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You

If you have permission to manage financial statements, you can create different versions of a

P&L or

Profit and Loss, Balance Sheet or Cash Flow statement, for different audiences. There are two ways of doing this

: Cloning

; you can either clone (copy) an existing statement or

creating

create a new statement from scratch. Cloning is the simplest and quickest option

.
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Clone a statement

Cloning a statement saves time by letting you base a new

, as you base the new financial statement on one that is already in your list, taking advantage of existing mappings and so on

but with the flexibility to customize some parts of the statement as required.

  • Go to the statements list (Actions menu (blue star)  > Statements).

  • Select the required statement and click Clone. In the image below the user is cloning ‘Balance Sheet’.

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Name your statement and select Clone.

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P&Ls for different audiences

. You can then customize the cloned statement as required.

For example, you might want to provide

these P&Ls for different audiences.

Board P&L

Management P&L

Branch P&L

  • Sales

    • COGS

    Profit and Loss statements with different levels of detail, to satisfy the needs of different audiences. Compare the information required by three audiences in the table below.

    Board Profit and Loss statement

    Management Profit and Loss statement

    Branch Profit and Loss statement

    Sales
    Cost of Goods Sold
    Gross Profit
    Operating Expenses

    EBIT

    Earnings Before Interest and Tax
    Interest
    Net Profit

    before Taxation

    Before Tax

    Sales

    COGS

    Cost of Goods Sold
    Gross Profit
    Sales & Marketing
    Research & Development
    General &

    Admin

    Administration
    Total Operating Expenses
    Net Profit

    before

    Before Tax

    Sales
    Direct

    Labour

    Labor
    Direct Materials
    Total Direct costs
    Gross Profit
    Salaries & Wages
    Marketing
    Rent &

    Opex

    Operating Expenses
    Insurance
    General & Other
    Total Operating Expenses
    Net Profit before Tax

    Create a new statement

    From the statements list (accessed via the Actions menu (blue star)  > Statements) choose ‘New’.

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    When creating a new statement, there are three items to set: Name, top level dimension and statement type.

  • Name the statement and select the statement ‘type'. In the example below the user is creating a P&L/IncomeStatement called ‘Branch Profit and Loss’.

    • Note about ‘Top Level Dimension’. In Phocas dimensions are the datasets that appear

    Clone a financial statement

    1. In the Statements window, select the financial statement you want to clone by clicking the number to the left of its name, then click Clone.

    2. Edit the name to create a unique name for the new financial statement (clone). For example, append your name at the endof the original name.

    3. Click Clone.

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    4. Click the new financial statement to open its setup window, then proceed to customize the statement to meet your needs.

    Create a financial statement from scratch

    Info

    You cannot create a Cash Flow statement from scratch, you must clone the original.

    1. In the Statements window, click New.

    2. Enter a name for the new financial statement.

    3. Select the Top Level Dimension*.

    4. Select the statement Type.

    5. Click Save.

    6. Click the new financial statement to open its setup window, then proceed to customize the statement to meet your needs.

    Info

    *Dimensions are the datasets that appear as buttons down the left of the analysis screen.

    ‘Top level’

    Top level dimensions appear at the top of the list. Typically, this should be left at the default that appears automatically when you choose ‘New’ statement.

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