Balance Sheet Report

The Balance Sheet displays the distribution of your firm’s assets, liabilities, and net worth as of the current date.

The report also includes totals for assets, liabilities, net worth, and liabilities + net worth. Total assets should equal total liabilities plus net worth. If these totals do not agree, Vantagepoint displays the amount of the discrepancy at the end of the report.

Settings that Affect General Ledger Reports

You can only generate the cash-basis version of this report if you select the Cash Basis Reporting option on the Options form (Settings > General Ledger > Options).

The Organization Record Access setting for your role on the Overview tab of the Roles form (Settings > Security > Roles) determines the organizations for which you can see data on this report.

Organizations and Separate Balance Sheets

If you use organizations, use the Maintain Separate Balance Sheets by Organization option on the Organization General Setup form (Settings > Organization > General) to specify whether or not you want to maintain the data needed to generate a separate Balance Sheet for each organization.

You have the following choices:

• If you do not want to maintain separate Balance Sheets, you specify a default organization on the Organization General Setup form. Vantagepoint assigns all explicit and implicit postings to balance sheet accounts to this default organization. You do not need to enter a project number when you enter a transaction that affects a Balance Sheet account. When you generate a Balance Sheet, Vantagepoint generates the report for the company as a whole, using the data for the default organization.
• If you do want to maintain separate Balance Sheets, you enter a project number for every transaction that affects the balance sheet accounts. Vantagepoint uses the project number to determine which organization receives the posted transaction. The result is that Vantagepoint tracks transactions affecting balance sheet accounts by organization. Because of that, you can generate Balance Sheets for individual organizations or generate a Balance Sheet for the company as a whole.

No similar option exists for the Income Statement because Vantagepoint automatically tracks the data required to generate a separate Income Statement for each organization.

Link Bank Codes and Liability Codes to Organizations

To maintain separate Balance Sheets, you must also:

• Link each of your bank codes to an organization on the Bank Codes settings form (Settings > Cash Management > Banks).
• Link each of your accounts payable liability codes to an organization on the Liability Accounts tab of the Accounts Payable settings form (Settings > Cash Management > Options).

Account Groups

You can use account groups to organize accounts on financial reports. You establish account groups on the General tab of the Accounts form (Settings > General Ledger > Chart of Accounts).

Increase Performance with the Use Summary Table Option

Because of the calculations involved, it may take longer to generate this report than other reports. This is particularly true for large databases. To get the best performance, do the following before you generate this report:

• Run the Refresh GL Summary Table utility in Utilities > Updates > Refresh Summary Tables.
• Select the Use Summary Table option on the Options tab of the Income Statement form.

Recommendation: The Refresh GL Summary Table utility calculates and stores the financial data needed for this report in a summary table. Deltek recommends that you schedule the Refresh GL Summary Table utility to run after business hours each night, so that financial reports printed the next day show current data as of close of business the day before.

Multiple Companies

If the report includes journal entries to intercompany accounts receivable or intercompany accounts payable accounts, you can drill down from the Description column in those rows to see supporting detail on the Intercompany Billing Detail report. (This drill-down option is only available if your role security gives you access to the Intercompany Billing Detail report. It is not available from report rows for tax-related journal entries.)

When you drill down from an intercompany accounts receivable transaction, you see complete detail for the intercompany transaction. When you drill down from an intercompany accounts payable transaction, you do not see the Originating Company Cost Amount and Originating Company Journal Entry Amount columns.

If the report includes rows for accounts belonging to companies other than the active company, the same drill-down option is available from those rows.

Multiple Currencies

If you use multiple currencies, a report may display amounts in different currencies. If a report contains a total for amounts in a mix of currencies, the report displays #### as the total, instead of an amount. If the report displays amounts in different currencies, it is a good idea to include currency symbols or currency codes. To do that, click the Layout tab of the report and click in Currency Setting Sample to open the Format Currency dialog box. You may want to use the currency code in place of the currency symbol when the report includes more than one currency with the same symbol. For example, U.S. dollars and Canadian dollars both use $ as the currency symbol. If you use the code rather than the symbol, the report displays USD and CAD instead of $.

An alternative to mixing currencies on the report is to select a presentation currency. When you generate the report, Vantagepoint converts all amounts to the presentation currency. The advantage of this method is that you can make meaningful comparisons between amounts, and the report can display meaningful totals.