Our webinar on Financials is accessible below, with all information from the presentation included in this article.
Please see below for the webinar recording, or continue as follows for an outline of the content from 19-02-15.
Note: if you are unable to access YouTube, please see the following link to the recording. Chart of Accounts
- Adding New Accounts
– View the list – Find a space in the numbering sequence – Click new
- Deleting / Inactivating Accounts
– Click Show Inactives – Tick the account/s you want to inactivate or delete the click submit.
– Click on the account name to see the register (a list of transactions for a single account). – Tip: Click on the amount (not the name) to drill down to the transaction Financial Reports
- Financial Dashboards:
–KPI Scorecard (set to JCurve Financial Ratios 1) –Key Performance Indicators (look at both standard and custom)
- Profit and Loss Report
- Balance Sheet Report
- More options / columns / comparing periods
- For more report writing tips view our Report Writing Webinar at help.jcurve.com.au
- Tip: you can run a cash basis report by clicking the Customisation button and on the More Options tab selecting Cash Basis.
Profit and Loss Reporting
- Use Classes and Departments to break down your P&L reporting
- Use the more options arrows to restrict the report data.
–If your results seem low check you don’t have old restrictions then click refresh.
- Profit by Item > use the Inventory Profitability report
- Profit by Customer / Project > use the Customer Profitability report
- Tip: If you are seeing double headings or totals remove the parent accounts; you don’t need a parent for account type.
- Net Income = Net Profit YTD
- Retained Earnings = Net Profit LTD prior to the current financial year
- To see a breakdown of the Sub-ledgers use the following detailed reports
|Sub-ledger||Report Name||Report Options|
|Inventory||Inventory Valuation||Customise > More Options to untick show zeros.Restrict by location to see one warehouse at a time.|
|Accounts Payable||AP Aging Summary||Use the options to turn on monthly aging|
|Accounts Receivable||AR Aging Summary||Use the options to turn on monthly aging|
- Reports > VAT / GST > Business Activity Statement
- Setup your PAYG reporting via Setup > Company > Business Activity Statement. Map your GL accounts to the PAYG BAS fields.
- PAYG must be paid from the “PAYG Remitted to ATO” account. Paying it directly from the PAYG will give the incorrect result on your BAS Report.
- A more detailed breakdown of you purchases and sales is found at Reports > Saved Reports > GST on…. Pick the Accrual or Cash version depending on your reporting requirements.
- Tip: you can download the JCurve BAS Guide by searching help.jcurve.com.au for BAS – Payment of GST & PAYG
- Setup > Accounting > Tax Codes
- Setting or changing tax codes included in tax reporting by marking or unmarking the Exclude from Reports check box when editing the tax code.
- Main Tax Codes:
|GST:NCT-AU||Purchase||Non Capital Taxable Purchase|
|GST:NCF-AU||Purchase||Non Capital Taxable Purchase eg milk|
|GST:NA-AU||Purchase or Sale||GST Not Applicable, will not be reported on the BAS. Eg Foreign Purchases, GST/PAYG payment|
|GST:TFS-AU||Sale||Tax Fee Sale eg Food|
|GST:EXPS-AU||Sale||Export Sale – will default if customer’s shipping country is not Australia.|
- Tip: if you don’t need to see the tax summary printed on your invoices etc you can turn it off at Setup > Accounting > Setup Taxes
Reconciliations Identifying Discrepancies
- Check your report date ranges.
- Check your data filters – are you excluding data from the report
- Check for unexpected transaction types
- Customise the General Ledger Report to filter just one account at a time or use the Account Register
- Missing Payments – check for payments not deposited.
- Make sure your Allow Transaction Date Outside of Posting Period is set to Disallow
- Limit the users who have access to Journal Entry
Inventory Received Not Billed Account
- Is the clearing account between the PO Receipt and the PO Bill
–PO Receipt DR Inventory CR Inventory Received Not Billed –PO Bill DR Inventory Received Not Billed CR Accounts Payable
–If the Receipt and Bill don’t match there will be a variance remaining in this account –Move these variances to the COGS variance accounts via Post Vendor Bill Variances
- Transactions > Purchases > Post Vendor Bill Variances > set type = PO
–If the variance is significant consider editing the receipt to match the bill and then billing the receipt. Managing Bank Reconciliations
- Transactions > Bank > Reconcile Bank Statement
- Historical bank rec’s can be viewed or edited by entering the reconciliation date into the statement date field.
