WELCOME TO GMS ACCOUNTING ONLINE HELP
The help you need at your fingertips.
You are here: General Ledger > Monthly Processing > Financial Reports
Financial Reports
Function
Produces a series of month end revenue and expenditure reports, agencywide balance sheet, and a trial balance.
How It Works
Month End Processing concludes with the option of printing, displaying or exporting a series of financial reports. These reports are the products of previous processing steps. They may be produced as often as necessary. However, current month and year-to-date amounts will change only when the preceding processing procedures are run.
At the bottom of this form, the posting period will be refreshed when the Agencywide R&E is run or when Post all Financials is selected. All financial reports on this menu should be run in order. This allows users who didn't process month end to know when the financial report information is ready for the period displayed.
Things You Should Know
Balance Sheet
Function
Print, display or export the month end Balance Sheet.
How It Works
The Balance Sheet is a concise listing of all agencywide general ledger asset, liability, and project equity account balances as of the last month processed.
It should be analyzed monthly. At a minimum review:
The GMS Balance Sheet also includes a summary reconciliation which tests all cost allocation issues to assure that they have performed properly.
Operating Instructions
To print, display or export the Balance Sheet, select from the Financial Reports menu.
Things You Should Know
b. Upon completion of month end processing asset and liability accounts should be reconciled
b. Changes in leave and comp liability do not have to be physically recorded every month since the amounts change on a monthly basis.
c. Any penny differences in allocated amounts are reflected in the reconciling items so as not to show an unreconciled balance. These penny differences resulting from percentages applied and rounding, which occurs during cost allocation are normally adjusted at Year End.
Checklist when the Balance Sheet has an Unreconciled Balance
If the Balance Sheet has an unreconciled balance, check the following items:
Version of Balance Sheet
Check the appropriate answers:
_Y _N 1. Is the General Ledger in balance?
_Y _N 2. Was the Balance Sheet in balance as of the last month end?
_Y _N 3. If you use Supplement #367 Service Unit Allocations or #381 Special Allocations/Internal Base, do any of the transfer codes appear on the Agencywide R & E report?
_Y _N 4. If the version checked above does not have Year End checked, have the year end closing entries been posted to close out the pools and control accounts?
_Y _N 5. If you use the Leave Pool and accrue any leave costs, do you have a change in liability for any class that has no timesheets entered for that class?
_Y _N 6. Do the project balances on the Balance Sheet match the “Project Total” column’s Project Balances on the Project Revenue and Expenditure Report?
_Y _N 7. Is there any improper coding on the Transaction Code Listing? All assets and liabilities should be coded to element 997000. There should be no 30000's appearing unless it is an entry to a fund balance or net asset account. All revenues must have a project number. No expenditures should be coded to 997000.
_Y _N 8. Are there any incorrect pay codes used on the Monthly Timesheet Charges by Activity?
If, after checking the above items, you cannot determine why your balance sheet has an unreconciled balance, do the following:
Drill Downs Available on R & E Reports
Drill Downs give you the ability to display the transaction detail for a particular code for both the current period and YTD amounts.
Things You Should Know
Note: Should you have Supplement #389 Cost Allocation Locks installed, the drill down detail for Salaries and Fringe Benefits will be actual costs and will not reflect locked amounts.
Revenue and Expenditure Report by Element
Function
Print, display or export the Revenue and Expenditure Report by Element .
How It Works
The Revenue and Expenditure Report by Element shows all line item revenue and expenses charged. Any line item with an amount in budget, prior year, current month or Yr-To-Dt columns will appear on this report.
Columns include:
Budget - Line item budgets for the grant or contract period. See chapter on Budget/PY R&E Procedures for information on maintaining these budgets.
Prior Year - Revenue and expense activity which took place prior to the start of the agency's current fiscal year. See chapter on Budget/PY R&E Procedures for further information.
Current - Current period amounts posted through Monthly Processing Procedures.
YTD - YTD amounts accumulated through Monthly Processing Procedures, includes revenue and expenditures for the agency's fiscal year.
