AC-GL-RT14 Consolidated Balance Sheet Summary

Created by Aljun Talle, Modified on Mon, 10 Jun 2024 at 07:37 AM by Aljun Talle

Applies to

  • Product version: Velixo NX, Velixo Classic
  • ERP: Acumatica, MYOB Advanced, Cegid XRP Flex, Hotel Investor Apps, Haufe x360
  • Functional area: Financials, Other
  • Plan: All
  • Template type: Production Report template


TABLE OF CONTENTS


Description

The AC-GL-RT14 Consolidated Balance Sheet Summary report provides a snapshot of the company's financial position by aggregating the financial information of multiple companies within an Acumatica tenant. It combines the assets, liabilities, and equities of all companies and branches to present a comprehensive view of the group's financial health.


Coverage

This workbook includes the following sample reports:

  • Consolidated Balance Sheet: the consolidated balance sheet report comprises of pre-defined account classes, assigned to various sections for a comprehensive financial overview. 

  • Control: a control report that can be used to confirm that the data is accurate and balanced.

  • Options: the template's settings sheet that is used for data validation lists and various lookups and configurations.

  • Information: the information sheet of the report, used for storing useful details about that report such as: code, version, and article link to keep track of the origin of the report.


Typical audience

The typical users of this type of report are Finance professionals: Accountants, CFOs, Controllers and also Directors.


Features

The following features are used by this report. To use this report, please ensure that your Velixo license includes all of them, (or contact Support or Sales):

  • Financial functions
  • List functions


Preview



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Documentation

Navigating and using the AC-GL-RT14 Consolidated Balance Sheet Summary report is a very straightforward process, designed for simplicity, genericity and efficiency. The template comes pre-configured with generic account classes streamlining the report process with minimal user effort.


Filters

  • As of (Period): a financial period field in MM-YYYY format. This will default to current calendar period if left blank.
  • Include unposted transactions: an option for user to include unposted transactions
  • Relative time: the relative time periods or intervals commonly used in financial reporting and analysis.


These filters are seamlessly linked to the data on the Options tab.



Relative time:


The filter's Relative time periods facilitate comparisons across various time frames, enabling effective performance evaluation and trend analysis. The "As of" filter setting serves as the reference point for calculating these relative time periods. Additionally, there are two distinct types of relative time periods aligned with Acumatica's Financial calendar setup.

  • Calendar year relative time periods: calendar year relative time periods extracts balances according to the standard January to December calendar setup, disregarding the Master Financial Calendar configuration in Acumatica. While not recommended, these periods are provided for user's convenience should they require them for comparison purposes.



  • Fiscal year time periods: fiscal year time periods extracts balances according to the Master Financial Calendar setup in Acumatica, which is the default setting in the template.



BS Structure


Sections: Velixo has thoughtfully structured the consolidated BS report using multiple common sections that should be generic, by default.

  • Current Assets
  • Non-Current Assets
  • Current Liabilities
  • Long-Term Liabilities
  • Shareholder's Equity



Generic Account Classes: To enhance the report's usability, Velixo has incorporated a set of predefined account classes. Users have the flexibility to either utilize them as is or tailor them to align with their specific reporting needs.



Acumatica Company list: this section enhances the report's comprehensiveness by presenting individual balance sheet reports for each company, with consolidated totals conveniently displayed on the left side.



User Guide


Using the report


Now that we've covered the report overview, let's dive into a step-by-step guide on effectively utilizing the report.


  • Set the Connection Name on the Options Sheet: crucial for all processes, set the Connection Name on the Options sheet by updating cell A2. Ensure it matches the name used during Velixo application login.



  • Update the Options Sheet: as the foundation for filters on the Consolidated  Balance Sheet tab, keep the Options sheet up to date. It should always and automatically capture the latest Company configuration on your Acumatica instance.



  • Assign a Ledger for each of the Company on column D.



  • Choose the desired filters: after updating the Options sheet, select desired filters for the Consolidated Balance Sheet report.
    • As of: the financial period in MM-YYYY format. This will default to current period if left blank.
    • Include unposted transactions
    • Relative time



  • Automatic report update: selecting any filter will automatically update report balances.



  • Validation and analysis: ensure accuracy by verifying balances in the Control sheet. Confirm that differences for each of the total are zero.



