It is possible to execute the balance sheet itemisation for monthly balancing or for creating a financial statement.
Balance sheet itemisation view can be found from Accounting > Balance sheet itemisation.
The steps of balance sheet itemisation
1. Go to Balance sheet itemisation view by choosing Accounting > Balance sheet itemisation.
2. Click on Update reporting database button in order to update the changes made within the same day to be shown on the Balance sheet itemisation view.
3. Define the time period, for which the balance sheet itemisation will be executed (month or financial year to be balanced).
- As a default, Procountor suggests the oldest open financial year and for the time period’s start and end date the financial year’s start and end date.
- The itemisation is always done from the beginning of the financial year to the end of some exact month.
- Balance sheet itemisation is done based on the receipt dates.
4. Look into the Undetailed balance column and do the balance sheet itemisation to all accounts with undetailed balance.
- All accounts, which start with account number 1 or 2, will be fetched to the Balance sheet itemisation report.
5. Select the balance sheet’s account by clicking on the row of the account. When the account is selected, the name of the account appears to the Specification account section of the view.
- For example, Specification account: 1160 Machinery and equipment
6. Do the balance sheet itemisation for the selected account.
- Different buttons and functions can be utilized when doing the balance sheet itemization. The buttons and their functions are further discussed later in this article.
- The transactions of the account can be organized by clicking on the heading of the column or by selecting Move up / Move down functions from the right mouse button menu.
7. It is recommended to click on Save every once in a while in order to save the changes, so the changes will be saved even if, for example, the internet connection goes off while doing the balance sheet itemisation.
8. After the balance sheet itemisation is finished, click on Save.
9. Download the report in a printable form by clicking on In printable form button.
- It is possible to get the report in HTML, Excel or PDF format.
10. Take the Balance sheet itemisation report to Archived financial statements view by clicking on Export to archive button.
- There can be only one archived Balance sheet itemisation document for financial year, i.e., if a new balance sheet itemisation document is brought to the archive, it will replace the old one.
- In practice, a new document can be saved to the archive when the balance sheet itemisation has been executed for a new month of the financial year and it will replace the old one.
- The field Date up to which the specification is complete on the Balance sheet itsemisation view is for the situation, where the balance sheet itemisation is monthly executed. The date in question is used to outline the time period, within which the transactions are retrieved, i.e., the transactions are not retrieved from the whole financial year, since the balance sheet itemisation is already executed for a part of the financial year.
The row information of the tables
The row information of the upper table
- The upper table shows the account number, account name, starting balance at the beginning of the financial year, closing balance on the itemisation end date, balance change in the period, balance itemisation and undetailed balance.
- Before the first balance itemisation is performed the Balance itemisation is zero and the Undetailed balance is equal to the Closing balance.
- When balance sheet itemisation has been created, the Undetailed balance is the difference between the Closing balance and the Balance itemisation.
- When the undetailed balance exists, the value in the Undetailed balance column is shown highlighted in red. When the undetailed balance is zero, the value is shown with black color.
- The fields in the upper table are not editable. The figures are automatically updated while doing the balance sheet itemisation.
The row information of the lower table
- The lower table shows the itemisation rows created for the selected account.
- The columns in the itemisation rows are Date, Explanation, Receipt type, Receipt number, Value, and Cumulative balance. The Date, Explanation and Value are editable fields.
- The row information comes from the receipts’ accounting pages.
- Actions on the itemisation rows can be performed using the buttons above the rows.
- It is possible to use the Ctrl and Shift keys to select more than one row at a time. Also, several rows can be selected by holding down the Shift key (select a range of rows) or the Ctrl key (add rows to selection or remove rows from selection).
Buttons of the view
Buttons of the upper part
- Button saves the balance sheet itemisation.
- The saved balance sheet itemisations can be edited later.
- Because only one version of the balance sheet itemisations is retained for each financial year, you the previous month’s itemisation cannot be viewed if the next month’s itemisation has already been started.
- When creating the itemisation, it is advisable to save the situation in between in case, for example, the session times out or the internet connection goes off.
- It will be noted if there are unfinished transactions in given period.
In printable form
- Button opens the itemisation in HTML, Excel or PDF format.
- When the balance sheet itemisation is finished up to the end of a certain month, convert it into a printable format and save it on computer before printing.
Export to archive
- Button saves the itemisation in PDF format to the Archive financial statements view (Accounting > Archive financial statements).
- Button allows selecting another financial year for which the balance sheet itemisation can be executed.
- The financial years must be entered in the Accounting info, but they do not have to be open.
Bring previous balance itemisation
- Button enables copying the itemisations from the previous year’s ending date to the starting date of the next financial year (after changing the financial year).