Project Total - Sum of prior year and Yr-To-Dt activity.
Under/Over Budget - Budget amount less project total amount.
% of Budget - Percent of project total when compared to budget.
The Current and YTD columns have report total amounts on the last page of the report to easily tie to the Agencywide Revenue/Expense Report.
Operating Instructions
To print, display or export the Revenue and Expenditure Report by Element, select the Financial Reports menu.
NOTE: If you want to exclude the Headers for the columns for exporting purposes, put a check in the Suppress Header box before
printing.
NOTE: In this list box you can select multiple codes without holding the control or shift key
NOTE: If you have the Purchase Order Supplement installed, an additional checkbox titled PO Financial will be available. Selecting this option will add a P.O.’s column with Purchase Order obligations to your report.
Things You Should Know
Revenue and Expenditure Report by Project
Function
Print, display or export the Revenue and Expenditure Report by Project .
How It Works
The Revenue and Expenditure Report by Project summarizes all line item revenue and expenses charged. Any line item with an amount in budget, prior year, current month or Yr-To-Dt columns will appear on this report.
Columns include:
Budget - Line item budgets for the grant or contract period. See chapter on Budget/PY R&E Procedures for information on maintaining these budgets.
Prior Year - Revenue and expense activity which took place prior to the start of the agency's current fiscal year. See chapter on Budget/PY R&E Procedures for further information.
Current - Current month amounts posted through Monthly Processing Procedures.
YTD - YTD amounts accumulated through Monthly Processing Procedures, includes revenue and expenditures for the agency's fiscal year.
Project Total - Sum of prior year and Yr-To-Dt activity.
Under/Over Budget - Budget amount less project total amount.
% of Budget - Percent of project total when compared to budget.
The Current and YTD columns have report total amounts on the last page of the report to easily tie to the Agencywide Revenue/Expense Report.
Operating Instructions
To print, display or export the Revenue and Expenditure Report by Project report to a file, select from the Financial Reports menu.
NOTE: If you want to exclude the Headers for the columns for exporting purposes, put a check in the Suppress Header box before printing.
NOTE: In this list box you can select multiple codes without holding the control or shift key.
NOTE: If you have the Purchase Order Supplement installed, an additional checkbox titled PO Financial will be available. Selecting this option will add a P.O.’s column with Purchase Order obligations to your report.
Things You Should Know
Agencywide Revenue and Expenditure Report
Function
Print, display or export the Agencywide Revenue and Expenditure Report.
How It Works
The Agencywide Revenue and Expenditure Report summarizes all line item revenue and expenses charged. Any line item with an amount in budget, current month or Yr-To-Dt charges will appear on this report.
Columns include:
Budget - Agencywide line item budgets for the fiscal year. See chapter on Budget/PY R&E Procedures for information on maintaining these budgets.
Current - Current month amounts posted through Monthly Processing Procedures.
YTD - YTD amounts accumulated through Monthly Processing Procedures, includes revenue and expenditures for the agency's fiscal year.
Under/Over Budget - Budget amount less year-to-date amount.
% of Budget - Percent of year-to-date total when compared to budget.
This report provides you with two alternative formats appropriate for organizations using indirect costs. You may print it with all indirect costs summarized under account 59700. Or, you may print with indirect cost pool detail replacing account 59700 and adding all line items from the indirect cost pool to the applicable directly charged line items.
Operating Instructions
To print, display or export the Agencywide Revenue and Expenditure Report, select from the Financial Reports menu.
NOTE: This report provides you with two alternative formats appropriate for organizations using indirect costs. You may print it with all indirect costs summarized under account 59700. Or, you may select Include Indirect Detail to print with indirect cost pool detail replacing account 59700 and adding all line items from the indirect cost pool to the applicable directly charged line items.
Things You Should Know
Produces a series of month end revenue and expenditure reports, agencywide balance sheet, and a trial balance.
