Equity time!

Let’s write some words about equity. There is a standard functionality to build the Financial Reports (replaced the Account Schedules) based on correct setup on Chart of Account. In the version Business Central 21 there are new features into it:

You can import / export Financial Reports into files so you can simply manage them between companies.

User can do Totaling by Totaling Type = Account Category

You can decide if the lines should be printed if the balance = 0.

You can view Account Schedules Overview as 15 columns so that you can see budgets for 12 months and a total.

If you need to remember how to generate the Financial Reports in Business Central, please see the reminder below 😊 Create the P&L and Balance Sheet template:

Please be advised the Account Categories cannot be added but the default names can be change by clicking Edit

Fill the Description under each Category based on the P&L and BS template. The Subcategories can be added/deleted, or the user can adjust the existing ones. User can create the indentation line in the report.

Please remember that all subcategories must be assigned to the proper Account Category, such as Assets, Liabilities, Equity, Income, Cost of Goods Sold, Expense.

For the cash flow statement proposes user can add the Additional Report Definition e.g., Operating Activities, Investing Activities, Financial Activities, Cash Accounts, Retained Earnings, Distribution to Shareholders.

The standard setup already covers the existing Account Schedules. At the end of the G/L Account Categories setup, please adjust it.

Then the user needs to decide if the reports should be created as a new one or adjust the existing one.

Then to each G/L Account with Direct Posting Type the one of the created Account Subcategories needs to be added.

The Account Subcategory can be updated by Configuration Package. The User can export the table G/L Account (15) and G/L Account Category (570) to the Excel Sheet, then fill it in and import back.

Update the Accounting Schedules again.

At the G/L Accounts Categories the accounts were updated.

Check if the Finance Reports are properly assigned in the General Ledger Setup

Print the report in the Financial Report Page.

Done.