UNIT 9.

PREPARING FINANCIAL STATEMENTS

Contents
9.0 Aims and Objectives
9.1 Introduction
9.2 Displaying & Printing Reports and Financial Statements
9.3 Designing and Customizing Financial Statements
9.4 Copy a Financial Statement
9.5 Summary
9.6 Glossary

9.0 AIMS AND OBJECTIVES

After effective completion of this unit, you should be able to;

 Display and print different types of financial statements;
 Design your own layout of financial statements;
 Customize financial statement layout; and
 Copy financial statements.

9.1 INTRODUCTION

As you well know, the final goal of any accounting system, be it manual or computerized, is
preparing and communicating financial information to different classes of users. Financial
information must be accurate, verifiable, and timely, so as to fulfill the information need of the
respective users. These financial information are communicated through a standardized and well
organized financial statements.

Peachtree is powerful software with a capability of fulfilling all the above qualities of good
financial reports. In this unit you will see the techniques and procedures for displaying, printing
and sometimes designing financial statements using the Peachtree software.

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9.2 DISPLAYING & PRINTING REPORTS AND FINANCIAL STATEMENTS

After completing this section, you should be able to;

 List the major types of financial statements and repots;
 Describe the procedures of displaying various types of financial statements or reports; and
 Printing various types of financial statements/reports.
Dear learner! In Peachtree Completing accounting software you can obtain and display an
updated financial statement or any other report at any time. However, it is always advisable for
the accountant to view/display the financial stamens or reports to first view and check them
before reporting and utilizing them for any decision making purpose. In this section you will
learn the procedures and techniques for displaying/viewing and printing of reports using
Peachtree Complete accounting.

Displaying Financial Statements/Reports

Peachtree comes with the following standard financial statements that provide financial
information on your company:
 Balance Sheet
 Income Statement
 Statement of Income and Retained Earnings
 Statement of Retained Earnings
 Cash Flow Report
 Statement Changes Report
 Income for 2 Years Report
 Income/Budget Report
 G/L Account Summary

You can print these financial statements or view them on your screen. If necessary, you can also
use these financial statements as templates for designing in your own form. You can design
statements manually or use the Financial Statement wizard, which provides an automated
approach to statement design. This chapter describes how to accomplish each of these tasks.

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Displaying/Viewing a report & financial statement before printing enables you to make sure that
the information to be printed and disseminated to users is correct. By this you will be able to save
your time and other resources of the organization. You can display an updated financial in
Peachtree by following the next procedure

Displaying a Financial Statement/Report on the Screen

Step I. From the Reports menu, select the type of report (Accounts Payable, Accounts
Receivable, Financial Statements, and so on) you want to appear on the screen. Immediately
Peachtree displays the Select a Report window.

The Select a Report window lists all the reports, forms, and financial statements currently set
up in Peachtree. Use this window to select a report or form you want to display, print, or design.
The select report window contains three separate items within it: Report Area, List, and
Description

On the left of The Select a Report window is the report area (Accounts Receivable, Accounts
Payable, Financial Statements, and so on), where you select what type of reports or forms you
want to see. When you select a report area, Peachtree displays a list of reports and forms
associated with that area on the right. Once a report or form is selected (highlighted in the report
list), Peachtree displays its description at the far-right side of the window.

For example, on the main report menu you might select accounts receivable. Peachtree
immediately displays a report area of accounts receivable, with a respective repot list of, such as,
aged accounts receivable, credit customers list, invoice register, customers sales history, sales
journal, sales order report, sales tax, etc.., along with their respective description.

Step II. From the report list, scroll down to select and display a report you want to appear on the
screen.

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There are two methods for displaying a report on the screen:

 Double-click the specific report in the report list. Peachtree displays the report using
the filter, fields, and font options saved for the report. or
 Select the specific report. Then, select the Preview button in the top of the Select a
Report window. Peachtree displays the report Options window pertaining to the report or
financial statement. Enter the desired information, if necessary, and then select OK.
Peachtree displays the report on the screen.

Note: For assistance on each report filter, select the Help button or press F1 when the Option
window is displayed.

