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#314 Board of Directors Reports
Function
The Board of Directors’ Reports supplement is a series of three different reports.
Project Financial Report
The Project Financial Report lists each project’s total expenditures identifying the budgeted, current month and project total amounts, comparison of actual cost to budget, and the percent of the budget spent. It also lists total receipts for each project and the balance of revenues less expenditures. It is a great presentation of each project’s status since it reflects the contract year.
Balance Sheet by Category
The Balance Sheet by Category allows you to create categories to group and summarize balance sheet accounts. It also takes the reconciling items and prints them under the liability section with the description “Cost Allocation Control”. Normally this amount should be the change in leave liability for the year.
Agencywide R & E by Category
The Agencywide R & E by Category allows you to create cost categories to combine specified revenue and expenditure codes. For each category, it lists the budget, current month, year-to-date, and comparison of actual to budget in dollars and percentage.
Things You Should Know
For Project Financial Report – You must first display the Revenue and Expenditure report by Element under Monthly Processing/Financial Reports to help assure correct information on this report.
For Balance Sheet - One user needs to display the Balance Sheet and Agencywide R&E under Monthly Processing/Financial Reports to help assure correct information on this report.
For Agencywide R&E by Category - You have to display the R&E by Element and Agencywide Revenue/Expense Report under Monthly Processing/Financial Reports to help assure correct information on this report. It will reflect the Agencywide budget entered and the answer to the Indirect detail question when you ran the Agencywide Revenue/Expense report.
Setup Categories and Assign Line Items
Balance Sheet Categories tab:
Edit - Click on edit to begin entering category codes and descriptions or to assign line items and also to make changes to them.
Save – This will permanently record your entries.
Print – This will display your entries with the option to print or export.
Delete - Click on the delete button to delete the displayed item.
Setup Categories:
Code - Assign a numeric value to the category code you are creating. All asset categories are to be between 100-199. All liability categories are to be between 200-299 and all equity categories are to be between 300-399.
The reconciling amounts on your month end balance sheet will be reflected next to Cost Allocation Control in the liability section of the Balance Sheet by Category, but you do not need to set up a balance sheet category for that liability.
Description - Enter the description of the category you are creating. Examples may include “Cash in Bank” and “Payroll Withholding Accounts”.
Assign Line Items:
When that option is selected, a form will appear for you to use in assigning balance sheet GL codes to the existing categories. You have the option of creating numerous formats. This gives you the ability to define what transaction codes are assigned to a specific category using multiple
combinations, depending on different reporting needs. You may need one format for your Board and a different format for the audit report.
When the Assign Line Item option is selected, the following items appear:
Format # – Assign a number to the Format you are creating. If a format number exists, once you enter the format number, it lists all of the codes you assigned previously in the grid. You may click on the delete button to delete a line or change the category if you wish to.
Description - Assign a description for this format, i.e., Board format.
GL Code – Click on Edit. Select the balance sheet GL code you are assigning to a category. You will be restricted to existing codes. You may make your selection by typing in the number, or clicking on the combo box and making your selection.
Cost Category Code – Select the existing Cost Category to which you wish to assign the GL code. As stated in the code section above under Set up Categories, all asset codes will be restricted to existing categories between 100 and 199, all liability codes will be restricted to existing categories between 200 and 299 and all equity accounts will be assigned to existing categories between 300-399. If you forget to set up a balance sheet GL code that has a balance, the amount will print next to category 0, Not assigned on the Balance Sheet by Category report.
Cost Categories tab
When you click on the Cost Categories Tab, a form will appear with the two options, Setup Categories and Assign Line Items.
Edit - Click on edit to begin entering category codes and descriptions or to assign line items and also to make changes to them.
Save – This will permanently record your entries.
Delete - Click on Delete to delete the selected item.
Print – This will display the current categories with the option to print or export.
Set up Categories:
Code – Assign a numeric value to the Category you are creating. All revenue categories need to be between 1000 and 1999. Category 1999 is the default for Other Revenues. All expenditure codes need to be between 2000 and 9999. Category 9999 is the default for Other Expenses.
Note: If you use Supplement #412 R & E Report Designer and you have set up cost categories in that supplement, those same cost categories are used for this supplement. You may add additional categories as necessary.