–Or click the History button and choose a date range then click refresh.
–Use the help link on the bank rec page to see the Bank Reconciliation Help Guide –Limit your reconciliations
- Create one bank rec per week / fortnight and just keep editing it.
- Use Save not Hold
–You can leave a bank rec of balance and still save it –You can start reconciling today and catch up on historical bank recs later. –Create a separate EFTPOS account for the many individual transactions then use Transfer Funds to create a single line entry in the main bank account. –Payee detail - copy the customer name to the memo field or use the Bank Account Register –Create unapplied customer payments by filling in the payment amount without marking any invoices. –Import your statement and use the Auto Match Bank Register
- Lists > Accounting > Accounts > Click on Bank Account Name
- Provides a detailed list with drill down ability of all transactions for a single bank account
- Use the bank register to identify and clear your customer payments before returning to the bank rec screen and Marking All Cleared to Reconcile
- Tip: Transactions missing on the Bank Rec?
–Remove the cleared tick box on the bank register –Check you don’t have undeposited transactions
- Bank Register Report (Reports > Banking & Budgeting > Bank Register)
–To change the bank account for the Bank Register report:
- Go to Home > Set Preferences.
- In the Reporting section of the Analytics subtab, select the bank account you want to view in the Default Bank Account field.
Accounting and Tax Periods
- Setup > Accounting > Manage Accounting Periods
- Setup > Accounting > Manage Tax Periods
- Permissions: Administrator or at least Create access level on the Setup tab for Manage Account Periods and Manage Tax Periods
- Tip: Always use Setup Full Year to avoid transactions being entered against a year or quarter rather than a normal period.
Closing End of Month
- End of Month Check list
–Use the Checklist icon to open the check list –Each Task Needs to be reviewed and confirmed complete even if there are no occurrences for that period.
- To prevent Date / Period Mismatches
–Go to Setup > Accounting > Accounting Preferences > General Tab. Set Allow Transaction Date Outside of Posting Period = Disallow
- To Unlock a Period
–Open the Checklist –Click the Arrow next to Close –Enter a reason in the Justification field then click the Re-open Period button. –Click the arrow next to the task to open AR / AP or all. –All periods after the unlocked period will need to be manually locked again. End of Month Sales Order Processing
- Fulfil all orders that have been shipped
- Bill all orders that have been shipped (fulfilled). Hide unfulfilled orders
- This ensures the income and COGS are in the same period.
Purchase Order Processing
- Post Vendor Bill Variances
–(or change the receipt value to match the bill) –Tip: the Purchase Order History Report shows the variance amount in the last column. Payroll
- Make sure all Pay Runs are paid (Pay Run Stage = Payrun Paid)
- Reconcile bank account/s
Invoicing from Timesheets and Expenses
- Approve all timesheets / expenses / bills and create invoices.
Journals to Impact the Customer or Vendor Account
–Write off bad debts –Offset a customer’s balance against a vendor’s balance –Adjust a customer / vendor account without raising an invoice, bill or credit –Adjust a customer / vendor account without creating a tax entry
- Impact of placing the customer / vendor on the journal line for a:
–Income or Expense account affects the profitability report –Control Account (AR or AP) affects the customer / vendor account balance
- Tip: to write off small customer balances such as underpayment by a few cents, use the discount taken field against the short paid invoice on the customer payment.
- Transactions > Financials > Setup Budgets
- Single budget
–Can be the sum of many budgets eg total sales = sum of budgets by customer / project.
–Transactions > Financials > Setup Budgets > Import –Use the link to download a template
–Budget v’s Actual –Or add a budget column to any report that shows the budget folder
- Forcasting by Sales Rep
–Use the Forcasting Tools and Reports Transactions > Quota / Forcasts Permissions
- Tip: Either check the error message or go to Suite Answers and search on the transaction name and the word Permissions
|Reports||Financial StatementsGeneral Ledger AR / AP / Bank Registers||Edit|
|Setup||Manage Accounting PeriodsAccounting Lists||Edit or higher|
|Transactions||Journal EntryBank Transfers Post Vendor Bill Variances||Edit or higher|
Tips & Tricks
- To use the administrator style menu’s for other roles go to Home > Set Preferences > Appearance tab > tick use Classic Interface
- If a report isn’t showing the results you expect check your date range, clear any additional filters then click refresh.
- Exporting a report to excel will include formulas for totals, exporting to csv will export totals as numbers not sums.
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