1. To set print properties (such as page size and orientation) before printing a report
displayed on the screen, select the (Page) Setup button.
2. To print a report displayed on the screen, select the Print button.

3. To design a report displayed on the screen, select the Design button.

Note: You will see the methods for designing financial statements /reports

4. When finished viewing the report, select Close to return to the Select a Report window.

Printing Financial Statements

Printing financial statements enables you to keep a hard (paper) copy of information stored in
Peachtree and to easily give copies to your accountant.
If you use batch posting and you haven’t posted all transactions needed for a financial statement,
Peachtree will give you an opportunity to post before printing the financial statement.

1. From the Reports menu, select Financial Statements.

2. Select the financial statements you want Select the statement from the report list, and
display it on the screen. You can print a report or financial statement whenever it is
displayed on the screen.

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 3. With the report or statement either displayed on the screen or select the Print button.

The standard Windows Print dialog appears. If you need to print to an alternate printer, use the
drop-down list in the Name field to select the printer. Peachtree prints using the current default
printer unless the report was previously customized to use a specific printer. If you need to use an
alternate printer, select it from the drop-down list. These are printers set up in the Windows
Control Panel.

1. Select the number of copies you would like to print and a page range if needed.
2. If you need to change the page orientation or choose special document properties, such
as printing on two sides of the paper, select Properties.

3. When finished making selections, if any, select OK to return to the Print dialog.Select
OK to print the report or statement begins to print.

Check Your Progress I

1. List at least five types of financial statements or reports automatically prepared by Peachtree.

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2. What are the three items included in the select report window?

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3. What are the two ways of displaying financial statements?

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9.3 DESIGNING AND CUSTOMIZING FINANCIAL STATEMENTS

After effective completion of this section, you should be able to:

 Explain the two ways of designing or customizing financial statements in your own
way; and
 Describe the procedures for customizing/designing financial statements.
Dear learner! In the previous section you have seen that Peachtree comes with various types of
standardized financial statements. However, in some circumstances this build in formats of the
financial statements may not fit to your own specific need. Due to this you may opt for
customizing the already existing formats or design a financial statement format of your own.

In this section you will see the specific procedures involved in Peachtree to customize or design
financial statements.

While the standard financial statements that come with Peachtree will be useful in many
applications, you may want to create your own statements to meet special needs. When you do,
you have two options: 1) The Financial Statements Design window, which lets you manually
define the four main areas of the financial statement, and 2), which substantially streamlines this
process.

Using the Financial Statement Wizard

Peachtree has a powerful tool called the Financial Statement Design window. With this tool,
you can create customized financial statements. Or, you can just tweak the existing financial
statements to make them fit your business better.

Note: While the Financial Statements Design window gives you more individual control
over each aspect of the financial design process, it’s probably a good idea to start designing with
the Financial Statement Wizard. That way, you’ll have a better grasp of the basic elements of a

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statement and how to put them together effectively. Once you learn how the wizard builds a
statement, designing financial statements on your own will become less of a challenge.

To design a specific financial

statement to desired target,
select the specific financial

statement you want to

produce and press the

‘financial statement wizard’

Figure 9.1 Designing Financial Statements from ‘Financial Statement Wizard’

Customizing an Existing Financial Statement

You cannot design financial statements from scratch; but, you can customize any of the pre-
defined financial statements to meet your business needs. This feature has many formatting
options such as user-selectable fonts, customized headers and footers, and text alignment.

1. From the Reports menu, select Financial Statements. Then in the Select a Report
window, select the statement from the report list.
2. Select the Design button at the top of the Select a Report window to display the window
where you can design financial statements.

Note: You can also display the financial statement in design mode while it is displayed
onscreen by selecting the Design button in the Report window.

In the Financial Statement Design window you have several options available in which to
modify existing statements. There are two areas in which to work: Header and Body areas.

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  Each row has a button next to it that defines the row.
 To the left of the design window are design tools. These assist in selecting and
adding various types of design elements (types of rows). In Peachtree First Accounting all you
can modify are font properties of rows.)

The Financial Statement Design Window

When you design a financial statement, you can use this window. It has three major areas: the
toolbar at the top of the window, the design toolbar at the side of the window where you select
the type of fields you want to place on the designer, and the design area where you actually create
the financial statement.

