Streamline the Chart of Accounts (COA) for Sharper Reporting

Deliver High Level Reports by Using GL Headers to Group GL Accounts Together

High level or summary Profit & Loss and Balance Sheet reports allow users to quickly see the business overall, compare to budget and spot trends. From there you may wish to drill down on a specific type of income or expense to specific accounts to investigate any issues in more detail.

Over time your Chart of Accounts (P&L and Balance sheet accounts) are bound to grow as you add new accounts to track an increasing number of elements of your business.

A quick and simple way to streamline a growing chart of accounts is to use GL Headers to Group GL accounts together, then report at the Header level.

After_-_Summary_P_L.png

Using MYOB this is done by creating Header accounts then indenting accounts under each header.

Click to Learn how to setup GL Header accounts in MYOB

Indent_to_include_under_Header_account.png

 

Multiple GL Header Levels Automatically flow through to BI4Cloud P&L and Balance Sheet reports

In BI4cloud these appear as:

  • GL Account Level 1
    • GL Account Level 2
      • GL Account Level 3

Use these Levels to Report by, Subtotal by, Filter by and then drill down to see more detail.

GL_Account_Levels.png

 

Before - Detailed P&L by Account 

Before_-_Detailed_P_L.png

After - Summary P&L by GL Header Level

You can then

  • Drilldown on a Header Level to see the underlying accounts; or
  • Analyse by Account and use the GL Header Level to subtotal by

After_-_Summary_P_L.png

 

Other Options to Streamline a Growing Chart of Accounts

  • Combine GL accounts together
  • Use Jobs to track accounts in more detail rather than creating new GL accounts e.g.
  • To re-arrange the P&L structure or to reallocate accounts into divisions use BI4Cloud GL Custom Lists (Available in the Cool Stuff - Enterprise 5 user version of Bi4Cloud).

 

www.BI4Cloud.com

 

 

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