Author: Diniya A J

PART 4.2 – Financial Statement Creation

You need both the Financial Statements permission and the Report Customization permission to access the Financial Report Builder.  You can access the Financial Report Builder in any of the following ways:  Run a financial statement, and on its results page, click Customize.  Go to Reports > New Financial Report, and select a financial statement type… Continue reading PART 4.2 – Financial Statement Creation

PART 4.1 – The outline layout of Financial Statement Reports

Income Statement Report The standard Income Statement includes the following rows:  Ordinary Income/Expense (header row)  Income (financial section)  Cost of Sales (financial section)  Gross Profit (formula row)  Expense (financial section)  Net Ordinary Income (summary row)  Other Income and Expenses (header row)  Other Income (financial section)  Other Expenses (financial section)  Net Other Income (summary row)  Net… Continue reading PART 4.1 – The outline layout of Financial Statement Reports

PART 4 – The Core 3 Financial Statements Compared

  Balance Sheet Income Statement Statement of Cash Flow Purpose Net Worth Profitability Liquidity & Solvency Reporting Period As of Point in Time For the Period Ended For the Period Ended Elements – Assets– Liabilities– Equity – Revenue– Gains– Expenses– Losses– Net Income – Beginning Cash Balance– Sources of Cash– Uses of Cash– Ending Cash… Continue reading PART 4 – The Core 3 Financial Statements Compared

PART 3.5 – Cost of Goods Sold (COGS) GL Impact

COGS are not expense accounts, but they function like an expense. These are the costs directly associated with the sale of goods or services. This includes the cost of the product for resale, raw materials, packaging, etc. General selling expenses, such as salaries, rent, utilities, and advertising expenses, are not considered part of the cost… Continue reading PART 3.5 – Cost of Goods Sold (COGS) GL Impact

PART 3.4 – Bank Transaction GL Impact

Bank deposits are when the payment received from the customer is deposited into a bank account. This will increase the bank’s funds and decrease the undeposited fund accounts. Writing checks occurs when businesses issue checks as payment for items they purchase or any type of payables. The GL impact will show a decrease in the amount of… Continue reading PART 3.4 – Bank Transaction GL Impact

PART 3.3 – Customer Transaction GL Impact

Customer payments are the amounts received from customers in exchange for goods or services sold. To record the payments received that are not yet deposited to the bank, GL impact will show an increase in undeposited funds and a decrease in assets (account receivable).  Here’s how to record payments that are deposited directly into the bank.… Continue reading PART 3.3 – Customer Transaction GL Impact

PART 3.1 – Common Sales Transaction GL Impact

Sales orders are non-posting transactions that record the items or services a business plans to sell to the customer.   Order fulfillment is the process of fulfilling the sales order of a customer. Example: To fulfill the order, the business will have to pull out some items from its inventory, which will result in a decrease in assets… Continue reading PART 3.1 – Common Sales Transaction GL Impact