|
|
Clients & Profits X prints standard financial
statements tailored especially for the advertising
industry. These financial reports are used for
auditing, tracking, and reporting your G/L accounts
balances. You can print trial balances, income
statements, balance sheets, and detailed general
ledger reports for any accounting period -- at
any time during the month.
Financial statements show account balances from the General Ledger and the
Chart of Accounts. These account balances are updated when entries are posted,
so the financial statements are always timely and accurate whenever they’re
printed.
The account totals on the financial statements are copied from the Chart of
Accounts. To see one account’s totals: Choose Setup > Chart of Accounts.
Click once on an account to select it, then choose Edit > Monthly Budgets.
The center column, actuals, is the total from posted entries. Entries added
in the General Ledger affect financial statements when they’re posted.
Unposted entries won’t appear on financial reports. Be sure to post everything
before printing financial statements.
 There
is no month-end procedure required to print financials. Since the
G/L account balances are updated whenever entries are posted, your
financial statements will always be up-to-date throughout the month.
The AGI Income Statement
The income statement shows
the agency’s profit and loss. There are two kinds of income statements,
the standard form and the agency gross income form. Both forms show the same
accounts, but have different sub-totals. These sub-totals affect how the percentages
are calculated.
The standard income statement sub-totals income accounts, job cost accounts,
and expense accounts. Gross profit is calculated as billings minus job costs.
A gross profit percentage is calculated showing job costs as a fraction of
the total billings. An account can appear in the income or job cost section,
based on its classification (which is user-defined). Expenses are listed below
the gross profit. The expense percentage for each overhead account is calculated
as a percent of the billings, not gross profit. This calculation shows your
ratio of overhead to total billings.
The AGI
income statement combines your billing and
job cost accounts into the same section. The
gross profit is calculated as the billings minus
job costs (like media, typesetting, printing,
etc.). This amount is your agency gross income.
Expenses are listed below the AGI. The expense
percentage for each overhead account is calculated
as a percent of gross profit, not billings. This
calculation shows the ratio of overhead to gross
profit -- the agency’s gross income.
To print financials
1 Choose Financials from the Snapshot menu.
The Financials snapshot window opens.
2 Select the kind of report (i.e., Trial Balance, Detail G/L, Income
Statement, etc.)
3 Make your report selection.
4 Click Print.
Tips for printing financials
Financial
reports can be printed to the screen for quick review, before the report is
committed to paper.
Financial
statements can be printed for previous periods -- even if the period
is locked -- by choosing the period from the pop-up menu.
Unless
a period is locked, anyone can post entries into prior periods. This
means your past financials might change after they’ve been printed.
If someone adds costs or billings after you’ve printed the month’s
financials, be sure to reprint the reports over again.
Account
totals on financial statements can be audited by printing audit trails
and journals from the General Ledger.
If
your audit trails and journals don’t equal the financial statements,
posting may have crashed during the month. Use the verify G/L account
balances utility to recover the correct totals.
The
date and time a financial statement was printed appears at the top
of each report. When you’re printing financial reports repeatedly,
use this date to determine the most-recently printed report.
Financial
Statements |
Trial
Balance |
Trial
Balance |
The
Trial Balance shows assets, liabilities,
equity, income, costs, and expenses. You’ll
see each account’s beginning balance,
current balance, and ending balance. Assets,
costs, and expenses have positive balances;
liability, equity, and income accounts have
negative balances. |
Year-to-date
Trial Balance |
The Year-to-Date
Trial Balance report shows balances for each
accounting period for assets, liabilities,
equity, income, job costs, and expenses --
for the entire year. The report is split
into two sections: the first six months and
the last six months. |
Trial
Balance Worksheet |
The Trial Balance
Worksheet shows each account’s current
and ending balance plus two blank columns,
so the printed report can be used as a worksheet
to calculate adjustment and adjusted balance
amounts. |
| Detailed
G/L |
Detailed
G/L |
The Detailed
General Ledger report shows the period’s
journal entries for each account. Each account
includes its beginning and ending balances
for quick reference. For easy auditing, journal
entries can be printed for selected accounts. |
Detailed
G/L (expanded) |
The Detailed
G/L (expanded) report shows all the information
on the Detailed G/L along with each journal
entry’s job, client, and vendor information. |
Income
Statement |
Income
Statement |
The Income
Statement shows income, job cost, and expense
accounts as well as net profit/loss for the
shop. The standard format shows gross profit
as billings less job costs. It also shows
expense ratios as part of total billings.
The AGI format shows expense ratios as part
of gross profit, not total billings. |
Comparative
Income Statement |
The
Comparative Income Statement compares this
years income, job cost, and expense accounts
to the amounts from last year. |
Client
P&L |
The
Client P&L report shows billings, direct
costs, gross profit, and gross profit by
client. Unlike the Client P&L Analysis,
it does not break out each client’s
share of overhead. |
Client
P&L Analysis |
The
Client P&L Analysis shows each client’s
income, costs, direct labor, direct expenses,
plus their share of the overhead allocation.
The net income earned is calculated by client. |
Job
P&L |
The
Job P&L shows billing, direct costs,
expenses, and gross margin for one period. |
Balance
Sheet |
Balance
Sheet |
The
Balance Sheet shows ending balances for assets,
liabilities, and equity. It shows your net
worth. |
Comparative
Balance Sheet |
The
Comparative Balance Sheet compares assets,
liabilities, and equity between two fiscal
years. |
Budgets |
Budget
vs. Actual |
The Budget
vs. Actual report compares each G/L account’s
budget with its current balance. Budgets
are entered for each account in the Chart
of Accounts. You’ll have the option
to compare month-to-date and year-to-date
totals, including percentage variances. |
Comparative
Budget vs. Actual |
The
Comparative Budget vs. Actual report compares
G/L account budgets with actuals for the
current period and the year-to-date. |
Monthly
Budget Worksheet |
The
Monthly Budget Worksheet lists G/L accounts
with the current month’s budget. An
extra column is included to make manual revisions,
which would be entered later into the Budget
Worksheet window. |
YTD
Budget Worksheet |
The
YTD Budget Worksheet lists G/L accounts and
their year-to-date budgets, plus an extra
column for making revisions to the budget
amounts. |
Proforma
Income Statement |
The
Proforma Income Statement projects the shop’s
income using the period’s budgets. |
Analysis |
Statement
of Cash Flows |
The
Statement of Cash Flows report uses each
G/L account’s cash flow category to
calculate operating, investing, and financial
activities totals for the period. |
Cash
Flow Detail Report |
This
report shows detail of the amounts on the
Statement of Cash Flows. It is used to analyze
the amounts use to calculate the totals shown
on the Statement of Cash Flows. |
Media
WIP Analysis |
The
Media WIP Analysis report is used to audit
balance of the Media WIP Accruals liability
account, which is updated from media billing
and vendor invoices. |
Ratios |
Liquidity
Analysis |
The
Liquidity Analysis report measures the ability
of the company to meet cash requirements.
It’s based on the ratio categories entered
for each G/L account. |
Profitability
Analysis |
The
Profitability Analysis report measures how
well the company is utilizing its resources |
Solvency
Analysis |
The
Solvency Analysis report measures how the
company’s financial health with ratios
such as debt-to-equity, cash flow to interest,
debt-to-assets, and more. |
|
