Labor of Love: Trial Balance Reports

Transcription

1 What are the types of reports in MIP? List Reports Lists of information, such as chart of accounts, vendors, etc. Journals Cash, Revenue and Expense Journals present information in an easy to read format and are great for research Check/Voucher Register listing of checks/vouchers paid out. Also can list matching document number (invoice number). Transaction Reports Reports for reviewing posted and unposted transactions. Good research method. Analysis Reports These provide analysis of various aspects of the system. Analysis reports are included for: o General Ledger o Accounts Payable o Accounts Receivable o Inventory o Allocations o Encumbrances o Fixed Assets o Bank Reconciliation o Budget-Only if you have budget module o Purchase Order Financial Statements o Statement of Financial Position equivalent to Balance Sheet o Statement of Activities equivalent to Statement of Revenue and Expenses except it requires a columnar format o Balance Sheet old name for Statement of Financial Position o Statement of Revenue and Expenses old name for Statement of Activities o Cash Flow Statements Page 1 of 19

2 How do you access reports in MIP? There are a couple of different methods for accessing the reports in MIP. If you re a long time MIP user, chances are you access your reports through the menu bar by clicking on Reports. Page 2 of 19

3 Newer users tend to use the Navigator view to select reports. Each Navigator view has a list of related reports in the Process Manager. Basics of Reporting Every report in MIP is designed in a tabular format with each tab containing specific information related to the report you are using. Tabs include: Setup Tab contains name of the report, whether to print the name and include footer and in some cases, includes dates for date driven reports. Content Tab contains the information available in the report. Some information can be used as a page break or a column and some is limited to the column selection. The items available vary from report to report. Filter Tab contains filter choices for your report. The items available vary from report to report. Groups Tab not available in every report. Use the groups tab when you have a group assignment that you want to apply to the report. Page 3 of 19

4 Column Totals Tab only available in Columnar reports. This is used to show you which columns are being included and for you to be able to ask for subtotals. Layout Tab How pretty does the report look? What orientation and margins are you using? Security Tab Do you want to make the report secure so that only you, the creator, can make changes to the report? Example of Tabs: Page 4 of 19

5 Using Groups in Reports Labor of Love: Trial Balance Reports Groups can be used to give your report more meaning and to present information in a different style or format from the traditional. You can create groups for each segment type in your database. Segment codes do not have to be in sequential order to use in groups. Keep in mind: Reports print in Group Code order, so order your groups by code in the manner in which you wish them to appear. MIP sorts by the first digit of a code, so if you use 1, 2, 3, etc. and then go on to 10, 11, 12, etc. the report will print in order of 1, 10, 11, 12, 2, 3. You can only use one Group Set per Segment in your reports but you can combine Segments, i.e., you can only use one GL Group Set but you can also use one Fund Group Set. How do I setup Groups? Groups are setup using Assign Groups. If you re the vintage use we talked about, simply go to Reports and select Assign Report Groups (near the bottom). If you re the newer user, click on Report Manager on the Navigator and select the Assign Report Groups icon in the middle of the second row of the screen. Groups can be set up for any segment that you have in MIP. You can have as many groups as you want. Think of groups as the in filter on steroids. Groups can be used in any report with the Groups Tab. Page 5 of 19

6 To set up a group, you select the segment that you want to group. The first requirement is a group set name. This name does not print on any report. It is just to help you identify the group set later when you want to use it in a report. Once you ve entered the group set name, enter a group code. Remember the rules about how these print! You can have as many group codes as you need in a group set. Accounts are assigned to a group code. Page 6 of 19

7 How does all of this tie into our purpose of this class? It is imperative that you understand the basics of reporting and how you can use groups and report formats to produce the reports you want. I encourage you to play with reports and become familiar with them. You can always delete a report that did not work out the way you expected. Remember, the number of reports you can have is unlimited. Month and Year End Reconciliation Reports What can you use to help reconcile your accounts at month end? Numerous reports exist within the MIP Fund Accounting Software to assist you with your reconciliation processes. Some of my favorite month end and year end reports include: Journals Cash, Revenue, and Expenditure Journals Transaction Reports Posted General Ledger Transactions General Ledger Analysis Expanded General Ledger, Normal Trial Balance, Comparative Trial Balance A/P Analysis Vendor Activity reports Financial Statements Journals- Some of the most underutilized reports in MIP are the Journal Reports. These are awesome tools for researching month end and year end issues. Cash Journal Shows all of the activity to the cash account. The check register is great for detailing the checks paid, but what about deposits. This journal can show you a list of deposits by deposit number and date along with a description and Session ID for the deposit. Of course, it will also show you the checks if you want to see those here. Revenue Journal Shows all of the activity to Revenue Type Accounts. Yes the Expanded General Ledger will show this too, but the Revenue Journal shows you a line by line analysis and is really easy to read and follow. No beginning balances included though! Expenditure Journal Shows all of the activity to Expense Type Accounts. Again, the Expanded General Ledger will show this, but this is much easier to follow and read. Keep in mind no beginning balances are shown. Transaction Reports-Posted General Ledger Transactions Yes this report can be used for research! It is an awesome way to look up the activity for a vendor, a specific account, document or session. NOTE: Be sure to include the effective date in the filter for this report or you will get all transactions in MIP from the beginning of time! General Ledger Analysis Page 7 of 19

