How to map the Final Accounts Layout?

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DESCRIPTION: The Final Accounts Layout function refers to the feature that enables users to structure, format, and generate core financial statements directly from the system based on the accounting data entered.
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Question: How to map the Final Accounts Layout?

Answer: Final accounts layout is use to set your Balance sheet and Profit & Loss ‘classification reports’. 

Here are the basic steps:

1.  In Finance> Ledger> Settings> Final Accounts Layout

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2.  Fill the above levels base on your preference that will be reflected in your BS Classification report:

         Level 1: eg. Header: NON-CURRENT ASSETS and Footer: NET BOOK VALUE
         Level 2: eg. Header: PLANT, PROPERTY & EQUIPMENT and Footer: TOTAL
         Level 3: eg. Description: FURNITURE & FITTING – AT COST, Print: Debit Balance,  Profit: No Profit, Stock: Non              Stock and Category: Trading
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3. After filling the final accounts layout, you may map to corresponding Chart of account code:

       ·         FINANCE > LEDGER > SETTINGS > CHART OF ACCOUNTS
·         Search for the exact Chart of Accounts. Eg., 1010 – FURNITURE & FITTINGS – AT COST

·         Click the COA and system will prompt you the below screens:

Note: Ensure that the classification levels in the sample Chart of Accounts are aligned with the levels configured in the Final Accounts Layout.
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4.  Preview the Balance Sheet Classification Report.

FINANCE > LEDGER > REPORT QUERIES > REPORTS & QUERIES for the screen below:

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After configuration below is the Balance Sheet Classification preview output:

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For configuration of Profit and Loss Classification Report under Final Accounts Layout below are the steps:

1.    Fill the below levels base on your preference that will be reflected in your Profit and Loss Classification report:

          
          Level 1: eg. Header: Ordinary Income/Expense and Footer: Gross Profit
          Level 2: eg. Header: Income and Footer: Total Income
          Level 3: eg. Description: Sales, Print: Credit Balance, Profit: No Profit, Stock: Non Stock and Category: Trading
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2.  After filling the final accounts layout, you may map to corresponding Chart of account code:

                ·         FINANCE > LEDGER > SETTINGS > CHART OF ACCOUNTS
                    ·         Search for the exact Chart of Accounts. Eg., IC0010 – Sales

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3. Click the COA and system will prompt you the below screens:

·         Ticked the box for 100% composition in P&L Classification

Note: Ensure that the classification levels in the sample Chart of Accounts are aligned with the levels configured in the Final Accounts Layout.
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4. Preview the Profit and Loss Classification Report.

FINANCE > LEDGER > REPORT QUERIES > REPORTS & QUERIES for the screen below:

After configuration below is the Profit and Loss Classification preview output:

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