General Ledger > Financial and Ledger Reports

The Balance Sheet report displays the balances of the company's assets, liabilities and owner’s/stockholder’s equity. The presentation of the Balance Sheet depends upon the definition of account categories, account groups setup and how you assign the GL Account IDs to these account groups. The Balance Sheet is designed to comply with US generally accepted accounting principles (US GAAP).

This report has the following uses:

•To aid in assessing the financial condition of a company as of a certain period.

•For reference when evaluating various financial ratios.

Notes:

•For a non-profit organization, the Balance Sheet is replaced with the Fund Statement.

•If the IFRS feature is activated for the company, the Balance Sheet is replaced with the Statement of Financial Position.

To print the Balance Sheet, follow these steps:

1.Access the Financial Statements group in the Reports menu of the General Ledger module; then, select the Balance Sheet function.

2.Select the report configuration that you want to use by clicking the List box button beside the Configuration field.

3.Click the List box button next to the Sort By field and select one of the following sorting options:

•Account ID

•Specific segment type such as Account #, Division or Department

Note: If you choose any of the minor segments as a sorting option, AccountMate will automatically enable the lower Sort By field for you to choose another minor segment sorting option. Choices for the second sorting option are limited to the minor segments.

4.In the Layout field, click the List box button and select the desired layout for the report. You can select from the following options:

oSingle Period

Select this option to display a Balance Sheet report for a single period. If you choose this option, the first Year and Period fields in the Filters area will be enabled. You may click the List box button beside the Period field to choose either the Default Period option or the Specific Period option to enter your desired period in the Year and Period fields. The Default Period is defined in the General Ledger function.

oPeriod Comparison

Select this option to display a Balance Sheet that calculates account balance variances between periods. These periods may belong to the same fiscal year or to different fiscal years. Click the Year and Period fields in the Filters area to choose the 2 periods that will be compared in the Balance Sheet.

oRange of Period

Select this option to display a Balance Sheet report for a range of periods. These periods should belong to the same fiscal year. Click the Year and Period fields in the Filters area to choose the range of periods in the same fiscal year that will be displayed in the Balance Sheet.

o2-yr Comparison (YTD)

Select this option to display a Balance Sheet that calculates the year-to-date balances between two years. Click the Year and Period fields in the Filters area to choose the year and period that will be compared with same period in the prior year. For example if the company is using a calendar year as its fiscal year and you choose "2023" and "Nov 2023" as the specific period, the Balance Sheet will show a comparison of the balances for January through November 2023 and January through November 2022.

o3-yr Comparison (YTD)

Select this option to display a Balance Sheet that calculates the year-to-date balances for three years. Click the Year and Period fields in the Filters area to choose the year and period that will be compared with same period in the prior year and the historical year. For example if the company is using a calendar year as its fiscal year and you choose "2023" and "Nov 2023" as the specific period, the Balance Sheet will show a comparison of the balances for January through November 2023, January through November 2022, and January through November 2021.

5.In the Type area, select whether you want the report to be displayed in Detail, Subtotal or Grand Total.

6.Mark the applicable checkboxes in the Report Header area if you want to Include Time or Include Printed By information in the report header.

7.In the Report Configuration area, define the desired report filters. Depending on the Sort By option you select, you may mark the Individual checkbox if you want to generate the report for a single record and enter the appropriate value in the adjacent field; otherwise, select in the Filters area the desired criteria in generating the report.

Note: The available fields in the Filters area may vary when you select a different sorting option.

8.Choose one of the following options:

oCombined

Select this option if you want the report to display individual GL Account ID balances assigned to all selected segments.

oCons. Group

This option will only be enabled if you choose a minor segment value such as Department or Division as your sorting option. Select this option if you want the report to display a total balance for each similar account group regardless of segments.

oCons. Segment

This option will only be enabled if you choose a major segment value such as Account # as your sorting option. Select this option if you want the report to display a total balance for each account number or major segment.

oIndividual

This option will only be enabled if you choose a minor segment value such as Division or Department as your sorting option. Select this option if you want the system to generate a separate Balance Sheet for each minor segment you defined.

Note: If you select the Individual option and unmark the Generate Report for All Segments option, when you click the Preview button in the Report toolbar, AccountMate will display a message requesting your confirmation to generate the next minor segment depending on the defined sorting option.

9.Click the List box button in the Rounding Level field, and choose whether you want to present in the report the amounts down to the decimal or rounded off to whole numbers, in hundreds, in ten thousands, in hundred thousands, or in millions.

10.Mark any of the following check boxes:

oShow Account ID

This option is enabled if you choose the Detail option in the Type area. Mark this checkbox if you want the report to display the GL Account IDs for each GL account.

oInclude Zero Balance Accounts

This option is enabled if you choose the Detail or Subtotal option in the Type area. Mark this checkbox if you want the report to display accounts with zero balances.

oShow Decimals

Mark this checkbox if you want the report to display the decimal values for each amount displayed in the report. This checkbox is disabled when an option other than "No Rounding" is chosen in the Rounding Level field.

oInclude [xxx] with No Activity

This option is enabled if you choose the Individual option. Mark this checkbox if you want the report to display GL accounts with zero balances from each of your chosen minor segment in the sorting option.

oGenerate Report for All Segments

This option is enabled if you choose the Individual option. Mark this checkbox if you want to generate separate reports for each minor segment (depending upon the sorting option chosen) consolidated into a single report file.

oShow Liabilities and Equity on New Page

Mark this checkbox if you want to show the Liabilities and Equity sections on a page that is separate from the Assets section. This checkbox is inaccessible when either the Subtotal or Grand Total type is chosen in the report interface.

11.Click the Preview or Print button to preview or print the report. Click the Configure tab to return to the report configuration page.

Drill-Down Capability

When you choose to run your Balance Sheet selecting the Detail Type option and Single Period option, AccountMate allows you to drill down on GL account balance details in the following order:

1.Balance Sheet

To view the journal entries that compose a certain transaction amount in the Balance Sheet, click an amount in colored font. AccountMate will display the General Ledger Listing report showing the source transaction.

You can also drill down on the GL Account ID in colored font to display the Chart of Accounts Maintenance, which provides detailed information about the GL Account ID.

2.General Ledger Listing

This report shows all the detailed debit and credit transaction amounts that were posted to your General Ledger accounts during a certain period. It also shows the running balance per transaction entry and ending balance. These transactions may come from the General Ledger module or they may have been transferred from other subsidiary modules.

To trace and review the posted journal entry batch for any desired debit or credit amount, click any amount in colored font. AccountMate will display the corresponding Journal Entry report.

3.Posted Journal Entries Report

This report shows by batch, the details of journal entries that have been posted to the General Ledger from the subsidiary modules and from journal entries posted in the GL module. When accessed from the General Ledger Listing, only batch numbers that contain details about the amount from which the drill down was initiated will be displayed.

To view the source transaction information for each of the journal entries, click any Transaction or Description value in colored font. The source transaction report depends on the module transaction.

The Balance Sheet function also provides you with flexibility to perform the following: