Generating end of year reports without certain journal entries

I would probably tag this for the ideas category.

When end of year approaches, there are a lot of journal entries that are crammed on 31 December.

It would be really useful to have the PL statement and the balance sheet (other reports too, but these are the main ones), have a filter where I could select to exclude some journal entries to be able to compare two reports that are for the same annual period, but have all the journal entries (i.e. really end of year), vs. reports that have the balances before the end of year jurnal entries.

Your best option is to use custom reports for this. It should be achievable.

He could also export financial statements for this purpose just before the commencement of the final adjustment exercise.

Yes. I already export to PDF. But it would be much more convenient to have the reports in the system over time. Since PDFs get lost, etc.

We should still explore whether this is a viable idea rather than coming up with workarounds.

This is similar to recent topic here

I think the issue is what is the general case for the issue being addressed.

Which comes down to, why are reports excluding a particular set of transactions meaningful. The possibilities are:

  • End of financial year posted transactions (journal entries, depreciation etc) typically do not actually apply to that date. They really apply relatively evenly throughout the entire year. Aggregating then on one day actually distorts cash flow when looking at reports for shorter periods (quarterly, monthly, weekly).

  • Some transactions are entered by a different entity (eg external accountant) to correct errors entered by another (eg business owner and their employee). Showing reports without a or only from a particular Manager user would enable tracking progressive accuracy of primary data entry. Functionality this is similar to Managers current project reporting.

I can see merit in having the ability to exclude/include end of period adjustments in reports. This is not a new concept as I have used periodic accounting systems with a period 13 (i.e. an extra period after month 12).

It could be achieved by having specific end of period journals which could be included/excluded from reports.

I am not sure of the merit of the GST reporting idea. I think there is need for further information regarding its operation and use case.

1 Like