How It Works
Month End Processing concludes with the option of printing, displaying or exporting a series of financial reports. These reports are the products of previous processing steps. They may be produced as often as necessary. However, current month and year-to-date amounts will change only when the preceding processing procedures are run.
At the bottom of this form, the posting period will be refreshed when the Agencywide R&E is run or when Post all Financials is selected. All financial reports on this menu should be run in order. This allows users who didn't process month end to know when the financial report information is ready for the period displayed.
Things You Should Know
- Post All Financials – This button will process all four financial reports available on this form. No reports, however, will be generated. The purpose of this step is to post all the financial report data to appropriate temporary tables. These tables are used by various GMS supplements from which to extract data to generate reports. Please note that this step should not be used during the normal month end processing where each report is generated and reviewed for accuracy.
Balance Sheet
Function
Print, display or export the month end Balance Sheet.
How It Works
The Balance Sheet is a concise listing of all agencywide general ledger asset, liability, and project equity account balances as of the last month processed.
It should be analyzed monthly. At a minimum review:
- Cash account balances
- Status of accounts receivable
- Status of notes receivable
- Status of prepaid expenses
- Accounts payable balances
- Status of payroll taxes withheld
- Status of deferred revenue accounts
- All account balances should reconcile and be understood
The GMS Balance Sheet also includes a summary reconciliation which tests all cost allocation issues to assure that they have performed properly.
Operating Instructions
To print, display or export the Balance Sheet, select from the Financial Reports menu.
- The period dates reflected on this report are the same period dates that were chosen in the Cost Allocation section of month end processing. Therefore, the allocation amounts reflected on the financial reports are those for the period selected.
- Select Balance sheet from the combo box.
- Click on the Print button to displayed the Balance Sheet on the screen.
- To Exit, click on the X in the upper right hand corner.
Things You Should Know
- You may print the Balance Sheet as many times as required. It will only change as a result of Month End Processing steps being run.
- Before proceeding you should review the following reconciling items:
b. Upon completion of month end processing asset and liability accounts should be reconciled
- If a month end date is selected that cost allocation has not been processed, the amounts reflected will be cost allocations as of the last month it was processed.
- Reconciling Items are reflected on the Balance Sheet each month until the year end closing entries are prepared for several reasons:
b. Changes in leave and comp liability do not have to be physically recorded every month since the amounts change on a monthly basis.
c. Any penny differences in allocated amounts are reflected in the reconciling items so as not to show an unreconciled balance. These penny differences resulting from percentages applied and rounding, which occurs during cost allocation are normally adjusted at Year End.
- The Total Liabilities and Projects amount should equal the Total Assets once the Year End closing entries have been completed.
Checklist when the Balance Sheet has an Unreconciled Balance
If the Balance Sheet has an unreconciled balance, check the following items:
Version of Balance Sheet
- Regular Month End
- Regular Month End with Year End checked
- From Supplement # 314 Board of Directors
- From Supplement #402 FASB 117 Worksheets
- From Supplement # 415 GASB 34 Worksheets
Check the appropriate answers:
_Y _N 1. Is the General Ledger in balance?
_Y _N 2. Was the Balance Sheet in balance as of the last month end?
_Y _N 3. If you use Supplement #367 Service Unit Allocations or #381 Special Allocations/Internal Base, do any of the transfer codes appear on the Agencywide R & E report?
_Y _N 4. If the version checked above does not have Year End checked, have the year end closing entries been posted to close out the pools and control accounts?
_Y _N 5. If you use the Leave Pool and accrue any leave costs, do you have a change in liability for any class that has no timesheets entered for that class?
_Y _N 6. Do the project balances on the Balance Sheet match the “Project Total” column’s Project Balances on the Project Revenue and Expenditure Report?
_Y _N 7. Is there any improper coding on the Transaction Code Listing? All assets and liabilities should be coded to element 997000. There should be no 30000's appearing unless it is an entry to a fund balance or net asset account. All revenues must have a project number. No expenditures should be coded to 997000.
