 In this presentation, we will generate financial reports after having entered the adjusting journal entries that, of course, including the balance sheet and the income statement. We'll also take a look at journal reports, which are going to be important reports. We're going to try to isolate those reports down to the adjusting journal entries that were made, as well as the reversing journal entries. If we need to provide this information to somebody else, this is going to be a very useful tool to have. It'll also allow us to help in practice with the filtering options for the reports. Time to go forward with Sage 50, Cloud Accounting. Here we are in our Get Great Guitars file. We're going to be opening up our financial statements. We're going to start off with the standard balance sheet and the income statement, and then we'll go to the journal report and adjust that. We're going to be processing these, taking a look and reviewing the numbers, and then we will print them and export them, as is our usual process at the end of the sections here. We're going to go to the financial statements. We're going to be opening up the force that balance sheet first, and we're going to be for the second time period, that's going to be February, opening up the report, and there we have it. If you're following along with the problem, you could take a look at the ending balances here. If you have any issues with the ending balances, we'll also provide a trial balance report so that you can take a look at those as well. But if there's any problems with the ending balances here, then you want to check the date range, make it a later date range, and then go back into it and see if there's a date issue that's going on. Then we'll of course take a look at the new thing that we did, which was the adjusting journal entries. You want to be able to consider those. That'll be the third report that we will take a look at. We're going to open up all the reports first, and then we'll go back and we'll print them out. The next report's going to be the income statement. Going back to the financial statements, going into that income statement, I'm going to remove the zero balances because we don't need those by selecting the little checkbox to remove them. Then we're going to say, okay, and there it is. Once again, you could check out our income statement and just review those numbers. This is what you would do, of course, in practice as well and consider those. Then if you see something that doesn't look right, then you can increase the date and see if it's a date issue. See if there's any changes. Use the zoom function to then drill down on it to see if there's a date problem with it. Then the next step, the new thing that we've done is the adjusting journal entries. Can we run a report to review just those adjusting journal entries for ourselves and possibly to present to someone else like a supervisor or perhaps to like the accounting department or something like that if we're doing this externally and from the adjusting department side of things. To do that, we're going to go to the general ledger. Within the general ledger, we're going to be running that transaction at detailed report again, but we'll use some filter options this time. We'll open up this report. We want to see this report just as of the date that we entered the adjusting journal entries in as of, which should be just the end of the month. I'm going to run it for the last two days in case I messed something up and put something in there as of the 28th, because February has 29 days in 2020. It's possible that I got a date issue wrong by putting in the 28th on February out of just laziness or not paying attention, which happens every once in a while to me might be something that happens to you sometimes. But we're going to go over here and then I'm going to remove the summary. I don't want it to be summary. I want to see the detail, and this is what the report would look like before entering any filters. I'm not going to enter any filters yet. We're going to say okay, and this is what we have. So on the left-hand side, we have the transaction type, the reference and the ID, kind of the shorthand information, the transaction type you could see includes not only journal entries, but other kind of payments and whatnot. And then on the right, we got the actual journal entry giving us the two accounts that are going to be affected, at least two accounts of course, and they give us that by account number. So here are the account numbers and here are the amounts that are being affected. So if I go back to the left, also note that if it's an adjusting entry, we should be seeing an ADJ. So what I'm looking for is in the 28th, do I see any ADJs that I entered in basically the description column or as adjusting entries. So I'm trying to see if they're a journal entry as of the 28th, and I don't see any that we're adjusting entries, right? So here's a typical adjusting entry as of the 29th, and we have a ADJ entry. So that's kind of nice that we put in the line item that it's an ADJ. So you're looking for a general journal entry and an ADJ description. So here they are. Even on the 29th though, we may have some other transactions like a payment here. I don't really want that on the report. I don't want that there. If I could get rid of it, I'd like to. So all that information, you got all these payments that are happening here that all happened on the end of the month. I'd like to remove those. So how could we do that? Well, we can use our filtering option to trim this down a lot. So let's go up to our options once again. Let's change the date then to just the 29th. So I'm going to skip the 28th and just go to the 29th. And then I'm also going to filter down here. I'm going to filter by transaction type. I want to filter by transaction type. And I just want to see the journal entries. I don't want to see any forms. So I'm going to go just give me the general journal entries. And that should be enough to trim this down a lot. So we're going to say okay. And then now we just have the journal entries. So the general journal entries here. So that looks good. And they all have the description of the general journal entries. So here's the entries that we have put in place. You could kind of check the numbers of course over here. These being the account numbers and these being the amounts that were affected. So those are our adjusting entries. Now we'd also want to run this for our reversing entries. Which means we would just run it for the next day, which we will do. Let's actually open another report and do that. I'm going to go back on over here. And let's open this up again and just practice doing it another time. So we're going to open up another transaction detail report. This time we'll change the dates. I'm going to go back up to the option. We changed the dates last time, but this time we're going to change them to like a different day. So we're