SI-GL-RT14 Consolidated Balance Sheet Summary

Created by Aljun Talle, Modified on Tue, 28 May 2024 at 06:14 AM by Aljun Talle

Applies to

  • Product version: Velixo NX, Velixo Classic
  • ERP: Sage Intacct
  • Functional area: Financials, Other
  • Industry: General, Services
  • Plan: All
  • Template type: Production Report template


TABLE OF CONTENTS



Description

The SI-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 categories, 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 


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 SI-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

  • Department: giving users option to filter the report by specific department only.
  • As of: a date field. Please use the last date of a financial period/month. This will default to current date if left blank.
  • 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.


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



QuickStart Account Categories: Built on the foundation of Sage Intacct out-of-the-box account categories, the template is ready for use post-ERP implementation. 



Sage Intacct Location 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 Balance Sheet tab, keep the Options sheet up to date. It should always and automatically capture the latest Company configuration on your Sage Intacct instance.



  • Assign a fiscal start month for each location in Column E. This step is optional; if all locations follow the calendar year as the fiscal year, you can leave the field blank, and it will default to January.



  • Choose the desired filters: after updating the Options sheet, select desired filters for the Consolidated Balance Sheet report.
    • Department
    • As of
    • 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 Sage Intacct, 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 category basis by cross-referencing it with the extracted balances at the account code level for each of the location.


Given that the balances of the account codes aggregate to the account category, 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 P&L balances with the account categories 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 Consolidated Balance Sheet tab for reconciliation with the Account Code balance section.
  • Differences: Highlights reconciliatory differences between the Account code and account category 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 Consolidated Balance Sheet tab, missing account categories, renamed account categories or any user customizations. 


To troubleshoot further, you could redownload and reconnect the report to your instance, verify that no account category row returns any error, and perform data validations by comparing this report with Sage Intacct's out-of-the-box financial reports. If you believe the report contains an error, please report it to Velixo Support.



Understanding the Report Formula


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

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



  • Account Code Validation
    1. Column B contains a validation formula designed to retrieve mapped account codes to the corresponding QuickStart category in Column C. If no account codes are mapped to the specified QuickStart category in the ERP, it will return a blank value.
    2. The retrieved account codes serve as the foundation for the Transaction Amount calculation formula.
    3. This process exclusively applies to QuickStart categories. If an account group is specified in Column B instead, it will return a blank value, prompting the Transaction Amount formula to reference Column A for calculation purposes.



  • Transaction Amount formula
    1. Used in both Current Year and Prior year columns, this formula’s primary objective is to extract balances for the account categories from Sage Intacct ERP
    2. Velixo functions, specifically SI.CLOSINGBALANCE, power these columns
    3. To facilitate flawless execution of Velixo functions, an IF statement is strategically placed. 
    4. The validation formulas for account codes and account groups ensure that any invalid inputs result in blanks. The IF statement discerns the validity of the input: if both columns A and B are blank, the transaction amount formula sets the amount to zero. Conversely, if the category is valid and has mapped accounts associated with it, or if the account group is valid within the ERP system, the balance is extracted using the Velixo function.



Managing Account Structures

 

The calculated transaction amounts are determined solely by the account codes mapped to the designated QuickStart category in Column C. This ensures the report is fully ready for use by anyone, 100% out-of-the-box, provided the account codes are accurately linked to the QuickStart category in Sage Intacct.


However, as outlined earlier in this document, users have the flexibility to tailor this report to their specific needs. It is not required but may be useful if the default QuickStart categories don't quite fit the requirements. 


  • Adding New Account Category

 If users desire a structure beyond the provided account categories, they can leverage account categories set up in their ERP instance. However, caution is crucial to avoid overlap between account groups, preventing inaccuracies. Opting for a granular account category list ensures data is accurate.


Users have two options when adding new account structure:


1. Re-purposing an existing Account Category:

  • Rename an existing account category line, replacing it with the desired custom account group.
  • Ensure exact naming consistency with the ERP instance for Velixo to accurately return amounts.

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 category

 While users have the freedom to remove an account category, it's strongly discouraged if you intend on using other account categories in the future. Velixo templates make use of Velixo’s automatic hiding of rows with zero values, which has been configured on the Totals column.


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


However, if you are certain that some of the standard account categories will not be used by your organization, then feel free to delete them:

  • 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 Groups

 The user can group multiple account groups into one to create a summary account. Velixo enabled this feature so that user can consolidate similar account groups and present them in the Balance Sheet as one category.

  • On column C of the Balance Sheet tab, user can list all the account groups and using the semi-colon ( ; ) delimiter to group them
  • If needed, rename the account category on column E showing the consolidation of the account groups listed on column C


Note: User also have the ability to group QuickStart categories to form custom ones. However, currently, merging QuickStart categories with Account Groups is not feasible. This functionality will only be available if the QuickStart category aligns precisely with an account group. Although this is not recommended as it may lead to data inaccuracies.


  • Using of Account Code/Range

As an additional feature, Velixo added the ability to use Account Code or Account Code ranges to extract the balance for the category.

  • On column D of the Balance Sheet tab, users can list all the account code or ranges they wish to use or consolidate. Same as account groups, the semi-colon delimiter should be used as well for the groupings.
  • If needed, rename the account category on column E showing the consolidation of the account codes listed on column D.


Please note that Account Group and Account Code cannot be used at the same time. If both have values, it will result into calculations errors for the transaction balances. If a structure is not used, make sure to leave one of them at least blank to not cause any errors.



Version History

VersionReleased onChanges
128 May 2024N/A. Initial version of this template.

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