Hi @BarsinA - thanks for your response!
I actually found a decent work-around.
I'm from South Africa and we are using IFRS for SMEs as a basis to do the accounting for our small Property Investment business. When we purchase property/other assets, all costs involved with bringing the asset into the position ready for use is capitalised to the cost of the asset (e.g. property transfer costs are capitalsied to the cost of the asset).
So, when we receive a bill from an attorney which includes property transfer costs & we pay it, it should show up in the cash flow statement under investing activities, because those costs are not part of the normal day-to-day costs but rather part of investing costs.
I found a workaround by creating a "property transfer fee" account under heading Other Short-Term Assets. This allowed me to allocate the costs from the bill & it shows up correctly on the cash flow statement. Then I reallocate at year-end with a journal from there to the cost of the property (which correctly does not show in the cash flow statement, because the journal-entry is not a cash payment).
I hope this makes sense. Let me know your thoughts on the matter.
When I run the statement of cash flow report under cash and cash equivalents, it shows some of my invoices off (like only part was paid) during that fiscal period even though the entire invoice was paid during that fiscal period. Off by a penny or 3 on several invoices. Any reason why?
Hey @Lo_51! That definitely sounds tricky, can you send some screenshots of what you're seeing when looking at that report? Are there taxes on those items? The reason I ask is that tax processing is completed on a line-item level. What this means is that each product line will calculate the tax, round to 2 decimal places, then do the next product line. At the end, it will add up all the line item tax calculations and plug that in as a total tax in your invoice.
all of a sudden the majority of my expenses don't show up individually?? some i can see and others are grouped with my credit card payment. i don't care what my payment is, i want to see the actual expense category. this is incredibly irritating!
Hey @VBL_Link! You should be able to use the date selector tool on the report to choose a month you want to view!
Hi @Tony_shoregate, thanks for reaching out. I'm sorry to hear about the trouble you're having viewing your report prior to March 2020. When you generate a report for a period before that are there any errors, or does it show empty values?
Hi @erin! Are you able to take a screenshot of what you are viewing? It will help us to have a better idea of what is going on. Feel free to exclude any sensitive data from the screenshot before sharing.
did that work? essentially because you guys switched the way you account for things, my credit card payment shows up rather than what was on the credit card for the correct month. i understand why, but there is no other place i can reconcile my budget because of this. I'm using the account balance report but the sum totals don't line up any more. it's a frustrating way to look at this. is there an option where i can pick how i want to account. it seems strange that you just changed your type of accounting for everyone...
If you're simply trying to find the individual transactions that make up your credit card payment account, you should be able to simply click the "Payments to CREDIT CARD" entry on the report. This should take you to a page that breaks down all of the individual entires/transactions that make up the balance of this entry.
Having said that, if you could expand a bit more about what your end goal is here, we may be able to help you more effectively — can you please elaborate a bit more on what was meant by, "reconcile my budget," and "I'm using the account balance report..."? In other words, what are you using the account balance report to do? Where and how are you trying to reconcile your budget?
The only report we have that's separated by customer is the income by customer report. This is a bit different from the cash flow, so I understand that it might not be exactly what you're looking for, my apologies.
Comments
Hi @BarsinA - thanks for your response!
I actually found a decent work-around.
I'm from South Africa and we are using IFRS for SMEs as a basis to do the accounting for our small Property Investment business. When we purchase property/other assets, all costs involved with bringing the asset into the position ready for use is capitalised to the cost of the asset (e.g. property transfer costs are capitalsied to the cost of the asset).
So, when we receive a bill from an attorney which includes property transfer costs & we pay it, it should show up in the cash flow statement under investing activities, because those costs are not part of the normal day-to-day costs but rather part of investing costs.
I found a workaround by creating a "property transfer fee" account under heading Other Short-Term Assets. This allowed me to allocate the costs from the bill & it shows up correctly on the cash flow statement. Then I reallocate at year-end with a journal from there to the cost of the property (which correctly does not show in the cash flow statement, because the journal-entry is not a cash payment).
I hope this makes sense. Let me know your thoughts on the matter.
Thanks, Juan
When I run the statement of cash flow report under cash and cash equivalents, it shows some of my invoices off (like only part was paid) during that fiscal period even though the entire invoice was paid during that fiscal period. Off by a penny or 3 on several invoices. Any reason why?
Hey @Lo_51! That definitely sounds tricky, can you send some screenshots of what you're seeing when looking at that report? Are there taxes on those items? The reason I ask is that tax processing is completed on a line-item level. What this means is that each product line will calculate the tax, round to 2 decimal places, then do the next product line. At the end, it will add up all the line item tax calculations and plug that in as a total tax in your invoice.
I found this extremely helpful, thank you!
How about having cashflow by month?
My cash flow report now shows NOTHING for months prior to March 2020! Where did all of the previous info go and how do I get it back?
all of a sudden the majority of my expenses don't show up individually?? some i can see and others are grouped with my credit card payment. i don't care what my payment is, i want to see the actual expense category. this is incredibly irritating!
Hey @VBL_Link! You should be able to use the date selector tool on the report to choose a month you want to view!
Hi @Tony_shoregate, thanks for reaching out. I'm sorry to hear about the trouble you're having viewing your report prior to March 2020. When you generate a report for a period before that are there any errors, or does it show empty values?
Hi @erin! Are you able to take a screenshot of what you are viewing? It will help us to have a better idea of what is going on. Feel free to exclude any sensitive data from the screenshot before sharing.
did that work? essentially because you guys switched the way you account for things, my credit card payment shows up rather than what was on the credit card for the correct month. i understand why, but there is no other place i can reconcile my budget because of this. I'm using the account balance report but the sum totals don't line up any more. it's a frustrating way to look at this. is there an option where i can pick how i want to account. it seems strange that you just changed your type of accounting for everyone...
Hey @erin!
If you're simply trying to find the individual transactions that make up your credit card payment account, you should be able to simply click the "Payments to CREDIT CARD" entry on the report. This should take you to a page that breaks down all of the individual entires/transactions that make up the balance of this entry.
Having said that, if you could expand a bit more about what your end goal is here, we may be able to help you more effectively — can you please elaborate a bit more on what was meant by, "reconcile my budget," and "I'm using the account balance report..."? In other words, what are you using the account balance report to do? Where and how are you trying to reconcile your budget?
Is there a way I can see cash flow separated by customer?
Hey there @Eric_S
The only report we have that's separated by customer is the income by customer report. This is a bit different from the cash flow, so I understand that it might not be exactly what you're looking for, my apologies.