Financial Reports: Comparing Figures

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Towards year-end, there are many questions about Net Surplus/Deficit and Net Asset amounts. It is important to know which reports to compare at year end to ensure we are comparing apples to apples. Below are two of the main questions I hear:
 
In what order should I compare my reports? How do these all relate?
1.Run your Trial Balance Report for the full year not filtered on any account. Note the Net Asset Account’s Ending Balance.
2.Run your Income Statement. The Beginning Net Assets should match the value noted in Step 1. Note your Net Surplus/Deficit and Ending Net Assets amounts.
3.Run your Balance Sheet. The balance of your Net Assets in the body of the report should match your Ending Net Assets on your Income Statement and your Net Surplus/Deficit should match the Net Surplus/Deficit on the Income Statement.
4.Run your General Ledger Report for the year filtered on Income Statement Categories. The Grand Total Net Change should match the Net Surplus/Deficit of your Financial Reports.
a.The Grand Total option is located on the Format tab within Detail. Mark the box to include grand total.
 
Which reports do I need to compare for what?
Fund Balance Net Surplus/Deficit
  • Income Statement
  • Balance Sheet
  • The Class Section of the Pre-close report 
Note: The Pre-close report will only display a class section for funds that have activity in a particular class that would affect the fund balance accounts. If a fund only has activity in Asset, Liability & Fund Balance accounts there will not be a class activity section on the pre close report.
  • The Total column of the Statement of Activities
 
  • Income Statement
  • Balance Sheet
  • The summary on the last page of the Trial Balance
  • The Closing Section of the Pre-close report
  • The Total column of the Statement of Activities
  • The Grand Total Ending Balance of the General Ledger report
 


Stay tuned for more common questions regarding Financial Reporting.
News ARCHIVED | Financial Edge® Tips and Tricks 06/11/2015 6:30am EDT

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