Income and Expense Report
A Income and Expense Report is made up of income and expense accounts that show the profit or loss over a particular time period for the entity.
Income accounts are used to record the sales and any other income whilst expense accounts record the costs of goods, services and other expenses incurred in the day to day running of the entity.
A number of report format options are available.
- A management report that presents figures for the selected period. A quick date selection drop-down offers pre-determined date ranges for accounting periods and income tax years. The report may be filtered by Branch and/or Activity where that analysis is being used.
- Management YTD and Monthly Summary
- A management report that presents for the 'As at Date" figures for the year to date (YTD) and the month to date (MTD) with comparisons to the prior year periods with variances. The report may be filtered by Branch and/or Activity where that analysis is being used.
- Management YTD and 1 Month
- A management report that presents the year to date (YTD) figures for the 'As at Date' together with the current month. The report may be filtered by Branch and/or Activity where the analysis is being used.
- Management YTD and Prior 3 Months
- A management report that presents the year to date (YTD) figures for the 'As at Date' together with the prior 3 months. The report may be filtered by Branch and/or Activity where the analysis is being used.
- Period Comparison
- A management report that presents moving total figures to the 'As at Date' and the prior period over the number of months selected. The report may be filtered by Branch and/or Activity where the analysis is being used.
- By Month
- A management report that presents the monthly figures for each month starting with the month of the "As at Date' and for the number of months selected up to a maximum of 24. For more than 24 months create one report and then change the 'As at Date' and more months. The report may be filtered by Branch and/or Activity where the analysis is being used.
- Budget Review
- A management report presenting actual against budgeted figures together with the variance and percentage variance for the period, and any Fund/Activity, as defined by the selected budget. Additional columns show the total budget and and budget remaining.
- Budget Forecast
- A management report, for the period, and any Fund/Activity, defined by the selected budget, presenting actual figures for any month(s) that have passed and budget figures for month(s) not yet reached. A projected total is provided for the reporting period.
Select the number format for the report, either: -
- Whole Pounds, the default
- Exact Amount including pence
- Thousands to two decimal places
A pdf report subsequently created will use the same number format, but csv and xls downloads will be to the exact amount.
Click on GENERATE to prepare the report on screen.
Level of Detail
The level of detail can be set by the user clicking on the top left of the screen the EXPAND ALL or COLLAPSE ALL buttons or use the + or - buttons.
The amount of further detail is determined by the user by clicking symbol
Note the level of line item detail displayed on the screen will be reflected in any subsequent output.
The report is presented to screen and the user may drill-down on individual lines to see the underlying transactions. The report can also be downloaded in PDF, XLS, or CSV format. Alternatively you may save a copy of the report on Liberty to be viewed from the menu option:
Reports - Saved Reports
Where the report has columns not immediately displayed on the screen the user may scroll with a mouse.
Click on the account you want to view and the system will open a new window showing all the transactions that make up the total in the for that account. By default only the transactions for the year you are reporting on will be presented but the user may extend the date range.
Re-assign Selected Items
Single or multiple transactions may be re-assigned to another account by selecting from the drop-down box an account to which the transactions need to be moved.
Note this is a powerful feature and must be used with care and understanding.
Select those transactions required to be moved by ticking the selection box for each. Note all items in the screen date window may be selected by ticking 'Re-assign All'
When ready, click the to move those transactions.
Click where available to modify existing transactions. In using this feature you need to think carefully about the impact of your change and whether it is acceptable based on the needs of your organisation, its accounting policies, and whether the change causes your accounts to differ from what you have already reported to statutory or tax bodies. Transactions can only be changed and saved if they are dated after the later of the last closed year end or any user configured "Transaction Lock Date" on the accounting options tab of the business profile.
Note that 'Re-assign Selected Items' function is also available from within the Analyse Screen. Please note the comments above.