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  • Product: Accounting CS
  • Subject: Report Designer

Print reports and financial statements by cash or accrual basis

If your client isn't using the Accounts Payable or Accounts Receivable services, you can use journal entries with differing subtypes to select the basis to view a financial statement when you print. You can do the following to enter journal entries with special subtypes and information you need to print reports and financial statements on a cash or accrual basis.
attention
  • Tax Adjustment, Other, and Reclassifying journal entries don't carry forward between periods.
  • Adjusting journal entries are carried forward because the ending adjusted balance for a period becomes the unadjusted starting balance for the next period.
  • (AP/AR only)
     Beginning Balances don't change when you print a report or financial statement on a different accounting basis. For example, if the client is set up for cash basis at the end of the year, the Beginning Balances are cash basis, even if the report or financial statement is printed for accrual basis.

Single period processing

  1. Review your balance definitions and decide which balance will be your cash (or accrual) basis.
  2. Enter a journal entry for the period you're printing reports for, selecting one of Tax Adjustment, Other, or Reclassifying in the
    Subtype
     field.
  3. On the
    Print Reports
     screen, select the
    Balance Basis
     in the report options section for a financial statement, or select the
    Accounting Method
     for a report.

Year-to-date processing

Because not all journal entries carry from period to period, there are 3 different ways to get year to date balances on reports and financial statements.
  1. Re-enter the journal entries from prior periods in the current period.
  2. Change the subtype of journal entries from prior periods to
    Adjusting
    .
  3. Add the journal entry as a year-to-date adjustment each period. The disadvantage to this method is that you can't compare single period balances.

Example

  1. Set up a client with these balance definitions:
    • Adjusting JE - Mark all checkboxes.
    • Tax Adjustment JE - Mark the
      Tax
       checkbox.
    • Reclassifying JE - Mark the
      Report
      ,
      Tax
      , and
      Other
       checkboxes.
    • Other JE - Mark the
      Other
       checkbox.
    • Potential JE - Leave all checkboxes unmarked.
    • Round Balances - Leave all checkboxes unmarked.
  2. Enter a journal entry on the
    Enter Transactions
     or
    Enter Trial Balance
     screen with the subtype
    Other
    .
  3. Select
    File
     then
    Print Reports
    . Select the
    Balance Sheet - Current Year
     then select
    Adjusted
     from the
    Balance Basis
     dropdown.
  4. Select
    Preview Selected
     and notice that the "Deferred Compensation Liability" account doesn't show in the Current Liabilities section.
  5. Go back to the
    Print Reports
     screen and change the
    Balance Basis
     dropdown to
    Other
    .
  6. Select
    Preview Selected
     and notice that the "Deferred Compensation Liability" account now shows in the Current Liabilities section.

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