_Y _N 8. Are there any incorrect pay codes used on the Monthly Timesheet Charges by Activity?
If, after checking the above items, you cannot determine why your balance sheet has an unreconciled balance, do the following:
- Highlight the checklist
- Copy and paste the checklist into a Word document
- Fill in the appropriate Y’s & N’s
- Save the file
- Highlight the checklist in the Doc file.
- Right click on the highlighted area and click on copy.
- In the accounting system, click on Help and GMS Web Help.
- When you are at the GMS website, select Service Calls.
- Once you are in the service call, fill in the agency information and paste the checklist in the message box and click Submit.
Drill Downs Available on R & E Reports
Drill Downs give you the ability to display the transaction detail for a particular code for both the current period and YTD amounts.
Things You Should Know
- Once the report is displayed, you can double click on any column for a GL code and it will display the current and year-to-date detail. It will display a new report reflecting the posting period, type of book of entry, batch #, document #, description, current and YTD amounts of each item coded to this GL code.
- To close out of the detail form, click on the small x in the upper right hand corner.
- Because of the way we designed the table in the database that stores the timesheets and the allocation of leave and fringe benefit costs, you can click on any of the GL codes that have been set up in the Class Setup for salary, leave and fringe benefits and it will give you a list of the employees with a total of their direct timesheet charges and allocations, if you have been given access to Personnel Drill Downs under Tools, Security Menu. For the GL Code assigned for salaries, you will get a list of employees with their timesheet charges. If leave is also set up to be reflected in the same GL code as salaries, it will give you a total of the timesheet charges plus leave allocated for that employee.
- For 59700 and 59900, which are the two reserved GL codes for indirect and common costs, you will not get any detail if you double click on them because there is nothing directly charged to them. This is also true for the transfer codes set up in Supplement #367 Service Unit Allocations and Supplement #381 Special Allocations/Internal Base.
Note: Should you have Supplement #389 Cost Allocation Locks installed, the drill down detail for Salaries and Fringe Benefits will be actual costs and will not reflect locked amounts.
Revenue and Expenditure Report by Element
Function
Print, display or export the Revenue and Expenditure Report by Element .
How It Works
The Revenue and Expenditure Report by Element shows all line item revenue and expenses charged. Any line item with an amount in budget, prior year, current month or Yr-To-Dt columns will appear on this report.
Columns include:
Budget - Line item budgets for the grant or contract period. See chapter on Budget/PY R&E Procedures for information on maintaining these budgets.
Prior Year - Revenue and expense activity which took place prior to the start of the agency's current fiscal year. See chapter on Budget/PY R&E Procedures for further information.
Current - Current period amounts posted through Monthly Processing Procedures.
YTD - YTD amounts accumulated through Monthly Processing Procedures, includes revenue and expenditures for the agency's fiscal year.
Project Total - Sum of prior year and Yr-To-Dt activity.
Under/Over Budget - Budget amount less project total amount.
% of Budget - Percent of project total when compared to budget.
The Current and YTD columns have report total amounts on the last page of the report to easily tie to the Agencywide Revenue/Expense Report.
Operating Instructions
To print, display or export the Revenue and Expenditure Report by Element, select the Financial Reports menu.
- The period dates reflected on this report are the same period dates that were chosen in the Cost Allocation section of month end processing. Therefore, the allocation amounts reflected on the financial reports are those for the period selected.
- Select Revenue/Expense Report by Program Element from the combo box.
- Select the Print button in the upper left hand corner to display your report.
- To Exit, click on the X in the upper right hand corner.
NOTE: If you want to exclude the Headers for the columns for exporting purposes, put a check in the Suppress Header box before
printing.
NOTE: In this list box you can select multiple codes without holding the control or shift key
NOTE: If you have the Purchase Order Supplement installed, an additional checkbox titled PO Financial will be available. Selecting this option will add a P.O.’s column with Purchase Order obligations to your report.
Things You Should Know
- You may print, display or export this report as many times as you wish without consequence.