Description – Enter the description of the Category you are creating. An example of these would be Personnel Costs, Supplies, etc.
To Assign Line Items:
When this option is selected, a form will appear for you to use in assigning Revenue and Expenditure codes to the existing categories. You have the option of creating numerous formats. This gives you the ability to define what transaction codes are assigned to a specific category using multiple combinations, depending on different reporting needs.
When the Assign Line Item option is selected, the following items appear:
Format # – Assign a number to the Format you are creating. If a format number exists, once you enter the format number, it lists all the codes you assigned previously in the grid. You may click on the Delete button to delete a line or change the category if you wish to.
GL Code – Select the Revenue or Expenditure code you are assigning to a Category. You will be restricted to existing codes. You may make your selection by typing in the number, or clicking on the combo box.
Cost Category Code – Select the existing Cost Category to which you wish to assign the transaction code. As stated in the code section above under Set up Categories, all Revenue codes will be restricted to existing categories between 1000 and 1999, and all Expenditure codes will be restricted to existing Categories between 2000 and 2999. If you have transaction codes with budgets or YTD activity that are not assigned to a category, when the report is generated all unassigned Revenue Codes will appear under category 1999 – Other Revenues, and all unassigned Expenditure codes will appear under category 9999 – Other Expenses.
Operating Instructions
Board of Directors’ Reports tab:
Period
Displays the current period when the Agencywide R&E report was last prepared for the Board of Directors Reports. This period will be the date the financial reports were last prepared.
Project Financial Report
To print the Project Financial Report, click on that option and select Print. The report will be displayed. You may print or export the report.
Balance Sheet by Category
To print the Balance Sheet by Category, click on that option. You will then specify the format you wish to use for this report. At year end, if you have posted the entries to close all cost allocation control accounts and have checked the Year End check box on the Balance Sheet under Financial Reports, it will automatically be checked here.
With Category Detail - Check this box to have all Balance Sheet GL codes to print under each category.
Agencywide R&E by Category
To print the Agencywide R & E by Category, click on that option. You will then specify the format you wish to use for this report.
With Category Detail - Check this box to have all GL codes to print under each category.
The Board of Directors’ Reports supplement is a series of three different reports.
Project Financial Report
The Project Financial Report lists each project’s total expenditures identifying the budgeted, current month and project total amounts, comparison of actual cost to budget, and the percent of the budget spent. It also lists total receipts for each project and the balance of revenues less expenditures. It is a great presentation of each project’s status since it reflects the contract year.
Balance Sheet by Category
The Balance Sheet by Category allows you to create categories to group and summarize balance sheet accounts. It also takes the reconciling items and prints them under the liability section with the description “Cost Allocation Control”. Normally this amount should be the change in leave liability for the year.
- With Category Detail - Check this box to have all Balance Sheet GL codes to print under each category.
Agencywide R & E by Category
The Agencywide R & E by Category allows you to create cost categories to combine specified revenue and expenditure codes. For each category, it lists the budget, current month, year-to-date, and comparison of actual to budget in dollars and percentage.
- With Category Detail - Check this box to have all GL codes to print under each category.
Things You Should Know
For Project Financial Report – You must first display the Revenue and Expenditure report by Element under Monthly Processing/Financial Reports to help assure correct information on this report.
For Balance Sheet - One user needs to display the Balance Sheet and Agencywide R&E under Monthly Processing/Financial Reports to help assure correct information on this report.
For Agencywide R&E by Category - You have to display the R&E by Element and Agencywide Revenue/Expense Report under Monthly Processing/Financial Reports to help assure correct information on this report. It will reflect the Agencywide budget entered and the answer to the Indirect detail question when you ran the Agencywide Revenue/Expense report.
Setup Categories and Assign Line Items
Balance Sheet Categories tab:
Edit - Click on edit to begin entering category codes and descriptions or to assign line items and also to make changes to them.
Save – This will permanently record your entries.
Print – This will display your entries with the option to print or export.
Delete - Click on the delete button to delete the displayed item.
Setup Categories:
Code - Assign a numeric value to the category code you are creating. All asset categories are to be between 100-199. All liability categories are to be between 200-299 and all equity categories are to be between 300-399.
The reconciling amounts on your month end balance sheet will be reflected next to Cost Allocation Control in the liability section of the Balance Sheet by Category, but you do not need to set up a balance sheet category for that liability.
