Separate Balance Sheets by Organization

When you first install Vision, you must decide whether or not you want to maintain the data needed to print a separate Balance Sheet for each organization.

If you use Organization Reporting, Vision tracks and stores the financial data needed to generate a separate Income Statement for each organization, and the information needed to create a consolidated Income Statement for the entire firm. However, Vision does not track and store the financial data needed to generate a separate Balance Sheet for each organization — instead, Vision tracks and stores this data on a firmwide basis.

• To maintain separate Balance Sheets for each organization, you must enter a project number for every transaction that affects the Balance Sheet accounts. Vision uses the project number to determine what organization should receive the posted transaction, and accumulates a different set of data for each organization’s Balance Sheet accounts.

  If you use this method, you can print a separate Balance Sheet for each organization, or combine the data to create a single firmwide report.

• If you do not want to maintain separate Balance Sheets for each organization, you must establish a default organization. Vision accumulates all explicit and implicit postings to Balance Sheet accounts in 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 print a Balance Sheet, Vision prints a single firmwide report using the data posted for the default organization.

Accounts Affected

The rules described above apply to the traditional Balance Sheet accounts — Assets, Liabilities, and Net Worth. These are accounts 100.00 to 399.99 in the Standard Chart of Accounts. These rules also apply to the Other Revenue and Expense accounts, devoted to "below the line" financial activity. These are accounts 800.00 to 999.99 in the Standard Chart of Accounts.

Bank Codes and AP Liability Codes

To maintain separate Balance Sheets for each organization, you must also link each of your Bank Codes and each of your AP Liability Codes to a specific organization.