going to change this to March 1st. March 1st. And this one is going to go to March 1st. This is the reversing entry date. Then I'm also going to filter it. So we're going to filter by the transaction type. We want to be picking up the journal entries, the general journal entries once again. And I'd like to include all the details. I'm going to remove this little check mark that says summary because I don't want to summarize it. I want everything. So and then we're going to say okay. And there we have our reversing entries. Similar report. So we're going to have those as well. So there it is. These were reversed as of the first day to make the adjusting or the accounting and adjusting process kind of more separate and flow together a little bit more easily without messing each other up. Okay. So now we're going to go ahead and print these out. So let's go back on over. We're going to do this two ways as we've done in the past. We're going to print them as a PDF file using the Qt PDF printer. And then we're going to go back and export them to Excel and use Excel to then make them all go into one giant report in a PDF file, which is kind of nice. So I'm going to I'm going to use the Qt PDF. For now you can do I'm back in the balance sheet. You could go to the the PDF here. I like to practice using the printer because I think it's a useful tool. So I'm using the Qt PDF printer. It's a free tool. You can search it and have a have a printer and anytime you need to print something you could print it to a PDF file. And I recommend having some kind of tool for doing that. And then it's going to ask us where do we want to put it. And I'm going to say I want to put it in the Sage 50 cow docks. And we're going to go down to these are section 10. So I'm going to make a new folder. And I'm going to say folder. And is this section 9 or 10. This is section I think maybe it's section 10. I think it's section 10. Yeah that's what we're putting it. Section 10 here. So we're going to go all right. And then open that up. And then I'm just going to keep the name standard balance sheet. So let's do that. Now I'm going to print all the reports in this format. And then we'll go back and do it again. In a different format. So I'm going to say that's the first one. Then let's go to the income statement to a similar type of process here. We're going to go to the print option up top. It's going to the Qt PDF printer. I'm going to say OK. And then it's going to ask us where do we want to put this thing. And I'm going to put it in that same folder. There's the name that looks good. I'm going to say OK. Or print or save whatever that thing was that took completes the process. Then I'm going to go to the transaction, the first transaction detailed report. I'm going to print this one out and do the same thing here. This is the adjusting journal entries. I'm going to say OK. And then it's going to go to that same folder. Now this one I might want to rename it here because of course we have two reports that are both transaction detailed reports. So maybe I want to put this one make like this is going to be called the adjusting entry report. And then we'll do the other one. And we'll call it the reversing entry report. So this is the last transaction detailed report as of March 1st. And then I'm going to print this one out. And we're going to print it to the PDF file again. So it's going to go to that PDF file. And then we're going to open this one up. And but this one I'm going to rename and call it a different name. And this is going to be a reversing entry report. Okay so now we're going to do the same thing again but this time exporting it to Excel. And then we'll use Excel to make one PDF file with all the reports which could be nice to give to somebody all in one document. So this time I'm going to go to the Excel export. This time the first report we want to make a new Microsoft Excel file with it. So it should then open up Microsoft Excel and put the data into a new tab within it. There it is. We have a new file. We have a new tab. If I look at the at the second view screen here it all fits on a page. So that looks good. Back to the first view page. Now we're going to save this. So I'm going to go to the file drop down up top. So we'll go to the file drop down. We're going to go down to save as. And I'm going to put this into our our folder. So let's go into our folder. And mine's going to be I think it's on the it's on the desktop. And we're looking for the sage 50 cow. There it is sage 50 cow docs. And we're going to go into the section 10. And this I'm just going to call it reports. Now not just balance sheet because all the reports are going to go here. So I'm going to call it something like financial reports. And then save that. And then I'm going to close it. I'm going to put all the other reports on here as well. So I'm going to go then here. Let's go to the income statements. And let's do the same thing here. I'm going to export. This time I'm going to put it into that existing Excel document that we just created. It's not going to the right location. So I'm going to select a little browse thing so I could find where it needs to go. So sage 50 cow and then section 10. We want to go into the financial reports. That's the one and okay. It should then open up that Excel file that we just made like last time. And then put a new tab on it with the new information the new report the income statement the PNL the profit and loss. So there it is. It looks good. We got the balance sheet and the income statement now. So I'm going to I'm going to close this out. We're going to continue with this process closing this one out. I'm going to save it. You should probably save and then close it. But I live dangerously over here. I like to just close it and then it make it prompt me to save it. And so I'm going to go into the transaction detail report. This is going to be the adjusting entry. Let's do the same thing here. We're going to say export this one to Excel. It's already going to the same Excel document. So it's already there. I don't have to browse it. I'm not even going to check it that either. I'm pretty sure that's going to the right one. I'm just going to say okay. And once again it's going to open up that Excel document again. Put a new tab on it. Put this information in that new tab. So there that is. Now this one we're going to need some formatting with it. So really I need to rename the tab. I'm going to double click on the tab down here and I'm going to call this adjusting entries. Then I'm going to go to the second layout tab. And I'd like to rename the title of the report too. So I'm going to rename it up here. And I'm going to call it up here. And notice how much it's kind of easier to do this actually in Excel sometimes than in Sage. I can easily export it and then just adjust the heading if I if I so choose and just call this. This is the adjusting entry. Entry report. And there we have