When you create a financial statement, you work with five basic areas:

 Header,
 Lines of texts;

 Columns;

 Totals; and footer

At the side of the designer window, there is a space on each row and a button next to it that
defines the row.

The toolbar at the top of the window contains the following buttons:

Financial Statement Design Tools

 Use the Property tool to work with the properties window for the selected row type. For
example, if you select a text row, the Text window will open.
 Use the Text tool to insert text that will not change from statement to statement (for
example, section headings.)

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  Use the Column tool to define columns, enter a title for each column, select the
alignment of each column title (left, right, or center) and select the style, size and color of
the text.

 Once the columns are defined, use the Line tool to define what data to put in each row of
a column. Line objects are placed below column objects.

 Use the Total tool to tell the program how to calculate totals and subtotals.

 Use the Cut tool to remove the selected row and copy it to the Windows Clipboard.

 Use the Copy tool to copy the selected row to the Windows Clipboard.

 Use the Paste tool to insert the current row from the Windows Clipboard.

 Use the Up tool to move a selected row up one position in the list of rows.

 Use the Down tool to move a selected row down one position in list of rows.

Note: You can select multiple rows in the window and then apply the cut, copy, and paste
functions to all of them. To select multiple rows, hold down the Ctrl key, and then with the cursor
select the buttons that define the rows you want. Note that in the following illustration, the three
rows in the center have been selected.

1. To move a row, do one of the following:

 To move a row up or down a single position in the series of rows, use the Up and Down
buttons. Just select the row button for the row you want to move. Then select the Up
button to move the row up one position, or select the Down button to move the row down
one position.

 To move a row or rows multiple positions, select the corresponding row button(s) with
your mouse pointer; then select the Cut button. Now, with the mouse pointer, select the
row button above which you want to insert the row(s), and select the Paste button.

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2. To modify a row's properties, select the row button, or move your mouse pointer over the row
in the design window. Then, right-click your mouse to display the design menu.

You can change the font or row properties using this method. There are properties for text
objects, column objects, line objects, and total objects.

3. To delete any unwanted rows, select the row button for the row you want to remove, and then
select the Cut button.

Note: If you remove a row in error, you can restore it by selecting the Undo option from
the File menu or by using the keyboard shortcut CTRL+Z.

4. Select the Options button at the top of the Design window to display financial statement
options.
5. When finished selecting the form options, select OK to return to the Financial Statement
Design window.

6. When finished designing your statement, select Save. Enter or select a name for your form
and a description. Then, select OK.

Note: You cannot modify a standard financial statement (those included with Peachtree)
and save it to the same name. If you modify a standard statement, Peachtree will prompt you
to enter an alternate name.

7. Select Close to return to the Select a Report window.

Peachtree displays the new statement in the report list within the Select Report window.

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 Double click onto the
specific row modification
is required and make the
necessary designing.

Figure 9.2 Designing Financial Statements from the ‘Design’ Toolbar

Using the Financial Statement Wizard

A “wizard” automates a process that might prove complicated and time-consuming if done
manually. The Peachtree Financial Statement wizard walks you through the fairly complex
procedure of designing financial statements. At every point in the process, your design choices
are clear; you know exactly what effect each choice will have on the finished product. When you
begin designing your own financial statements, it’s probably a good idea to start with the
Financial Statement wizard. That way, you’ll have a better grasp of the basic elements of a
statement and how to put them together effectively when you work in the Financial Statements
Design window.
With the Financial Statement wizard, you design a new custom financial statement by choosing
an existing statement to use as template, then making changes to that template to suit your present
needs.

Customizing Financial Statements

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When you customize a report, you can:

 adjust the size of each column of information

 determine what type of information appears on the report

 choose which fields and titles appear on the report and their order

 select the font, as well as its size, for everything that appears on the report

 save customized reports as new reports

To customize a report:

1. From the Reports menu, select the type of report you want to design. Then, select the
report from the report list.
2. Select the Design button at the top of the Select a Report window.

3. Peachtree displays the report Filter tab pertaining to the selected report. Make any needed
changes to the information in this tab, in the Fields tab, and in the Fonts tab. Then select
OK. Peachtree displays the report on the screen in design mode.
mode.

