When creating our financial statements, I export the trial balance and build the financials entirely in excel. I am unfamiliar with GP's capabilities in terms of creating financials within the system. Can you share your knowledge/recommendations? Thank you.
I recommend you copy over the financial statements available from the sample company TWO. Microsoft has an automated solution available to copy the reports from the sample company TWO (Balance Sheet, Profit and Loss, etc.) to another company. You can also use it between your own companies.
Alternatively you can DTS from the sample company to your production company. The tables required are listed in the following article:
KB 866341 How to troubleshoot the reports in Advanced Financial Analysis in Microsoft Dynamics GP
You need to install and use Management Reporter. It is part of your GP 2010 licensing and is the defacto tool for creating and distributing financial statements in GP.
I have yet another suggestion. The reports are ugly, but they're easy, and you don't need to install any additional software. If you have selected the appropriate Account Category on the Account Maintenance window, the accounts will at least show up in the proper financial statement category.
Follow this navigation to create the financials:
Financials | Reports | Quick Financials
This will open the Quick Financial Setup window.
Name your report (anything you like) and then using the drop-down menu next to Type, select the kind of report you want to create. Your choices are: Profit and Loss, Balance Sheet, Statement of Cash Flows and Statement of Retained Earnings.
You need to create the Profit and Loss statement first.
Select any of the Optional Columns you want for your report and choose an open year. You will need to also select a History year if you choose any of the Optional Columns displaying History.
Save the report ID and close the window.
To print the report, go to Financials | Reports | Financial Statements
Select the report ID you just created and print the report just like you would any other report.
This report is being rendered by the original financial statement module called 'Advanced Financial Analysis' or AFA, which is really not advanced at all, but that's its name. To open AFA and modify the report, go to Financials | Reports | Advanced Financials
At this point you need to open the manual. Look in your Documentation folder for the document named: 'AdvancedFinancialAnalysis.pdf'
If nothing else, it will convince you to use either FRx (it still works with GP 2010), or Management Reporter. Unbelievably, I still have clients using AFA, I guess it keeps my AFA skills sharp. Not sure how much that is worth, but hey, somebody needs to do it :)
To open the
I have a client attempting to use the standard financial reports in GP 2013 (AFA) fort he first time. However, not all her accounts show up on the report, even though her account categories are setup correctly. Since you have so much experience with this tool (and I don't) I thought I'd ask you how to troubleshoot. Any advice you can provide would be greatly appreciated.
BTW: I've suggested that they install Management Reporter as that is what all of my other clients use & that's where I am comfortable. Thanks.
The first thing I would do is create a brand new Quick Financial (you have to do the P&L first) and check it. Often, my clients have deleted something on their report and that will identify it in a hurry. Are the accounts 'missing' from the P&L or BS? Do they have any accounts hiding in the 'Non-Financial Accounts' category? Also, copy their report and open the copied report in AFA to troubleshoot. Once you open it in AFA, you can't edit it using Quick Financials.
Shout back at me and we'll get this mystery solved! I'm determined when it comes to this old stuff - lol.