- If the new financial year already has itemisation rows, Procountor will ask for confirmation to bring balance itemisation, because bringing balance itemisation will remove the rows that have already been done. It should be considered, that the function cannot be canceled.
- In the window that opens, it is possible to select the accounts to which are wanted to import the previous balance sheet itemisation.
- Automated itemisation can be done by pressing Automated itemisation button.
- This will clear accounts's previous transactions.
It’s possible to make adjustments to settings if needed in Balance sheet accounts settings for itemisation -view.
Button is visible only for environments which have access to Chart of Accounts new view.
It is still possible to do itemisation manually. Itemisation can be done manually before or after use of automated balance sheet itemisation. Automated itemisation does same functions than the lower table buttons Search opening balance, Search transactions, Search open invoices, Search financial year balance and Search open balance sheet items.
Update the reporting database
- Button enables updating the database used in balance sheet itemisation.
- The database used in the balance sheet itemisation is updated automatically every night, but if receipts have been edited since the update and the edits are wanted to be included in the balance sheet itemisation, the database must be updated.
Buttons of the lower part
Search opening balance
- Button retrieves the opening balance of the selected account from the opening balance receipt to the balance sheet itemisation rows.
- Button retrieves the accounting transactions of the selected account into the itemisation rows.
- The button opens a window where user can select the time period and receipt types to be included in the search. The default is the start and end dates of the itemisation and all receipt types.
- The function retrieves all accounting transactions for the selected account for the selected time period and for the selected receipt types, independent of the receipt status.
- If the transactions are searched several times, the new search results will be listed after the previous itemisation rows.
- This function cannot be used to retrieve the opening balance of the account or the net profit for the fiscal year.
Search financial year balance
- Button retrieves the net profit for the fiscal year up to the end of the selected fiscal year into the itemisation rows.
- This button is primarily intended for processing the account 2370 Profit (loss) for financial year.
- This button can also be used to retrieve the ending balance for accounts that may not particularly need in-depth itemisation (like cash account, bank account etc.).
Search open invoices
- Button retrieves information from the sales, purchase, travel and expense invoices with open sums on the end date of the itemisation and from the VAT summary and the return of self-assessed taxes if they contain entries in the selected account.
- When searching for VAT summaries, Procountor first checks what is the latest approved Tax return for self-assessed taxes, that has its receipt date within the time period set in the balance sheet itemisation. From this tax return, Procountor fetches the end date of VAT information period and then searches the VAT summaries on which the receipt date is greater than the end date of the VAT information period of the periodic tax return, but still within the given time period.
Search open balance sheet items
- Button retrieves the balance sheet entries from accrual journals and other receipts containing balance items that have not been set off until the end date of the itemisation.
- This search is performed automatically based on the identification informations of the entries.
- The Search open balance sheet items function searches all entry identifications used on the entries of the account and calculates the respective open balance sheet balances.
Notice regarding balance sheet items on journals created by the accrual tool: During summer 2021 a change was made to the way that balance sheet items are added to the journals created with the accrual tool.
- In Procountor at Management > Company info > Usage settings it is possible to determine whether balance sheet items are used or not. This setting can be made by adding a marker to the option "Show balance sheet item identifier information on the accounting page".
- Previously, if this option was not chosen, journals created by the accrual tool would still feature balance sheet items. These would not be visible to the user but would be hidden in the journals' information nevertheless. The balance sheet item would feature the original receipt type and number where the accrual was made. Since the balance sheet item was in the journal's information, even though the user could not see it, also balance sheet itemisation could be made to these journals by using the Search open balance sheet items option on the Balance sheet itemisation page.
- Currently in order for the balance sheet items to be formed to the journals created by the accrual tool, the setting "Show balance sheet item identifier information on the accounting page" must be chosen active. If it not, then no balance sheet items will not be formed to the journals' information. If there is no balance sheet items on the journal, the Search open balance sheet items option cannot be utilized on the Balance sheet itemisation page. Other options can be utilized normally, such as Search transactions.
- Button adds an empty itemisation row, where information can be freely added in the editable fields.
- Button deletes the selected itemisation row or rows.
- Button selects all itemisation rows.
- Button combines the selected itemisation rows into one row.
- Button opens a window where it is possible to select the date and the explanation of the ones already used for the rows to be merged, or define a new one.
- Button deletes all itemisation rows for the account.
- Button opens the accounting page of the selected itemisation row.
Selections in the right mouse button menu
- Option moves the selected itemisation row upwards by one row.
- Option moves the selected itemisation row downwards by one row.
- Option opens the accounting page of the selected itemisation row.
- Option opens the itemisation rows in Excel format.
- Option opens the itemisation rows in PDF format.
- Option opens the itemisation rows in HTML format.