SI-GL-RT2 - Balance Sheet summary

Applies to

• Product version: Velixo NX
• ERP: Sage Intacct
• Functional area: Financials, Other
• Industry: General, Services, Not-For-Profit
• Plan: Free, Essentials, Professional, Advanced
• Template type: Production Report template

TABLE OF CONTENTS

• Applies to
• Description
• Coverage
• Typical audience
• Features
• Preview
• Download this template
• Documentation
  • Filters
  • Balance Sheet structure
  • Time Period
• User Guide
  • Using the report
  • Using the Control report
  • Understanding the Report Formula
• Customizing the template
  • Reviewing the Options sheet
  • Managing Account Structures
    • Adding New Account Category
    • Removing an Account category
    • Grouping Accounts Groups
    • Using of Account Code/Range
• Version history

Description

The SI-GL-RT2 Balance Sheet summary (or Statement of Financial Position) report optimizes reporting with Sage Intacct QuickStart list categories. Seamlessly integrating with your financial data, it provides a streamlined overview and user-friendly interface, making it a very useful tool for businesses of all types.

Note: Two versions of this Report Template are available - one for organizations that use either the General and Services QuickStart template, and one for Not-For-Profit organizations).

The current version of the template is: v1.2

Coverage

This workbook includes the following sheets:

• Balance Sheet: The Balance Sheet Report comprises Sage Intacct's default categories, assigned to various sections for a comprehensive financial overview.
• Controls: a control report that can be used to confirm that the data is accurate and balances.
• Options: the template’s settings sheet that used for data validation lists and various lookups and configurations.
• Information: the information sheet of the report, used for storing useful details about the report such as: code, version, 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 Velixo 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 if not):

• Financial functions
• List functions

Preview

Download this template

Download (General / Services QuickStart version)	Download (Not-For Profit QuickStart version)

Documentation

Navigating and utilizing the Velixo SI-GL-RT2 Balance Sheet Summary report is a very straightforward process, designed for simplicity, genericity and efficiency. The template comes pre-configured with QuickStart account categories, streamlining the reporting process with minimal user effort.

Filters

Located in the upper left of the sheet, the filters include:

• Location: lists all entities present in Sage Instance (excluding groups) including any custom group defined in the options sheet. For ease of use, Velixo shows you the Entity id that you may be familiar with along with the entity name. This Display name is configurable in the Options sheet.
• Department: lists all departments present in Sage Instance (excluding groups) including any custom group defined in the options sheet. For ease of use, Velixo shows you the Department id that you may be familiar with along with the department name. This Display name is configurable in the Options sheet. 
• As of (Period): a date field. Please use the last date of a financial period/month 
• Books: lists every type of books defined in your Sage Instance in a dropdown list. The report defaults to the Accrual book, but user can add more than one book by concatenating books in the filter value. For example: Accrual;GAAP will return amounts for those two books

These filters are seamlessly linked to the data on the Options tab.

Balance Sheet structure

Sections: Velixo has thoughtfully structured the BS using multiple common sections that should be generic, by default. 

The following sections are used by default:

• Current Assets
• Non-Current Assets
• Current Liabilities
• Long-Term Liabilities
• Capital Stock
• Other Comprehensive Income

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.

Note: Only minor naming adjustments may have to be considered, see: Understanding Account categories' use in Templates

Metrics: The report includes the following metrics :

• YTD / Prior Year YTD
  • Col E: the turnover from the beginning of the period up to the date specified in the "As of" filter
  • Col F: the prior year turnover balance from the beginning of the period up to the same date specified in the "As of" filter
• YTD vs Prior YTD Variance 
  • Var $: The amount difference between the current year and the prior year amount for the period.
  • Var %: The variance ratio between the current year amount and the prior year amount for the period.

Time Period

The incorporated time periods encompass the following:

Current Year:

• Provides the accumulated balance from the start of the fiscal year (depending on the user input for the fiscal start month on the Options tab) up to the indicated as-of-date.
• For example, if a user selects 6/30/2019, and the specified fiscal start month is April, the returned balance spans from April 1st, 2019, to June 30th, 2019.
• To obtain the full year position, it is crucial to specify the last date of the fiscal year.

Prior Year:

• Returns the accumulated balance from the beginning of the fiscal month in the prior year up to the selected as-of-date for the prior year.
• For instance, if a user selects 6/30/2019, and the specified fiscal start month is April, the balance returned spans from 4/1/2018 to 6/31/2018.

Note: Auto Hide Zero Rows in Selected Range has been configured on the Current Year column. This means that even if some of Sage Intacct's standard Account categories are not mapped to any of your accounts or if there is no value in Current Year Actuals column, then those account categories will remain hidden and the report will work as expected.

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 dimensions and structures from your Sage Intacct instance; however, you can also customize it.
• If your fiscal calendar doesn't start on the January 1st, then specify the Fiscal Start Month on the Options sheet, as it will be the basis of the calculation for the YTD balances.

• Choose Desired Filters - After updating the Options sheet, select desired filters for the report:

• Location
• Department
• As of (Period) in MM/dd/YYYY format
• Books (single select or multiple using semi-colon as delimiter)

• Automatic Report Update - Selecting any filter will automatically update report balances. Begin analyzing the report with the latest data.

• Validation and analysis: ensure accuracy by verifying balances in the Control sheet. Confirm that differences for each total are zero.

• Variances Investigation: if discrepancies arise between data extracted at the account category and account code levels, conduct a thorough investigation to resolve any differences.

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 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.

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. 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 BS balances with the account categories listed on the 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 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 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.

Customizing the template

Reviewing the Options sheet

The Options tab comprises Sage Intacct dimensions, and other attributes and structures used in the report. This information updates in real-time with Velixo app refresh, facilitating immediate integration of newly added ERP data into the report as filters.

This includes:

• Connection Name
• Location
• Department
• Books
• Fiscal Year Setup

The Connection Name is subject to variation depending on the user input provided through the Velixo login portal. For convenience, users may add the connection name used on cell A2. This cell has been designated as a named range (Connection), ensuring its automatic application to all formulas throughout the sheet.

Users can also customize Location and Department dimensions by adding their preferred custom values, using a list and ranges as described in this article.

To do so:

1. collapse the column groups for either the Department or Location. 
2. then simply input the desired values in the Group formula and Custom group name columns, highlighted in light blue for quick identification.

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 Year-to-Date (YTD) Actual values.

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.

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.

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