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You can add a tab in your Profit and Loss financial budget workbook in which you can created to create your Balance Sheet budget . If required, you can and derive your Cash Flow budget from the Profit and Loss and Balance Sheet budgets. You can then publish those the Balance Sheet and Profit and Loss budgets as streams in the Financial Statements module.

Add a Balance Sheet tab

Step

Notes

1

Click the blue plus button (blue star) next to the Main tab, enter a name for the Balance Sheet tab, select Balance Sheet, then click Add.

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2

Select the Balance Sheet template.

This setting determines the layout of the Balance Sheet budget. The options available depend on the types of Balance Sheet statements your organization has created in the Financial Statements module. If your organization only uses one Balance Sheet template, it will be applied by default.

[insert screenshot of the setup wizard at 2 and then numbers on each piece of the screen with a reference to what each does]

3

Set the Balance Sheet budget hierarchy

(determines how the dimensions are grouped in your workbook):
  • Select the dimension you want to sit at the top level in your budget hierarchy.

  • Add lower levels, if required

    levels, as required:

    • Add levels: Click the blue plus button (blue star), then select the dimension you want to add at that level.

    • Reorder the levels

    , if required
    • : Click and hold the level's Move (blue star) button (a blue box displays around the row), then drag the level up or down to its new position.

  • Select the Cash Flow option, if required. [insert link]

  • Select the Opening Balance stream, period end date (this date must be before your budget period start date) and measure. [should add more words around why you need to select opening balance, and also explain how there will be an opportunity to make adjustments to bridge the info to be the end-of-year balance sheet]

  • Click Create Balance Sheet.

  • Proceed to explore your new budget worksheet(s). A new tab is added to your budget workbook for the Balance Sheet budget. If you opted to add a Cash Flow budget, an additional tab is added for that budget.

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  • Explore the Balance Sheet budget

    [Need to also add a bit more detail on the ‘why’] Why do I have to put in an opening balance? Eg put in sept as opening balance then have to make adjustments to get to Dec. Because the BS is movements of the last period.

    Worth talking to Kaan about cash being the balancing figure for the balance sheet to keep it balancing- will explain tomorrow what I’m talking about here if you’re in.

    Click the Balance Sheet tab to view the budget, which has the following key elements, as identified by the numbers in the image below.

    1. Opening balance column with data brought in from the selected stream.

    2. Adjustments column where you can enter adjustments.

    3. Adjusted opening column displays the new opening balance after your adjustments are taken into account.

    4. Period columns

    The data in every column references the data in the column to its left. For example, January 2021 references the Adjusted Opening column and February 2021 references January 2021.

    If you enter a value in a cell, you will see that everything to the right of that cell will change.

    Add an adjustment line

    Gives you the ability to change the value above it

    A hidden sum row sits under the adjustment line that references the left column and as a result, the data in all the columns to the right of that column updates accordingly.

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    View Retained earnings

    The Retained Earnings (P&L Movement) value in the Balance Sheet is automatically inserted for you. This value comes from the Net Profit After Tax value in the Profit and Loss statement on the Main tab.

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    The Shareholder Equity plus the P&L Movement gives you the value for the next column.

    You can also add adjustment lines in this section of the Balance Sheet.

    Other

    You can reorder dimensions, add comparison rows.

    Publish a balance Sheet

    [info copied from elsewhere - to reword - from Dan: Publish a Balance Sheet- you refer to “I” a couple times when talking about publishing the difference but not sure it makes sense?]

    You can publish your Balance Sheet budget to a stream.

    Publishing a balance sheet is slightly different than publishing a budget. Instead of publishing the raw values which are in the cells, we have to publish the difference between where you are versus where you came from. So, for example, if I was published in the value for Feb 2021, I came from Jan 2021, and the difference here is zero. So I would publish a zero for Feb 2021.

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    On this page

    This setting determines how the dimensions are grouped in your Balance Sheet budget. By default, the first level is the top level group (category) for the Balance Sheet statement and you cannot change this. You can add other dimensions as lower levels. The dimensions that are available in the list depend on how you set up the Profit and Loss budget.

    4

    (Optional) Select the Cash Flow template.

    This setting creates a Cash Flow budget on a separate tab in the workbook. The values in the Cash Flow budget are automatically derived from the values in the Profit and Loss and Balance Sheet budgets. The budget hierarchy levels are inherited from the Balance Sheet budget but if available, you can add custom levels which will help you to group your Cash Flow statement.

    5

    Select the opening balance stream.

    This is the stream from which your Balance Sheet values come from. In most cases, this is the Balance Sheet stream.

    6

    (Optional) Change the period end date.

    By default, the period end is selected for you, as it is linked to the main Profit and Loss budget setup. For example, if your budget period is November 2022 to October 2023, the Balance Sheet period end date is the month prior to that period, October 2022.

    This date must be on or before your Balance Sheet budget period start date, as it informs the initial opening balance for your Balance Sheet budget and enables changes (movements) to be tracked. When the Balance Sheet budget starts in a future month, the opening balance helps you to form the bridge between the last closed period and the beginning of the budget period.

    7

    (Optional) Change the measure.

    By default, the measure is selected for you, as it is linked to the stream you selected in step 5. The measure is typically the same as the measure used in the main Profit and Loss budget.

    8

    Review the Retained Earnings account code and change it, if required.

    By default, the Retained Earnings General Ledger account code is selected for you, as it is linked to the Balance Sheet template you selected in step 2. This setting determines the account code in the Balance Sheet budget to which the profit from the Profit and Loss budget is allocated.

    9

    Click Next.

    10

    Map the cash accounts to the entities in the selected dimension.

    Depending on your account structure, you can use the same General Ledger bank account code for several entities or use different codes as required. Typically, you use a separate bank account for each entity. If you have no levels, such as in the case of a consolidate Balance Sheet budget, you will only have one one bank account to map.

    11

    Click Create Balance Sheet.

    12

    Proceed to explore your new budget worksheet(s).

    A new tab is added to your budget workbook for the Balance Sheet budget. If you opted to add a Cash Flow budget, an additional tab is added for that budget.

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    Related pages (next steps)

    Child pages (Children Display)
    pageDRAFT Create a Balance Sheet (and Cash Flow) budget