Running standard financial reports

After posting all journal entries, produce standard financial reports such as a journal edit listing, a trial balance, a balance sheet, and an income statement. These reports provide a record of transactions and account balances for the period. Use this procedure to run standard financial reports at the beginning of the period closing process and at the end of the process.

Run standard financial reports

  1. Select the type of financial report you want to run.
    To Run
    Create a trial balance report of units and amounts for a company, company group, or select accounting units Ledger Trial Balance (ML291)
    Create a balance sheet report showing the current year and last year data for a specified period for a company, company group, or select accounting units Ledger Balance Sheet (ML292)
    Create an income statement report for a specified period for a company, company group, or select accounting units Ledger Income Statement (ML293)
  2. Run the report.
  3. Specify this information:

    Main tab

    Ledger, Company, Company Group

    You must select a ledger and a company or a company group for which to run a trial balance

    Accounting Units

    • To print a report for specific accounting units, select up to six posting or summary accounting unit names in one of the Accounting Units fields.

    • To print a separate report for only the accounting units below a specific summary account unit, specify a summary accounting unit in this field, and Select Level (X) in the level below that accounting unit on the Individual Reporting tab.

    Year Code

    You must select a year code or specify a fiscal year. If you leave both field blank, the current year defaults.

    Year Period

    You can specify a period. If you leave the Period field blank, the current period defaults.

    Individual Reporting tab

    Company

    To print one consolidated company report, select Select Level (X) in the Company field.

    Level One to Level Five

    If you select accounting units on the Main form tab, you do not need to select a level. If you do not select accounting units, you must select either the Company reporting level or one or more of the numbered levels. Selecting a level prints a separate report for each accounting unit (posting or summary) in that level.

    Note: If you select a summary accounting unit on the Main tab, you can also select a level to limit the report to only the posting accounting units for that level under the summary accounting units.

    Reporting Options tab

    Report Currency

    The Report Currency field determines the currency that is included in the report. The default is None, which requires you to include a transaction currency code, which you select in the Trans Currency field.

    Trans Currency

    If you do not select a transaction currency, you must select one of these currency options: Base, Report Currency 1, Report Currency 2, or All, which includes all report currencies and the base currency.

  4. Verify the output.