- Before proceeding you should check the following:
- Project Balances in the Project Total column should match the Balance Sheet.
- Amounts will change only after Month End Processing or if Budget or Prior Year figures have been changed.
- The system tracks which user has requested specific R&E Report information so that it will prepare each user's report when another user is asking for different Projects or Elements at the same time.
Revenue and Expenditure Report by Project
Function
Print, display or export the Revenue and Expenditure Report by Project .
How It Works
The Revenue and Expenditure Report by Project summarizes all line item revenue and expenses charged. Any line item with an amount in budget, prior year, current month or Yr-To-Dt columns will appear on this report.
Columns include:
Budget - Line item budgets for the grant or contract period. See chapter on Budget/PY R&E Procedures for information on maintaining these budgets.
Prior Year - Revenue and expense activity which took place prior to the start of the agency's current fiscal year. See chapter on Budget/PY R&E Procedures for further information.
Current - Current month amounts posted through Monthly Processing Procedures.
YTD - YTD amounts accumulated through Monthly Processing Procedures, includes revenue and expenditures for the agency's fiscal year.
Project Total - Sum of prior year and Yr-To-Dt activity.
Under/Over Budget - Budget amount less project total amount.
% of Budget - Percent of project total when compared to budget.
The Current and YTD columns have report total amounts on the last page of the report to easily tie to the Agencywide Revenue/Expense Report.
Operating Instructions
To print, display or export the Revenue and Expenditure Report by Project report to a file, select from the Financial Reports menu.
- The period dates reflected on this report are the same period dates that were chosen in the Cost Allocation section of month end processing. Therefore, the allocation amounts reflected on the financial reports are those for the period selected.
- Select Revenue/Expense Report by Project from the combo box.
- Click on the Print button to display your report to the screen.
- To Exit, click on the X in the upper right hand corner.
NOTE: If you want to exclude the Headers for the columns for exporting purposes, put a check in the Suppress Header box before printing.
NOTE: In this list box you can select multiple codes without holding the control or shift key.
NOTE: If you have the Purchase Order Supplement installed, an additional checkbox titled PO Financial will be available. Selecting this option will add a P.O.’s column with Purchase Order obligations to your report.
Things You Should Know
- You may print, display or export this report as many times as you wish without consequence.
- Amounts will change only after Month End Processing or if Budget or Prior Year figures have been changed.
- The system tracks which user has requested specific R&E Report information so that it will finish each user's report when another user is asking for different Projects or Elements at the same time.
Agencywide Revenue and Expenditure Report
Function
Print, display or export the Agencywide Revenue and Expenditure Report.
How It Works
The Agencywide Revenue and Expenditure Report summarizes all line item revenue and expenses charged. Any line item with an amount in budget, current month or Yr-To-Dt charges will appear on this report.
Columns include:
Budget - Agencywide line item budgets for the fiscal year. See chapter on Budget/PY R&E Procedures for information on maintaining these budgets.
Current - Current month amounts posted through Monthly Processing Procedures.
YTD - YTD amounts accumulated through Monthly Processing Procedures, includes revenue and expenditures for the agency's fiscal year.
Under/Over Budget - Budget amount less year-to-date amount.
% of Budget - Percent of year-to-date total when compared to budget.
This report provides you with two alternative formats appropriate for organizations using indirect costs. You may print it with all indirect costs summarized under account 59700. Or, you may print with indirect cost pool detail replacing account 59700 and adding all line items from the indirect cost pool to the applicable directly charged line items.
Operating Instructions
To print, display or export the Agencywide Revenue and Expenditure Report, select from the Financial Reports menu.
- The period dates reflected on this report are the same period dates that were chosen in the Cost Allocation section of month end processing. Therefore, the allocation amounts reflected on the financial reports are those for the period selected.
- Select Agencywide Revenue/Expense Report from the combo box.
- Click on the Print button to display the report to the screen.
- To Exit, click on the X in the upper right hand corner.
