Financial Statements

Financial Statements (Report)

Reports Checklist

A financial statement shows you where the money came from, where it went, and where it is now. Use the Financial Statement Report to print balance sheets, income statements, cash flow statements, and statements of shareholders' equity.

There are four main financial statements.

Balance sheets. A balance sheet shows what an organization owes at a specific time and date. Assets = Liabilities + Shareholders' Equity
Income statements. An income statement show how much money an organization has made and spent over time.
Cash flow statements. A cash flow statement shows the exchange of money between an organization and the outside world also over a period of time.
Statements of shareholders' equity. A statement of shareholders' equity shows changes in the interests of the organization's shareholders over time.

Watch a video

Watch a clip from the 2023.08 General Ledger Refresher Training to learn more. [MP4]

Learn more about printing financial statements. (2022.02) [MP4]

Printing a financial statement

1. Open Connect General Ledger > Reports > Financial Statements.

2. Select a report title.

3. Click Print (CTRL+P).

The financial statement prints.

Checking the General Ledger proof before printing

This is a bookkeeping procedure in which posted entries are systematically subtracted from an ending balance to check for errors. A balance of zero when all of the entries have been subtracted is proof that the accounting entries have been entered correctly.

Use Check the General Ledger Proof Before Printing to proof the entries on the report. You can cancel printing the report if the proof is not zero.

Do you want to proof the entries before you print the report?

Yes, proof the entries. Click to select Check the General Ledger Proof Before Printing.
No, skip the proof. Click to deselect Check the General Ledger Proof Before Printing.

Checking financial statement definition

Use Financial Statement Definition to search for errors in the report sections columns, and flow. Click Financial Statement Definition to print the Financial Statement Definition Check report.

Do you want to search the financial statement for errors?

Yes, check the financial statement for errors. Click Financial Statement Definition.
No, skip this step. Continue to the next step.

Are there errors listed on the Financial Statement Definition Check report?

Yes, there are errors listed. You're ready to print the financial statement.
No, sections, columns, and flow are error-free. Use the Financial Statement Definition Check report to locate and fix the errors.

Selecting a financial statement definition

The report definition tells the report where and how to print data on the printed report. Use the Financial Statement Definition to select the report layout that the financial statement will use to format the report data.

What do you want to do?

I want to use a financial statement definition from the drop-down list. Use the Financial Statement Definition drop-down list to select a report definition.
I want to add a new financial statement definition. Use Organization > Financial Statements.
I want to edit a financial statement definition. Use the Financial Statement Definition drop-down list to select a report definition. Then, click Edit to open the report definition in Organization > Financial Statements.

Including report-only type transactions

A report only transaction is recorded and will be updated to the General Ledger as a report only transaction.

Do you want include report only transactions?

Yes, I want to include report only transactions. Select the Include Report-Only Transactions checkbox.
No, I do not want to include report only transactions. Deselect the Include Report-Only Transactions checkbox.

Printing budget notes

A budget note records notes for planning and projecting revenues, expenses, and capital expenditures for future fiscal periods.

What do you want to do?

I want to print budget notes on the financial statement. Click to select Print Budget Notes. Then, click Select. Use the Selection form to move the year-end period to the Selected Year-end Periods list. All of the budget notes for the selected year will print on the financial statement.
I do not want to print budget notes on the financial statement. Click to deselect Print Budget Notes.

Setting report dates

Report Dates is the report date range the report will use to filter transactions.

Do you want to use the current period as the report date range?

Yes, I want to use the current period. Continue to the next step.
No, I want to use a different period. Change the Report Date, or click Advanced Options.

Showing only grant accounts

A grant account is an account that tracks the gift of money or funds given for a particular purpose.

Do you want to limit the report to grant accounts?

Yes, include only grant accounts. On the Additional Options tab, click to select Show Only Grant Accounts. Then, use the Grant Numbers field to fill in the grant numbers.
No, include regular accounts and exclude grant accounts. Click to deselect Show Only Grant Accounts.