VCO Tips for Ensuring Accurate Reporting With Video

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When running reports, sometimes we notice that there are accounts that are nowhere to be found, accounts showing in more than one spot, or totals that are not what we were expecting. When this happens, my first step is to check the template being used for that report. We manage templates within General Ledger’s Visual Chart Organizer. Chart validation checks the accuracy of our customized Visual Chart Organizer (VCO) templates.  It can make us aware of two potential issues: missing accounts and duplicate accounts. Before making any changes to the template in question, I validate it to let the program do some of the work for me.

If your validation shows duplicate accounts, an account is listed in two or more Account Detail sections. When an account is listed in multiple sections, the total of the report can be inaccurate because it will be including accounts’ activity and totals in multiple places. I commonly see duplicate accounts when the advanced filters defined on the Account Definition tab overlap with another section’s account definitions. To remove duplicate accounts, I print out the validation report and note which sections the account is in by looking at the Parent column. I mark which sections it should not be in and modify my filters to remove it.

Validation reports can also show us accounts that are not defined within the parameter. When adding a new account into the system, I add it into the chart template(s) immediately after to make sure I don’t forget to add it later. It is important that we include all accounts in our templates, even if they are not listed, when previewing the report. For example, when running the Income Statement, the template must have the net asset accounts in order to pull the net surplus/deficit. Another thing to remember is that although some accounts may be inactive, we still need to include these in the chart because their past activity is necessary when running the Balance Sheet and the Income Statement.

Validating our templates is a great way to make sure we have all the latest accounts and most accurate reports. When you validate your template, adjust the account definitions to exclude duplicates or include accounts that had been overlooked. After making necessary changes, re validate to ensure that there are no more missing accounts and/or duplicate accounts listed. When you see the message “Validation successful. There are no errors in this chart template,” you will know you are ready to save the template and re run your reports. I recommend frequently validating to make sure you’re running reports from an up-to-date template. Check out the video below for instructions on how to validate your templates.

News ARCHIVED | Financial Edge® Tips and Tricks 07/21/2014 6:30am EDT

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