LodgeiT is aware that the legacy method for preparing Financial Reports is to take a GL Movement and stripe the movement journal into a secondary ledger i.e. Handiledger/MYOB AE. With LodgeiT, we propose a different methodology more suited to the 'cloud era'. It works something like this -
- Optimally the client will maintain software and failing that, 'QuickBooks Online' offer low cost ledgers that support bank feeds that the accountant can maintain. Failing that, we offer an Excel set of templates.
- The data file is maintained during the year using as much automation as possible i.e. bank feeds and rules.
- At year end the adjustments are processed into the file and the file is locked.
- The values from the ledger are imported into LodgeiT and the Financial Report, tax forms & working papers are completed. The process can be iterated until the correct balances are achieved.
If you are passing a correcting closing journal back to the client to ensure their ledger matches yours, the above process ensures the same outcome with less manual steps.
Check this guide to learn more about on how to manage and modify "Financial Report"
LodgeiT has 2 versions of Financial Reports:
1. Basic Financial Reports. Free version, learn more from this GUIDE.
2. Advanced Financial Reports with Notes.
This is a paid feature that provides you more flexibility to build your reports. You can create a report and play with it for free, but in order to Complete and Download it in PDF you will have to pay. Learn more from this GUIDE
We can also give you a training about this Advanced Financial Reports (ie Overview, Template Construction, and cover various function) and opportunity to ask question, register HERE