Financial Statement Format Requirements
There are certain Financial Statement Format requirements that must be followed when running the "Statement of Activities" and any "Statement of Revenues and Expenditures" report. These requirements ensure that the Fund Balance/Net Assets section totals correctly.
The requirements are:
When printing the report, if the "Include Equity Section" option is not selected, the "Net Revenues over Expenditures (Net Income)" total cannot have a section type of "Total" and section account category of "Changes Fund Balance" or "Changes Net Assets".
Note: The best section account category for this total is "Revenue".
When printing the report, if the "Include Equity Section" is selected, the "Ending Fund Balance/Net Assets" total must have a section type of "Total" and a section account category of "Fund Balance".
Note: The best section account category for this total is "Fund Balance".
We recommend setting up your financial statement formats the following way:
Section Title | Section Type | Section Account Category |
Revenues | Other | Revenue |
Expenditures | Other | Expense |
Net Revenues/Expenditures | Other | Revenue |
Beginning Fund Balance/Net Asset | Other | Fund Balance/Net Asset |
Changes in Fund Balance/Net Asset (if needed) | Other | Changes Fund Balance/Net Asset |
Ending Fund Balance/Net Asset | Total | Fund Balance/Net Asset |
For more information on editing financial statement formats, go to Financial Statement Format Builder Form.