Note: You can also display the report in design mode while it is displayed on the screen
by selecting the Design button in the Report window.

To resize a column

Column borders appear as a vertical blue separator line flanked with double-headed arrows. To
resize a column:

1. Select the blue separator line with the mouse.

2. While holding down the mouse button, move the line to the desired position.

3. When you have positioned the line in the right position, release the mouse button. The
column is repositioned.

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 Note: You cannot make page breaks manually; you must resize the columns. If you want to
see all the columns at the top of the page for a wide report, choose Landscape as a print option.

At any time during resizing columns, you can change Report Options by selecting the appropriate
sidebar button: Filter,
Filter, Fields,
Fields, or Fonts.
Fonts Or, you can select the Options button in the toolbar.

To save a report

1. Select the Save button at the top of the Report Design window. Peachtree displays the
Save As window.
2. Peachtree displays the Name the report in the box. Peachtree will not let you overwrite
standard reports that came with Peachtree.

3. When you have entered the name you want to use, select OK.

Check Your Progress II

1. What is the difference between customizing and designing of financial statements?
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2. What re the five basic areas you work on, in designing financial statements?
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3. List at least three items that you can adjust in customizing financial statements.
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9.4 COPYING FINANCIAL STATEMENTS & FINDING TEXTS IN

FINANCIAL STATEMENTS

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After effective completion of this section, you should be able to:
 Describe the procedures involved in copying financial statements;
 Explain the techniques of transferring financial statements in to Microsoft excel
software;
 Describe the method of finding texts on financial statements; and
 List and describe the basic financial statements.

Dear learner! As you well know one of the most powerful and popular spreadsheet software now
a days is Microsoft excel. The procedures discussed hereunder will help you to copy financial
statements and paste and use them for several purposes. You can also make a special copy to
Microsoft excel spreadsheet software, the most widely used spreadsheet software in the world.

Peachtree lets you design your own financial statements from the standard statements that are
included in the program. You can also copy financial statements from another company and use
them as your templates. Review the financial statement before you choose to copy from it. To do
this, select Financial Statements from the Reports menu, choose the statement you want to copy,
and print it or view it on the screen.

To copy a financial statement:

1. Open the company in Peachtree to which you want to copy a financial statement.
2. From the Reports menu, select Financial Statements. Peachtree displays the Select a
Report window.

3. Select the Copy button. Peachtree displays the Copy Reports & Financial Statements
window.

4. Select the Source Company to copy from.

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 This is the company that contains the original financial statement. When you select a
source company, Peachtree displays a list of financial statements in that company.

5. Select financial statements from the drop-down list.

6. Select the financial statement you want to copy.

7. Type a name for the statement (for example, G/L Account Summary). You can also
include a description.

The list only shows custom financial statements attached to the company you chose in To
display standard financial statements in the list, select the Include Standard Financial
Statements check box.

8. Select Copy.

The report is copied into your company report list under Financial Statements.

Copy Peachtree Report Data to a Microsoft Excel Spreadsheet

Use this procedure to copy data from a Peachtree report or financial statement to a Microsoft
Excel spreadsheet. This will enable to make additional adjustments and modifications to the
standardized financial statement that you have already prepared. However, in order to copy to the
Microsoft Excel do one of the following:

1. In the Select a Report

Repor window, select the report or financial statement that you want to
copy from the list, and then click the Excel toolbar button at the top of the window.
2. Display the report or financial statement that you want to copy on the screen, and then
click the Excel toolbar button.

A message will appear asking how you want the report copied to Microsoft Excel.

3. Select the desired Microsoft Excel file option and click OK.

a. Create a new Microsoft Excel workbook: Select this option to create a new file.

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 b. Add a new worksheet to an existing Microsoft workbook: Select this option to append
an existing file. Click the Browse button to choose the desired Microsoft Excel file.

Peachtree will start the Microsoft Excel program and copy the Peachtree Accounting report data
into a blank worksheet. The worksheet name will be the same as the Peachtree report name.

