Do you wish to generate all your Financial Reports by clicking a button?
If yes, then this guide will help you set that up! Experience has a pre-set number of Financial Reports such as Statements of Income and Expenditure, Summary of Financial Position, Cashflow and more. This guide will help you setup your reporting structure to allow you to generate financial reports in seconds.
Every Nominal Account can be linked to 12 Reporting Elements (also referred to as Elements).
Each Element is used to Group data into Financial Reports.
Elements 1 to 6 are for the Statement of Income and Expenditure (Profit and Loss). Element 6 is used for Departmental Reporting.
Elements 7 to 12 are used for Summary of Financial Position (Balance Sheet).
Elements are automatically created once they are updated on the Nominal Account. Thus, there is no need to create a pre-set list before linking an account to an element
Reporting Elements 1 to 6
Elements 1 to 6 are used for reporting Statement of Income and Expenditure. An example is shown below.
Say we are using 4 Elements.
Element 1 would contain Gross Profit and Expenses (coloured in green).
Element 2 would contain Sales, Cost of Sales, Sales and Distribution and Administration Costs (coloured in blue).
Element 3 would contain Services, Stock, Vehicle Expenses, Marketing Costs, Wages and Salaries and Depreciation (coloured in yellow).
Element 4 would contain Sales and Marketing (coloured in grey). An example of how to link the various account numbers is shown below.
Account numbers are linked as shown below.
Accounts that are grouped under Gross Profit would all have Element 1 = Gross Profit.
Accounts that need to be grouped under Total Expenses – Sales & Distribution would have Element 01 = Total Expenses, and Element 02 = Sales & Distribution.
The rest is applied for all the accounts. Note that the system will only use Elements 1 – 6 when the Account is set as PL (not BS).
Element 6 is a special Element that is used for Departments. There are specific reports by Department, thus if you wish to have a Statement by Department, it is important that Element 6 is updated with the respective Department name. Again make sure that all accounts that are linked to a department are all updated with the department name.
Reporting Elements 7 – 12
The same process is repeated for Elements 7 to 12. Usually Element 7 includes the heading Net Assets Employed and Finance By. An example for Element 8 would be Fixed Assets, Current Assets, Current Liabilities, Share Capital and Reserves and so on.
From the reports functions under Nominal a whole list of reports can be issued. There are reports showing TY vs LY, TY vs LY VS Budget, etc … as shown below.
Report 1 is the top summary, and each time the number increases (example Profit and Loss 2) more level of detail is provided. See some examples below:
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