NOTE: This report provides you with two alternative formats appropriate for organizations using indirect costs. You may print it with all indirect costs summarized under account 59700. Or, you may select Include Indirect Detail to print with indirect cost pool detail replacing account 59700 and adding all line items from the indirect cost pool to the applicable directly charged line items.
Things You Should Know
- You may print, display or export this report as often and as frequently as you wish without consequence.
- Add all project/element budgets
If you have not entered an agencywide budget, this check box will appear. If all of your grants/contracts begin and end on your fiscal year, you can put a check mark here to have all of your project and element budgets added together. If they do not all begin and end on your fiscal year, you should enter an agencywide budget.
- Include Indirect Detail?
If you do not place a check mark in the box, the total indirect costs will be reflected on the 59700 expense line item.
If you place a check mark in the box, each line item in the indirect cost pool will be added to the direct charges for each respective expense code. Therefore, expense code 59700 will not appear.
- It is important that the amount you enter in the Agencywide Budget for expense code 59700 is equal to the total of the Indirect Cost Pool budget.
- Amounts will change only after Month End Processing or if Budget or Prior Year figures have been changed.
Trial Balance
Function
Agencywide Trial Balance is prepared based upon the latest Financial Reports prepared.
How It Works
A Trial Balance is created in Excel to allow easy editing of information. Reconciling Items information from the Balance Sheet will be included.
Operating Instructions
Fund Balance/Net Asset Account with PY Adjustment – Identify the Journal Entry document # and the project number affected for all entries that are made directly to a project equity account. These typically include entries for a Prior Year adjustment made in the current year.
To identify these entries, check the appropriate GJ document number in GJ# field. This will display all appropriate lines of distribution within that GJ entry in the list box. Select the lines you wish to include and once all GJ's are selected, the total of the entries will be displayed.
Note: if you are uncertain whether or not you have any prior year entries you can go to the Transaction Code Listing report in Monthly Processing\GL Listings, select the entire fiscal year, and select all project numbers. This will provide you with all entries necessary to identify on this form of the supplement, except for those selected under Invested in FA GL Code.
Include Fringe and Indirect Details – check this box to have the Fringe and Indirect costs reported with line item detail.
Print – this will launch Excel and populate the spreadsheet with the Trial Balance report.
Things You Should Know
All Financial Reports must be displayed before preparing the Trial Balance.
Function
Agencywide Trial Balance is prepared based upon the latest Financial Reports prepared.
How It Works
A Trial Balance is created in Excel to allow easy editing of information. Reconciling Items information from the Balance Sheet will be included.
Operating Instructions
Fund Balance/Net Asset Account with PY Adjustment – Identify the Journal Entry document # and the project number affected for all entries that are made directly to a project equity account. These typically include entries for a Prior Year adjustment made in the current year.
To identify these entries, check the appropriate GJ document number in GJ# field. This will display all appropriate lines of distribution within that GJ entry in the list box. Select the lines you wish to include and once all GJ's are selected, the total of the entries will be displayed.
Note: if you are uncertain whether or not you have any prior year entries you can go to the Transaction Code Listing report in Monthly Processing\GL Listings, select the entire fiscal year, and select all project numbers. This will provide you with all entries necessary to identify on this form of the supplement, except for those selected under Invested in FA GL Code.
Include Fringe and Indirect Details – check this box to have the Fringe and Indirect costs reported with line item detail.
Print – this will launch Excel and populate the spreadsheet with the Trial Balance report.
Things You Should Know
All Financial Reports must be displayed before preparing the Trial Balance.
Month End Button
Once you have completed the final printing of month end reports and verified, click on this button. This will perform two steps:
Month End Button
Once you have completed the final printing of month end reports and verified, click on this button. This will perform two steps:
- It will make a copy of the table that holds year-to-date salaries and cost allocation amounts and saves those amounts in a different table. These amounts will be used next month to calculate current costs, by subtracting year-to-date amounts for this month from year-to-date amounts in the following month.
- It will change the current period date under Tools, Organization, and Organization Info to the ending date in the following month.
