Run your financial statements in a matter of moments

We hope you already signed up for the preview and are getting to know the capabilities of Project “Maderia”. For example, did you know that the most commonly used financial statements are available right in your Home page when you first login to Project "Madeira"?

It really is easy: sign in to your Project "Maderia" and run your financial statements in a matter of moments.

From Home, on the Actions tab, choose Financial Statements, and then you can access the 4 most commonly used statements:

• Balance Sheet
• Income Statement
• Statement of Cash Flows 
• Statement of Retained Earnings 

Pick any of these statements, specify the date range that you want to report on, and then choose Preview.

And just like that, you are now viewing financial statements in Project "Madeira"!

General ledger account categories

Project "Madeira" also gives you full control over your chart of accounts and how you want your accounts to appear on the financial statements. With G/L account categories, you can create new categories and map accounts to those categories as a personalization of the structure of your financial statements. Here is an example of how you can provide more details on your financial statements for your cash accounts.

Let's say you want to show the balance for your petty cash, your savings accounts, and your checking accounts on your balance statement. The default balance statement simply shows the balance for cash overall, so how can you change that?

You can use account categories to group the balances of your general ledger accounts at the level of detail that you want. The four statements that we mentioned above are configured to present the data in a way that reflects your account categories. So you simply add three new lines in the G/L Account Categories window for petty cash and the two bank accounts, indent them under the Cash category, assign the categories to te relevant G/L accounts, and specify Cash Accounts as the additional report definition.

That's pretty much it. The last thing to do is to update the reports that generate the statements. This is also easy - all you have to do is to choose the Generate Account Schedules action in the ribbon. The rest is handled automatically in no time at all.

The next time you generate your balance statement, it will have a line for each account category that you set up.

For more information, see The General Ledger and the Chart of Accounts.