Setup Financial Statements (Video)

This article provides a step-by-step walkthrough of how to create and generate financial statements in EMDECS, including balance sheets and income statements. This article is only applicable to users with the EMDECS full accounting system.

Video Walkthrough


Create Statement Layouts

Before you can run financial statement reports in EMDECS, your statement layouts need to be created.  Follow the steps below to setup statements:

  1. Open the Financials menu and select Financial Manager.

  2. Open the Financial Statement Setup tab.

  3. If you have existing financial statements, they will be listed in the top pane.  To create a financial statement, click Add Financial Statement at the top-right hand corner.

  4. Enter a code name, description, and select a type from the drop-down list.  The two main types built into EMDECS are INCOME STATEMENT and BALANCE SHEET.  Click Save / Exit.
    The Copy From Existing option can be selected if you have an existing financial statement layout that you want to use as a template for the new statement.  This can save a lot of data entry time if you are creating similar financial statements.
  5. In the Layout section, each line on your financial statement needs to be added one at a time.  Click Add Line to add your first line item.

  6. Enter a heading name for the line and indicate whether it is a debit or a credit, then click Save / Exit.
    Put a check next to Blank line to add blank lines for white space between different lines or sections in the statement layout.
  7. Lines can be used as headers that are not linked to any accounts.  In this example, I will use Revenue as a main heading, then add additional lines for different types of revenue.  To add additional headings, click Add Line again.

  8. In the example pictured below, a Revenue heading has been added, followed by a blank line, followed by Labor Revenue and Parts Revenue headings.

  9. Drag and drop unallocated accounts from the right-hand side to the appropriate heading on the left.

    Unallocated accounts are listed based on the type of report and GL account type. For Income Statements, REVENUE, EXPENSE, and COST accounts are listed. For Balance Sheets, ASSET, LIABILITY, and EQUITY accounts are listed.
  10. Click on the arrows next to a heading name to expand the section and display the included GL accounts.  In the example below, parts revenue includes account #6 "Parts Revenue" and account #102 "Oil Parts Revenue."

  11. To re-arrange the order of statement lines, click the Re-Sequence button.

  12. Left-click and hold on any line, then drag and drop lines to move / re-sequence lines.  Click Close when done.

  13. Subtotals can be added by adding included lines in the bottom section.  Highlight the subtotal line then click Include Lines.

  14. Put a check next to the lines to be included and totalled as a sub total then click Save / Exit.

  15. The included lines will be added to the list in the bottom pane.

4 Add Financial Reports

After creating report layouts, individual reports based on the layout need to be added to EMDECS. Complete the following steps to add your custom reports:

  1. Open the Report Specification tab.  Individual financial reports are defined here, and can be location and/or division specific.  Click Add Report Title.

  2. Enter a name for the report and click Save / Exit.

  3. Multiple versions of a report can be added with location and/or division restrictions. For example, you may want to run an income statement or balance sheet report for repair locations in a particular state or province, or area of your business. To run a report based on location, highlight the report on the left hand side.then click Add Location.

  4. Put a check next to the location(s) to be included in the report. Click Save / Exit.

  5. To restrict a report based on business division (i.e. repairs or part sales), click Add Division.

  6. Put a check next to the division(s) to be included in the report. Click Save / Exit.

  7. In the example pictured below, I've configured a second income statement report named "Income Statement - Ontario Repairs" that will report on repair income only for shop locations in Ontario.

5 Run Financial Statement Reports

After creating report layouts and specifications, open the Reports menu select Financial, then select either Balance Sheet or Income Statement. In the Report Parameters section, select your report type, the appropriate named report from the Report Specification drop-down list, then choose the accounting year and period. Click Run Report.

The financial report will pop-up in a new window as a PDF file (blank example shown below).