Improving Business Performance with Technology


# Thursday, March 18, 2010
Tips and Tricks – SyteLine Financial Statements


So, you created financial statements in Syteline and they have been working fine.  All of a sudden, the net income on the income statement is different than the net income on the balance sheet.  So here are some tips that may help you resolve the problem.

First of all, the net income on the income statement is the net effect of all of the expense type account numbers and the revenue type account numbers, where as the balance sheet is a single line calculation called net income which is a cumulative value since the last time you ran your Year End Close utility.  You can verify what Syteline sees as net income by running the standard report General Ledger by Account for only types Expense and Revenue for a date range.  This will help you understand where the balance sheet got its result. 

If the balance on the General Ledger by Account report is different than your balance sheet net income calculation, then you need to either run the Year End Close utility again or reverse whatever entries were made after you closed the year.

Look at the accounts listed on the report to make sure someone didn’t set up a new account with the wrong type selected.  Then run it individually for each account type or filter your chart form by type to verify all are correct.  If an account is setup incorrectly, you will need to create a new account number to fix it.  If there are no problems, then you forgot to add an account range in the financial statement line definitions or forgot to add a line to your subtotal. 

The income statement is created by adding a single range of accounts or multiple ranges (type A) that are calculated on a specific line total (type S).  One great thing about the report writer is you can close the gaps in the ranges so if you add a new account to your chart, it will automatically be included in the total.  For example, if your Cost of Goods sold accounts all start with a 4, then make sure the range is 40000 through 49999.  This will save you from having to modify the report every time you add a new account to your chart.  When you think you are finished designing your income statement, the quickest way to validate it is to copy the statement line definitions to Excel and sort by the starting account number.  You should be able to walk down the rows to see if the ending account on the first row is one number less than the starting account number on the next row.  If your lines are also department specific (unit code one) or product code specific (unit code two), then you will have to sort those as well.

This should put you on your way to stress free financial statement reporting.  Did I miss anything?  Your comments are much appreciated.

Mary Farina
BTA Senior SyteLine Accounting Consultant

 


Thursday, March 18, 2010 4:57:30 PM (Central Standard Time, UTC-06:00)  #    Comments [0]  SyteLine | SyteLine Accounting

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