Legal Entity Setup

Legal Entity Setup

Legal Entities are companies that own locations.  Each location must belong to a legal entity.  Many reports can be run by legal entity which will show results for all locations that belong to that entity.  A legal entity usually has a corporate tax id.  Legal entities aren’t selected on transactions because the location is selected and whichever legal entity that location belongs to is associated with that transaction automatically. To edit an existing legal entity, go to the Legal Entities list (Accounting – Administration – Legal Entities in the left hand navigation), click a the row of the legal entity … Continued
Cash Flow Statement

Cash Flow Statement

Shows the sources and uses of cash from operating, investing, and financing activities using the indirect method.  Before using the statement you will need to assign ‘Cash Flow Categories’ to your Balance Sheet accounts. There are seven available categories: Operating – Depreciation & Amortization Expense – VERY IMPORTANT, BE SURE THE DEPRECIATION EXPENSE ACCOUNT IS ASSIGNED THIS CATEGORY AND NOT ACCUMULATED DEPRECIATION OR THE AMOUNT WILL SHOW NEGATIVE Operating – Gain/Loss From Sale of Assets Operating – Non-cash Current Assests & Liabilities Investing – Long Term Assets Financing – Long Term Liabilities Financing – Equity Cash To assign a GL Account … Continued
Profit & Loss Formatting

Profit & Loss Formatting

There are two aspects to Profit & Loss report formatting: Column layout Row format  Which column layout you use is selected from the dropdown when you run the report.  Column layouts are not customizable and examples are a column that shows period totals, another might show YTD, another might show locations side by side, etc.   The row format is customizable by your organization and this article will describe the customizable options and the steps to customize it. Elements of Row Format on P&L GL Account – Accounts make up the majority of rows on the P&L.  They will be indented different … Continued