In this demo, we look at balance sheets and income financial statements in Acumatica. Acumatica allows you to fully customize your financial reports, using a combination of the row, column, and unit sets. But there is something additional called “Grouping”. You can quickly see a consolidated statement across all your companies, and then also look at a specific company or branch level too. You can even slice and dice by the product line for that particular company or branch. You can see transactions that were tagged with a specific subaccount, and use that to break out that information on your financial statements in Acumatica. If you like FRx or Microsoft Management Reporter (MR) you will see the similarities with this built-in tool.
Watch the video: Quick Look at Grouping and Unit Sets on Financial Statements in Acumatica
Video Transcription:
“Another area of reporting we’re going to look at is on our financial statements. We’re going to look at our balance sheet. Acumatica allows you to fully customize your financial reports, using a combination of a row, column, and unit sets. We’re going to look at a balance sheet for the period of 12/2019 and we’re going to run this. What I want to point out to you here is yes, we’ve got a balance sheet, like we would all typically expect to see, but there is what’s called Grouping on this balance sheet. If you click the grouping, here, we see a tree of our company branch structure. So we’re looking at a consolidated balance sheet at a high view here. If we click on any one of those units in the tree, the report is automatically going to filter the data based on that particular unit. In this case, it’s a branch or it’s a company.
So here’s where you’re able to quickly see a consolidated statement across all your companies. And then also look at that at a company or branch level as well. The same thing goes on an income statement. If we go over to an income statement and we’re going to look at our P&L product line, we’re going to run that for the same period, 12 of 2019
We have that unit set, or that grouping, again here. So what we did that’s a little bit different here is yes, we are seeing it broken out by company and by branch, but we’ve also utilized the segments in our subaccount, called product line, and we took that segment and we further defined this unit set to allow us to slice and dice, not only by company or branch but by the product line for that particular company or branch.
So if I click on consumer goods, here’s where we can see our consumer goods P&L for the retail branch. If I go down under the wholesale branch, I can now see my consumer goods sales and expenses for the wholesale branch. So that’s one of the advantages of having subaccounts. You can then take those subaccounts and you can slice and dice all the transactions that were tagged with that subaccount, and use that to break out that information here on your financial statements.”
This is a snippet from a detailed Acumatica overview. Watch the full video – Acumatica Lunch and Learn Part 2 – Acumatica Financials.
If you want to see more features that stand out in Acumatica review the series of articles our senior ERP consultants have published that compare Acumatica vs Microsoft Dynamics GP.
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Are you ready to evaluate Acumatica or looking for Acumatica training and support? Contact CAL Business Solutions at sales@calszone.com or 860-485-0910 x4.
By CAL Business Solutions, Acumatica and Microsoft Dynamics GP Partner, www.calszone.com