Using the Control report


Committed to upholding data integrity across the report and Acumatica, the Control sheet serves as a supplementary component to the primary Consolidated Balance sheet tab. Its purpose is to validate the data extracted by Velixo on an account class basis by cross-referencing it with the extracted balances at the account code level for each of the company.


Given that the balances of the account codes aggregate to the account class, the Control sheet ensures the absence of discrepancies in the total for each account type and company. This verification process enhances the reliability and accuracy of the overall financial reporting template.


The Control sheet is divided into three sections:


  • Account Code Balance Check: Extracting balances at the account code level to guarantee accurate capture and reconciliation of BS balances with the account classes listed on the Consolidated Balance Sheet tab. The Account code series is highly flexible, and users may adjust the settings to match their specific requirements at any time.
  • BS Balances: Displays total balances from the Balance Sheet tab for reconciliation with the Account Code balance section.
  • Differences: Highlights reconciliatory differences between the Account code and account class sections, marked in red font for investigation.



In a balance sheet, it is crucial that the Total Assets match the sum of the Total Liabilities and Total Equity for the chosen period. Also, we check for any differences at the overall Balance sheet level, comparing it to the detailed account codes.


If any discrepancies in the report are displayed, it could be caused by a custom structure on the Balance Sheet tab, missing account classes, renamed account classes or any user customizations. 


Understanding the Report Formula


Velixo created the template using a combination of Excel functions and Velixo functions for Consolidated Balance Sheet report. The report incorporates two primary formulas on the Consolidated Balance Sheet tab:

  • Account Class Validation
    1. In Column A, a validation formula was used to verify if the account class in Column B exists in Acumatica
    2. Invalid values (not in Acumatica) return as blank
    3. Ensure continuous use of this formula for any class additions or name changes; a correctly populated formula ensures accurate transaction amounts.



  • Transaction Amount formula
    1. Used for all company columns, this formula's primary objective is to extract balances for the account classes or account codes from Acumatica.
    2. Velixo functions, specifically ACCOUNTENDINGBALANCE, power these columns
    3. To facilitate flawless execution of Velixo functions, an IF statement is strategically placed. 
    4. In the account class validation formula, any invalid class yield blanks. The IF statement distinguishes whether the class is valid; if not (blank in Column A), the transaction amount formula sets the amount to blank. On the other hand, if the class is valid, it extracts the balance using the Velixo function.



Managing Account Structures

As outlined earlier in this document, users have the flexibility to tailor this report to their specific needs. This is especially useful when the pre-defined account classes do not quite fit the requirements.


  • Adding New Account classes

If users desire a structure beyond the pre-defined account classes, they can leverage account classes set up in their ERP instance.


Users have two options when adding new account classes:

 

1. Re-purposing an existing pre-defined account class:

  • Rename an existing account class, replacing it with the desired custom account class.

2. Adding a Row in the Required BS Section:

  • Use Excel functions to add a new row in the desired section.
  • Be cautious with formulas in newly added rows; copying from existing rows in the same section ensures accurate results.


  • Removing an Account Class

Removing a pre-defined account class is not really necessary as the report makes use of Velixo’s automatic hiding of rows with zero values, which has been configured on the Consolidated totals columns.


This feature eliminates the need for manual deletions of account class rows and ensures the report remains fully dynamic should usage of account classes change over years or transactions get created against new account classes.


 However, if an account class should really be deleted:


  • Utilize Excel's delete row function for removal, followed by thorough data validation and reconciliation on the report.
  • Always validate data accuracy using the Control sheet.


  • Grouping Account Classes

If needed, the user can group multiple account classes into one and create a summary account class. Velixo enabled this feature so that user can consolidate similar account classes into one and present them in the Consolidated Balance Sheet as one.


  • On Column B of the Balance Sheet tab, user can list all the account groups and using the semi-colon ( ; ) delimiter to grouped them.
  • If needed, rename the pre-defined account class on Column E showing the consolidation of the account classes listed on Column B.


Please note that Account Class and Account Code cannot be used at the same time. Doing so will result in calculations errors for the transaction balances. If a structure is not used, make sure to leave them blank to not cause any errors.


Version History


VersionReleased onChanges
128 May 2024N/A. Initial version of the template.
1.110 Jun 2024Enhanced financial period handling to support all regional settings and formats







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