Note: Peachtree will copy most of the report's original format to Microsoft Excel. Only cell
values are copied; formulas (for example, subtotals) are not applied to the spreadsheet format.
The Peachtree header (for example, company name and report title) and footer text are applied to
the workbook's page setup; you will not see this information in the spreadsheet window.

Finding a Text in Financial Statements

Use this window to search for text within a report or financial statement.

1. With a report or financial statement displayed in Preview mode, select the Find button.

Peachtree displays the Find on Report window.

2. In the Find what text box, enter the text you want to locate.

Note: Peachtree stores the last 20 values you entered in the Find what text box. You
can choose one of your previously entered values by selecting it from the drop-down list.
The list is stored until you close Peachtree.

3. Select the Search forward or Search backward option.

4. If you want your search to be case sensitive, select the Match case check box. Peachtree
will search only for text that matches the case of whatever you enter in the Find what text
box. For example, if you enter "SMITH" in all capital letters and select Match case,
Peachtree will search for any occurrence of "SMITH" in all capital letters. It will not
search for "smith" or "Smith."

5. Select the Use wildcards check box if you'd like to use wildcards in your search. For more
information, see the topic about wildcards in the Learn More section below.

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 6. If you want to search for a complete word, select the Find complete words only check
box. For example, if you have this option selected and you enter "tree" in the Find what
text box, only the word "tree" will be located-- not "Peachtree" or "treetop."

7. Click the Find Next button to start your search.

Peachtree will locate and highlight the first instance of text that matches what you entered
in the Find what text box.

8. To find additional text, click the Find Next button.

9. When finished, click the Cancel button to close the Find on Report window.

List of Financial Statements

Balance Sheet .The Balance Sheet lists all assets, liabilities, and capital of a business entity as
of a specific date, such as the last day of an accounting period or the last day of the year.

Peachtree's Balance Sheet sums totals for the following:

Assets

Current Assets xxx

Property and Equipment (Fixed Assets) xxx

Other Assets xxx

Total Assets xxx

Liabilities

Current Liabilities xxx

Long Term Liabilities xxx

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Total Liabilities xxx

 Total Capital xxx

Total Liabilities plus Capital xxx

Income Statement .The

The Income Statement shows income and expenses over a range of time,
reflecting the difference as a profit (income greater than expenses) or a loss (income less than
expenses).

Peachtree's Income Statement sums totals for the following:

 Total Revenues
 Total Cost of Sales

 Gross Profit

 Expenses

 Net Income (Income minus Expense)

In addition, there are columns for current month and year-to-date figures, as well as the
percentage each account represents of each subtotal.

Cash Flow. The Statement of Cash Flow shows the change in cash over a specified range of
time. The cash flow is roughly the same as income from operations plus depreciation, depletion,
and any other expenses that had no effect on working capital during the accounting period.

Peachtree's report sums the following:

 Operating Activities

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  Investing Activities

 Financing Activities

 Net Increase in Cash

By default, there is a column for the current-month and the year-to-date totals.

G/L Account Summary Report .The G/L Account Summary report shows a summary of
your beginning balances with debit and credit changes, the net change in and ending balances for
the specified range of accounts. Use this report for reviewing a summary of the activity for all
accounts without the detail.

For example, if you want to know if your Accounts Receivables activity is staying about the same
as it has been (i.e., receipts on open invoices are equaling new billings) or if the balance is
increasing/decreasing from period to period, you can analyze this report and investigate any
unusual activity by reviewing the Detailed General Ledger Report.

Statement of Changes (Financial Statement ). The Statement of Changes describes

changes in a company's financial position that may not be obvious from the balance sheet,
income statement, or other financial statements. The Statement of Changes financial statement
shows the change in Working Capital, Assets, and Liabilities for a given period of time.

Peachtree's State of Changes report sums amounts for the following:

 Working capital from operations

 Uses of Working Capital

 Increase/Decrease in Current Assets

 Increase/Decrease in Current Liabilities

 Net Change

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Income/Budgets. The Income/Budgets report compares income and expenses for a given time
period to the amounts budgeted for. (Budget amounts are entered through the Maintain Chart of
Accounts window.) It displays four columns: the current month vs. budget, and the current year
vs. budget.

