report will print balances as of the period immediately preceding the one selected.
This radio button is valid for both "INCSTM" and "BALSHT" type F/S Codes. Select this radio button to print balances for the same period selected from the previous fiscal year. If you select this radio button for a balance sheet report, the report prints balances as of the same period from the previous fiscal year. For income statements run for multiple periods, the same periods are selected from the prior year.
This radio button is valid for both "INCSTM" and "BALSHT" type F/S Codes. Use it to select and print budgeted amounts for the period selected. For example, if an income statement is run for period 1-3, comparative budget columns reflect a summarization of budgets for periods 1, 2, and 3 of the designated fiscal year. Balance sheet reports reflect a summarization of budgeted amounts as of the period selected. Currently, budget columns are available when financials are run by organization or alternate organization only. Budgeted amounts are stored by Account/Org and Period in the Org/Acct Budget table. The budget revision used for comparison is determined when you run the Create General Ledger Report Tables utility. If multiple revisions are necessary, you must run the utility to create G/L report tables multiple times. For example, if financials by alternate reporting structure require a different budget revision than financials run by organization, you must run the utility, print the financials, and run the utility again with a separate budget option.
Select this checkbox to show balances in whole currency units.