8 Expanded General Ledger Everyone knows the value of a General Ledger Report. It can be used to give you all of the details of activity in an account or a range of accounts. This report is one report where you can use Groups. For example, perhaps part of your month end or yearend routine is to review the balances and activity in a specific set of accounts. Create a group of those accounts and use it in the GL Analysis report to save you from having to select the group each time. Use the group set in the content of the report. This allows you to print multiple account codes at one time without having to select each one individually. Your results will print all GL Codes within your Group Set and you won t have to select each account to be included in the report. BONUS: Go to the options tab and click Include Unposted Transactions to see what affect your entries will have before you post them. Normal Trial Balance The Trial Balance has traditionally been the starting point of all account balance detail. This is the first report the auditors will ask you for. Back in the olden days (yes, I Page 8 of 19

9 can say this because I m old and I did them!), trial balances were done by hand on 13 column green paper. You started with the beginning balance and recorded each set of entries until you came to the ending or final balance. A trial balance will give you the balance of an account at a specific time. The balance is cumulative since the beginning of the last fiscal year close or for whatever period you request. In MIP, the Normal Trial Balance will give you an account and a debit and/or credit balance. You can ask for more by adding segments other than the GL. The MIP trial balance doesn t subtotal by assets, liabilities or anything else. We can help it do that for us by using Groups. The Normal Trial Balance also allows you to include unposted Transactions in the Report. Want to know your cash balance as of today run a trial balance of cash accounts as of today s date. Got multiple cash accounts create a group of cash accounts and use the group set in the trial balance. An example of groups in the Trial Balance Report: Comparative Trial Balance So what is the difference between a Normal Trial Balance and a Comparative Trial Balance? Page 9 of 19

10 One major difference the Comparative Trial Balance cannot include unposted transactions. The Comparative Trial Balance allows you to select Beginning of Year Balances and Beginning of Report Period Balances. Want to see if your previous year agrees to the audit trial balance? Run a comparative trial balance with Begin Year Balance as one of your selected columns: Page 10 of 19

11 You know that report the auditors want with the net $ and % change from last year and this year of revenue and expense accounts? The Comparative Trial Balance is your friend. Run it with the Begin Report Period Balance included and with the audit year as the current period dates and you get the exact report you need. You can pop it out to excel and put your explanations of differences next to each line. Page 11 of 19

12 AP Analysis-Vendor Activity Report-Need to make sure the balance in MIP for your grant ties to that invoice you just sent to the grantor, on A CASH BASIS? Take a look at the Vendor Activity Report. The Vendor Activity Check Activity Report will show you the invoices entered and paid within a month or range of months by the check number and can detail where the check and related invoice was coded. On the setup tab, set the current period dates beginning date of your grant and the end of the previous month. In the Filter Tab, move Check/Voucher Date into the Selected Filter column and filter for the check dates you desire. Voila, a report by grant of expenses with invoice number and check number and the coding of the invoice. You can print this report on a monthly basis to produce your grant invoices and you can also print it at year end to give the auditors detail of what was invoiced under each grant. By placing the check date filter in the filter tab, you are basically turning an accrual basis report into a cash basis report. Page 12 of 19

13 Financial Statements Financial Statements are the ultimate report produced from MIP and the one that we give to the board, department heads, auditors, etc. MIP gives you the option of nine different financial statements with five different financial statement types. The financial statement types include: Statement of Financial Position Basically the same as the Balance Sheet Statement of Activities A Statement of Revenues and Expenditures in columnar format with no current period just year to date. Balance Sheet The standard Balance Sheet. You can have Statement of Financial Position print in the report header if desired. Statement of Revenues and Expenses Most commonly used. Allows you to show current period, ytd, prior period, each budget type and variances. Statement of Cash Flows Every financial statement starts with a Statement Format. The statement format is designed by you to reflect the account information that you want to see on the financial statement. You can group accounts together on the statement format, ask for detail or summary information and select Segment substitution for your financial statement. You can be as detailed or summarized as you would like to be. Page 13 of 19

14 Great Financial Statements for Reconciling Month End or Year End: Balance Sheet: With Beginning Year Balance, Current Year and YTD Change. Add Current Period to see balance for a single date range as well as year to date. Add Beginning Period Balance and Current Period Change to see the change from one month to the next. Page Break by Fund or Balancing Segments to see more detail. Page 14 of 19

15 Combining Balance Sheet This presents your information in columnar format. Use the Fund as the column and see all funds and the total on one financial statement. Page 15 of 19

16 Statement of Revenues and Expenditures Current Period Actual Current Year Actual Many column choices including a column for each Budget Type Can include unposted transactions Page 16 of 19

17 Combining Statement of Revenues and Expenditures Just like the combining balance sheet, this report shows information in a columnar format. Use a group to create your programs according to your Audit Statement of Functional Expenses and reproduce that report in the system. OR Page 17 of 19

18 One Final Report for Audit purposes Those pesky auditors are always asking for a list of Cash Disbursed subsequent to the end of the year and up to the last day of field work. Quite often, they want to see only disbursements over a certain amount. Give it to them. Run a Check/Voucher Register starting with the first day after the end of the year to the current date. In your content Tab, select the following: On the Filter Tab, select the following: Page 18 of 19

19 Your report will look similar to this: Labor of Love: Trial Balance Reports Page 19 of 19