Statement of Income and Retained Earnings. The Statement of Income and Retained
Earnings shows income and expense activity for a specified period of time, as well as retained
earnings information. To receive accurate results, you must run this report either for just one
month or from the beginning of the year up through the current date.

Note: Prior period entries and adjustments to the retained earnings account display on this
report as a single beginning retained earnings balance. If you adjust (change) the retained
earnings beginning balance for a prior closed fiscal year, then the ending retained earning balance
from the prior year closed will not equal the beginning balance in the current year statement.

Statement of Retained Earnings. The Statement of Retained Earnings shows beginning and
ending retained earnings amounts, adjustments made to retained earnings within the report
period, and the detail for all Equity-gets closed accounts, such as Dividends Paid. The retained
earnings balance is the cumulative, lifetime earnings of the company less its cumulative losses
and dividends.

Note: Prior period entries and adjustments to the retained earnings account will display on
this report as a single beginning retained earnings balance. If you adjust (change) the retained
earnings beginning balance for a prior closed fiscal year, then the ending retained earning balance
from the prior year closed will not equal the beginning balance in the current year statement.

When you display or print a financial statement, Peachtree displays the following options:

 Time Frame: You have the choice of a range of periods, current period, or current three
periods. If you select a range, use the From and To list boxes.
 Print Page Numbers: Checking this will print page numbers on the top right corner of
the page. Both the page number and the number of pages are indicated. For example, if

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 you are looking at page 2 of a 13-page document, it will display on the report as "Page:
2 of 13."

 Show Zero Amounts: Select this check box to show accounts with zero amounts.

 Print All Words Capitalized: Select this check box if you want the report to print in all
capital letters.

 Right Margin/Left Margin: Enter the size of the margins you want, in inches.

 Center on Page: Select this check box if you want each page of the report to be
centered on the page instead of left justified when it is printed.

 Number of Copies: Enter the number of copies you want to print. You can enter any
number from 1 to 99.

Check Your Progress III

1. Explain in brief the steps involved in copying financial statements to Microsoft excel
spreadsheet software.
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2. What are the most common financial statements automatically prepared by Peachtree and
include the items they contain.
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9.5 SUMMARY

The goal of any accountig system is providing fiancial information to users. In line with this
peachtree automatically prepares a well desihned and updated fiancnial statemnts and other
reports. You can use the automatically prepared fianciala statemnts and reports for various
decision making purposes. Further more, you can desgn or customise finacial statmnt or report
layout of your own.

Sometimes it can also be necssary to copy financial statements prepared to other softwarezs like
Microsoft spreadsheet software for further analysiss and interepretation of the prepared steemtns
or reports.

The outputs of Peachtree accounting can be categorized into 3 major parts:

1. Reports;

2. Source documents, forms, and labels; and

3. Financial statements

Financial statements can be designed on modified or designed using different possibilities:

a. Using ‘financial statement wizard’;

b. From ‘options’ toolbar;

c. From ‘design’ toolbar;

Peachtree accounting produces standard financial statements from the ‘financial statements’
category of the ‘reports menu’ such as:
1. Balance sheet;
2. Income statement. Income statement may be prepared in different ways: for two
years compared, including budgeted amount to determine variances, etc.
3. Statement of retained earnings

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 4. Statement of income and retained earnings;
5. Cash flow reports;
6. Statement changes report; (shows change in financial position during a given
period)
7. GL account summary (shows the change in each financial statements during the
period)

9.6 GLOSSARY

Filter. Filtering means to choose specific criteria to create customized information.

Financial Statement .A financial statement gives a picture of how your business is doing. In one
sense, the whole point of an accounting system is to produce accurate financial statements.

Fiscal Periods .Durations of time (usually a month) for which accounting information is tracked
and subtitled for reporting purposes. See also Accounting Periods.

Fiscal Year .Your accounting year, defined by when you open and close the books. This may or
may not coincide with the calendar year.

Statement of Cash Flow Summarizes the effects on cash of the operating, investing, and
financing activities of a company for a period and the year to date.

Total Assets The sum of the following account types: cash, accounts receivable, other current
assets, fixed assets, accumulated depreciation, and other assets.

Trial Balance A list of debit and credit balances of accounts at a given date.

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