As per companies act 1956, every registered company shall prepare Balance sheet and Profit and loss statement as prescribed in Schedule VI of companies act. As per the Schedule VI balance sheet format all Assets and Liabilities of company should be projected into current and non-current classification.
In traditional accounting system Accounts manager/CFO are required to collect the data from single/multiple general ledger source and spend unproductive hours to projection as per the format of schedule VI. In this exercise, it is a possibility of incongruity of financial figures and heading.
Sage 300 provides Financial Reporting Tool to generate your schedule VI format without investing unproductive hours of your finance manager/CFO. This dynamic reporting tools are available in General Ledger module of Sage 300.
Financial Reporting tool is nothing but a simple excel template in which you can pick and formulate the financial figures in form of functions.
With the help of defined functions as per the requirement of Schedule VI format you can project both the years’ data in an accurate manner without any error.
Sage 300 projected data on the real time basis only.
Concept of Financial Report.
- A Financial report is a spreadsheet containing Functions. Functions that read data directly from the general ledger.
- You can also use any other spreadsheet functions to further manipulate that data.
- You can print the Actual and provisionally posted amount.
- You can enter formulas that allow you to drilldown to associated transactions in the resulting report.
Column of Financial Report.
- A, B, C and D column are reserve for Control Information.
- E onward for Data appearance.
Commands of Financial Report.
- FR View: Generates financial statements from report specifications.
- FR Paste: Inserts Financial Reporter functions, account numbers, and selection criteria.
- FR Clear: Clears a previously generated financial statement.
- FR Options: Carry forward the opening budget
- FR Drilldown: drilldown to associated transactions after you generate a financial statement.
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