Description - Enter the description of the category you are creating. Examples may include “Cash in Bank” and “Payroll Withholding Accounts”.
Assign Line Items:
When that option is selected, a form will appear for you to use in assigning balance sheet GL codes to the existing categories. You have the option of creating numerous formats. This gives you the ability to define what transaction codes are assigned to a specific category using multiple
combinations, depending on different reporting needs. You may need one format for your Board and a different format for the audit report.
When the Assign Line Item option is selected, the following items appear:
Format # – Assign a number to the Format you are creating. If a format number exists, once you enter the format number, it lists all of the codes you assigned previously in the grid. You may click on the delete button to delete a line or change the category if you wish to.
Description - Assign a description for this format, i.e., Board format.
GL Code – Click on Edit. Select the balance sheet GL code you are assigning to a category. You will be restricted to existing codes. You may make your selection by typing in the number, or clicking on the combo box and making your selection.
Cost Category Code – Select the existing Cost Category to which you wish to assign the GL code. As stated in the code section above under Set up Categories, all asset codes will be restricted to existing categories between 100 and 199, all liability codes will be restricted to existing categories between 200 and 299 and all equity accounts will be assigned to existing categories between 300-399. If you forget to set up a balance sheet GL code that has a balance, the amount will print next to category 0, Not assigned on the Balance Sheet by Category report.
Cost Categories tab
When you click on the Cost Categories Tab, a form will appear with the two options, Setup Categories and Assign Line Items.
Edit - Click on edit to begin entering category codes and descriptions or to assign line items and also to make changes to them.
Save – This will permanently record your entries.
Delete - Click on Delete to delete the selected item.
Print – This will display the current categories with the option to print or export.
Set up Categories:
Code – Assign a numeric value to the Category you are creating. All revenue categories need to be between 1000 and 1999. Category 1999 is the default for Other Revenues. All expenditure codes need to be between 2000 and 9999. Category 9999 is the default for Other Expenses.
Note: If you use Supplement #412 R & E Report Designer and you have set up cost categories in that supplement, those same cost categories are used for this supplement. You may add additional categories as necessary.
Description – Enter the description of the Category you are creating. An example of these would be Personnel Costs, Supplies, etc.
To Assign Line Items:
When this option is selected, a form will appear for you to use in assigning Revenue and Expenditure codes to the existing categories. You have the option of creating numerous formats. This gives you the ability to define what transaction codes are assigned to a specific category using multiple combinations, depending on different reporting needs.
When the Assign Line Item option is selected, the following items appear:
Format # – Assign a number to the Format you are creating. If a format number exists, once you enter the format number, it lists all the codes you assigned previously in the grid. You may click on the Delete button to delete a line or change the category if you wish to.
GL Code – Select the Revenue or Expenditure code you are assigning to a Category. You will be restricted to existing codes. You may make your selection by typing in the number, or clicking on the combo box.
Cost Category Code – Select the existing Cost Category to which you wish to assign the transaction code. As stated in the code section above under Set up Categories, all Revenue codes will be restricted to existing categories between 1000 and 1999, and all Expenditure codes will be restricted to existing Categories between 2000 and 2999. If you have transaction codes with budgets or YTD activity that are not assigned to a category, when the report is generated all unassigned Revenue Codes will appear under category 1999 – Other Revenues, and all unassigned Expenditure codes will appear under category 9999 – Other Expenses.
Operating Instructions
Board of Directors’ Reports tab:
Period
Displays the current period when the Agencywide R&E report was last prepared for the Board of Directors Reports. This period will be the date the financial reports were last prepared.
Project Financial Report
To print the Project Financial Report, click on that option and select Print. The report will be displayed. You may print or export the report.
Balance Sheet by Category
To print the Balance Sheet by Category, click on that option. You will then specify the format you wish to use for this report. At year end, if you have posted the entries to close all cost allocation control accounts and have checked the Year End check box on the Balance Sheet under Financial Reports, it will automatically be checked here.
With Category Detail - Check this box to have all Balance Sheet GL codes to print under each category.
Agencywide R&E by Category
To print the Agencywide R & E by Category, click on that option. You will then specify the format you wish to use for this report.
With Category Detail - Check this box to have all GL codes to print under each category.