that. The text string you entered is too long. Interesting. How about just adjusting entry. Okay. Okay I deleted the header and I put it back in here. Adjusted entry report. So I in essence deleted the whole thing. Having a little bit of formatting problems. If you get stuck in the header you can hit escape to remove yourself from the header. But I deleted it and I put in adjusting entry report and that's working. So we're going to go back on over to the first tab. Now we're going to do some some formatting here. I noticed that it's not really helping me. All this stuff on this side isn't really helping me. So what I want to do is I first I would say okay let's let's make sure we're on landscape. If I go to the page layout orientation landscape that looks good. And then I'm going to just I probably don't even need the date because they're all as of 229 but maybe I'll keep the date. I'm going to remove from here over to really I don't even need the adjusting entry because it's the adjusting entry report. I can go all the way to the accounts basically and then right click and delete. And that should help us to put it on one line. So these are these are basically all the all the adjusting entries and with the account information right. And then you could format this a little bit more nicely by making a space. I could say all right I'm going to insert like a row between the journal entries. So that's one journal entry. I'm going to say that's another journal entry. And this looks like another journal entry. And we might even then go back and look up these account names and put the account names in there as well. That would be kind of nice. This one we entered as one journal entry but we can kind of see it as two. So I'm going to say insert because this is the this is the inventory half of it. So I'm going to insert and then insert one more here. So that looks a little bit nicer and then again if we were given this to someone else if you might go and look up the actual account names and add another column and put the account names maybe you want the the credits maybe if I format the credits I'd like to see them with with negative numbers. So maybe I would go then I'd like maybe currency bracketed. Maybe we'll keep the pennies. That looks good. Close that out. I'm not sure this total does much for me so I'm going to delete the total. You can delete that and you could have debits and credits if you wanted to pull out all the credits and put them into their own column. You know you could pull this out and have debit and credit column. I'll reverse that for now so that's just some some ideas for the formatting. Just notice excel can obviously make the formatting a lot easier to do. So I'm going to then save that. We're going to do this one more time with the reversing entry report. So let's go on over to the reversing entry report. We're going to be exporting that to excel again. It's going to the right workbook so I'm going to open up that workbook and put this new tab on it with the reversing entries in that tab. So there it is I'm going to double click on the name down below then double click it on the name this is going to be the reversing entries and then I'm going to go to the second view screen and change the title up top. I'm just going to delete the whole title this time because it was kind of annoying me last time. I'm still a little annoyed about it. Entry so let's see so there we have it. Okay and then I'm going to go back to the first time. See I was a little worried even there you probably felt that I was a little kind of like but in case we're going to go back over here and now I'm going to do the same thing I'm going to remove all of this we don't need any of that so I'm going to go from column B to column J. Let go right click on that selected area and delete and so we have removed those items and again we might we might want to put some spaces in here because that would be nice to whoever's reading this. I want to be nice to the reader of the report so I'm going to put some spaces so they could see that like these are separate journal entries here we're talking about and then so insert that and then we could do our formatting over here on the debits and credits so we're going to say format cells and then I'm going to put this as currency bracketed negative numbers and okay once again I don't think this balance is doing much for me so I'm just going to delete that and there we have it so now we've got all of our reports here we could then print this and it'll be already collated for us from this excel document or we can print it as a PDF putting them all on one PDF file so let's go ahead and save this now and then go back on the file tab let's go down to the print we're going to be using that cute pdf printer to print these all on one you know not one page but you know one like set a group of documents that would be batched together when printed so I'm going to select the entire workbook the entire workbook with the cute pdf printer there's the bouncer six pages down here first of all and there's the balance sheet there's the balance sheet second part of it there's the income statement there's the second part of the income statement there's the adjusting entries and there are the reversing entries looks great let's go ahead and print that so we're going to print it now and that being the reports here to a pdf file and so we're going to print these there they are financial reports let's go ahead and save that and then close this and see what we have in our sage 50 cow folder so I'm going to close this back out close this back out close this back out sage 50 cow open that up and we're on we're looking for section 10 here that's in the wrong window I'm just going to pull it up in our the one we're looking at so we can see it and then we're in section 10 so I'm going to open that up and then again we can give this to somebody else I can make a new folder down here and say well I could give it to somebody by making a new folder called like financial reports and then drag all these documents into it like the balance sheet and then the income statement and then the adjusting entries and then the reversing entries and we could like attach those documents to one report or we can right click on this old report and zip it send it to a compressed file that means we can attach the compressed file a little bit nicer we can print it all out as from the excel file if we so choose so that it will collate for us without knowing any fancy you know printer things you know that we don't have to know how to use a fancy printer we could just print it all out like that or we can give this one pdf file to somebody which should include all the documents with like one just one attachment so that one if we were to open that one up we got the balance sheet we got the income statement we got the adjusting entries we got the reversing entries so that's going to be it for now let's get out of here