Detail 20141003 - Better Income Statement and Balance Sheet Financial Reports and Demonstrated End of Year EOY Process
2014-10-03 - Better Income Statement and Balance Sheet Reports and Demonstrated End of Year EOY Process
This is a great resource for better understanding how financial reporting works! One thing I forgot to mention is that you cannot import the Income Statement and Balance Sheet pack in's to any other client other than GardenWorld. The reason is that the pack in's rely on the accounts that exist in GardenWorld. Your COA in your new client will have different accounts with different account IDs. Therefore, you should us the new GardenWorld examples as a quick reference when creating your Income Statement and Balance Sheet in your new client.
NOTE 20170307: the below video references the December Adjustment period. This feature/fix exists in iDempiere today as late in version 2.1.
0:00:45 delete transactional data from the original GardenWorld installation using chuboe_delete_transactional_data.sh
0:01:30 Create 2015 year - for later use
0;02:15 Create sample transactions (PO, MR, VI, Payment, Bank Statement) for inclusion on income statement and balance sheet.
0:07:00 Create sample transactions (SO, Ship, SI, Receipt, Bank Statement) for inclusion on income statement and balance sheet.
0:10:30 Pack In/Create new Report Line Set for Balance Sheet and Income Statement
0:12:00 Run financials after creating previous transactions with new reports
0:13:15 Create additional expense and re-run financials and show that the net income on the Income Statement equals the current earnings on the Balance Sheet
0:17:45 Review the details of the Report Line Set details that support the above bullet. This is where the magic happens!!
0:21:00 Create Profit Transfer account and add to the Income statement (Profit and Loss P&L)
The Profit Transfer account should be an expense
It should only have a balance in the Period: 12-adj (adjustment period) - because that is the period when you typically post your DR Profit Transfer + CR Retained Earnings.
It can be located in your bottom-of-report => Other Expenses section
0:24:00 Create the 2014 End of Year (EOY) GL Journal to move profits to Retained Earnings (in owner equity section) account. Re-run 2014 financials to see the results.