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19. Financial Reporting and Control
1) Financial Reports
2) Actuals Drill Down
3) Prior Period/Year Drill Down
4) Budget Comparatives
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19.1 Financial Reports
Select the menu option Ledger|Financial Reports to open the Financial Reports selection window.
Select a Financial Report from the drop-down list and set the 'Report up to dates' for actual and comparative data.
Select the type of comparatives - Prior Year, Budget or Prior Period.
Then set any Analysis code ranges or Report Sets to be used to restrict the reported data.
Use individual Analysis codes to produce typical Departmental Profit and Loss/Expense reports.
Any Analysis 1 code filters applied here will be in addition to the Report Sets established for detail rows in the Financial Report Structure.
Click OK to produce the Financial Report - here a Balance Sheet with prior year comparatives.
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19.2 Actuals Drill Down
On reviewing the report - how is the Sundry Creditors amount composed?
To see - double click the amount to open a Drill Down window showing the Trial Balance numbers accumulated to the line, with individual accounts and their balances.
Accounts are mapped to Trial Balance Numbers; Trial Balance Numbers are mapped to detailed Financial Report rows - see Financial Reporting Structures.
To see individual postings to an account - select the account and press F3 to open the Ledger Posting window.
Drill down further on the Ledger Posting window to the Customer Document or Purchase Order.
Or drill down to the Ledger Posting window to review all lines of the journal posting.
The drill down facility gives enormous power to validate and control that management and financial reports are correct by easily verifying the correctness of the underlying ledger postings; and if not correct, to immediately rectify the error using menu option Ledger|Posted Journal Edit to correct an entry.
Any Analysis 1 Report Sets established for detail rows are carried across when drilling down to the Trial Balance No and Ledger Posting windows.
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19.3 Prior Period/Year Drill Down
On reviewing the report - how is the prior years Sundry Creditors amount composed?
To see - double click the amount to open a Drill Down window showing the Trial Balance numbers accumulated to the line, with individual accounts and their balances. Then the same drill down facility as for current year actuals can be performed.
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19.4 Budget Comparatives
Now select the Profit and Loss financial report and set Budget as the comparative.
Select the Budget Version to be used as comparatives.
Click OK to produce the Profit and Loss report with Budgets as comparatives.
As budgets are held on a monthly basis, the number of months to accumulate for the budget is automatically determined from the actuals 'Report up to date'.
To see the break-down of a Budget amount - double click the amount to open the Budget Drill Down window.
Several rows may compose the budget figure, depending upon the number of accounts and analysis codes used within the budget.
As the financial report structure is set to reverse the sign; the minus symbol disappears.
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