Financials: Your Consolidated View of the Numbers (Beta)

The Financials screen provides an in-depth view of your consolidated financial data. It includes the Balance Sheet and Income Statement—both populated through customer-defined templates and account mappings. This screen is designed to be intuitive and flexible, allowing you to drill down into the details or adjust entries directly within the Consolidation system.

Key Features of the Financials Screen

• Entity Selector: Located in the upper-right corner, the Entity Selector allows you to choose which entity’s financials you’re viewing. (Please note: Your selection will automatically update the Balance Sheet and Income Statement to reflect the selected entity's financial data.)

• Period Selector: The Period Selector functions just like it does on the Home screen, enabling you to switch between open and closed periods. Selecting a different period updates the financials displayed on the screen, ensuring you’re always looking at the right data for the right time.

• Balance Sheet: The Balance Sheet displays your financial position, populated by the financial statement template (which defines the structure of your statements) and the account mapping template (which links your ERP accounts to financial statement line items). This gives you a complete, up-to-date view of assets, liabilities, and equity.
  
  
• Income Statement: Similarly, the Income Statement presents a detailed view of revenue and expenses based on your financial statement template and account mappings. Like the Balance Sheet, it updates automatically when you change the entity or period.
  
  
• Balance Validation: At the top of the screen, you’ll see a validation warning if a statement is out of balance. This feature checks that the Balance Sheet is balanced, ensuring that total assets equal liabilities and equity. There’s also a validation check at the bottom of the financial statements for quick reference.
  
  
• Expand Rows: Each row on the financial statements can be expanded using the carrot button ( > ) next to the line item. Expanding a row shows sub-groups, giving you visibility into more granular details. When expanded, the button changes to allow you to collapse all rows.
  
  
• Expand All: At the top of the financials screen, you can use the Expand All button to expand every row, revealing sub-groups across all line items. This feature is especially useful for getting a detailed overview at a glance.

• Show Sources: By checking the Show Sources box, you can view the ledger source lines (i.e., ERP accounts) that map to a specific financial statement line item or sub-group. This allows you to trace financial statement numbers back to their origin, ensuring full transparency.
  
  
• Add Adjustment Entry: The (+) Add Adjustment Entry button allows you to create an adjustment directly within the consolidation system. Adjustment entries are manual changes made to correct or adjust the consolidated financials. [More details on adjustment entries will be covered in a separate help article.]
  
  
• Kabob Menu (⋮): Located in the upper-right corner of the header, the Kabob Menu (three vertical dots) provides additional options for managing your financials:
  
  

• Export: You can export the financial statements as a CSV file. Choose to export all statements, just the Balance Sheet, or just the Income Statement. Options include toggling source lines and including or excluding sub-groupings in the export.

• Refresh: Use the Refresh option to manually update the financials, ensuring they reflect the latest data.
  
  
• Export Consolidated Completeness Report: This report helps users track the transformation journey of financial data—from the trial balance source to the financial statement. It is essential for understanding how processes like FX translation, signage changes, account rolling, and adjustment entries impact the final numbers. [More details on the Completeness Report will be available in a separate article.]
  
  

Actions You Can Take on the Financials Screen

• Adjusting Periods and Entities: Use the Period Selector and Entity Selector to switch between periods and entities seamlessly. The financials will update in real-time to show the appropriate data, allowing you to focus on what’s relevant.
  
  
• Expand, Drill Down, and View Sources:
  
  
  • Expand rows to view sub-groups and gain a more detailed view of your financials.
    
    
  • Use Show Sources to see the ledger accounts that map to each financial statement line item.
    
    
• Make Adjustments: If corrections are needed, you can add adjustment entries directly from the financials screen, ensuring your consolidation data is always accurate.
  
  
• Validate Balance Sheets: The built-in validation ensures that the Balance Sheet is balanced, flagging any discrepancies that need attention.

• Export Data: Use the export function to download financials in CSV format, giving you flexibility to analyze data offline or share it with stakeholders.

In future updates, we plan to include even more flexibility in how financials are displayed and managed. Dashboards, custom report views, and advanced financial analytics will soon be part of your Financials experience.