SSI Insights

Financial Titles

Financial Titles

October 13, 2022


Financial Titles


What kind of headings/titles/options do you want to present on General Ledger financial reporting? Customize headings and defaults for your SSI Oil and Gas Accounting Software financial reports with…


Ta-da!!!


Financial Titles!!


Financial Titles provide the ability to customize financial report headings and set uniform standards when generating financial reports. Financial Titles act as a template for the way you prefer financial statements to be presented for a specific purpose or recipient. You are in charge of your own financial reporting destiny. Set separate unique codes for the way financials are presented for a specific purpose ‐ like to a bank or other lending institution, to management, to shareholders, etc.


Financial Title codes are single digit and can be alpha or numeric. Alpha codes A-Z, a-z and 1 ‐ 9 can be used for a total of 61 different and unique Financial Titles.


Out of the box, SSI used one of the 61 possible Financial Titles codes to provide a default Financial Title Type ‐ S for Standard ‐ for financial reporting. Even if you've never experienced all that Financial Titles can do for you, SSI has given you the “S” ‐ standard Financial Title type, and (unless the report wizard for financials has already been modified) this is the default when generating financials.


Example:
GL11 ‐ Balance Sheet. Have you noticed a default “S” in the Titles/Format Wizard field? This (S) standard is the one SSI initially provided as a default Financial Title type for generating financials. And…when you look at the default options on the screen…what made those options be the defaults? Yep…the Financial Title code “S”.


But don't think for a second that you are locked in to that (S) Standard Financial Title code with no modifications!! You certainly are not! The “S” is not hard-coded! It can be modified, edited and saved to fit your needs so that you have your own (S) standard.


And beyond that - other Financial Title types can be created for use in specific circumstances (like the bank financials, management financials, etc. examples discussed above).


This is where the Financial Titles really shine.


Does management want financial reports labeled and titled in a specific way, with specific include/exclude options? Add a unique Financial Title Type “M” for Management. Select the “M” Financial Title Type when running Financials for the bosses. Create a Financial Title specifically for the bank or financial institution, for stockholders, etc.


Here's a quick and easy “how to” create Financial Title codes used for financial reporting.


It's all done in:


GL01 ‐ Account Maintenance
Select Titles from the top menu bar, and Financial Titles from the dropdown.


Title Type
A single-digit code. Review existing from the list box. You should already have a code type “S” (discussed above). Right next to the Title Type code is free form description ‐ it probably says Standard.


FYI - this description does not present anywhere on financial reporting. It's just for you.


Now…wanna add a new Financial Title code? Let's add a code “M” for Management. (Remember, you've got upper/lower case A-Z and numbers 1 ‐ 9 that can be used)


Title Type
Enter “M”
Record Not Found ‐ Add It? Yes (you know the drill).


Description
Next to Title Type at the top of the screen. This is freeform and can say anything you want. It won't show up anywhere on the actual financial reports. Don't recommend calling the management bad names though (insert hilarious laugh emoji here). Notice all kinds of free form titles available ‐ some unique to the Balance Sheet (Balance Sheet Report Title, Balance Sheet Asset Title and so on) and some unique to the Profit & Loss Statement (Profit/Loss Report Title, etc.). Setting up a Title Type, or editing the “S”, opens all of those free form fields. Type anything into those fields, all for presentation on the specific financials.


Printed Comment
Not required but handy freeform for other miscellaneous comment. will print on financial reports using that Title Type.


In addition to naming your own Title and Total lines, see lower left side of screen for options applicable to all financial reports.


Page number
Really handy to make sure all pages are present and accounted for, and all in the right order!


Button/Date/Time
Program used to generate a specific financial report, along with a date/time stamp. Helpful for making sure the most recent one you want is being reviewed.


Whole Number
Lop off if you don't care about the pennies.


Detail of All Accounts
Present accounts of the same type individually versus combined into a single line. Example: multiple cash accounts can be presented by individual account or combined into one line - Cash In Banks. Contingent on standard Chart of Accounts design ‐ roll up by the first 3 digits of account number. (PSA - look for a future SSI Insights on the whole Chart of Accounts thing!)


Account Numbers
An if/then option. If yes on Detail of All Accounts (above), include account numbers with the account names. Banks probably don't care about your General Ledger account number. You can leave them off for Financials sent to the bank.


Bracketed/Negative Sign
For accounts with credit balances. Your call.


Oil/Gas Net Volumes
For Oil and Gas companies. In addition to income/expense, will include volumes (Barrels, MCF, Liquids gallons) for YOUR company's piece of the oil and gas pie. Default options are also available specific to the Profit & Loss/Income Statement (lower middle) and to the Balance Sheet (lower right side).


Another FYI
Once created, each Financial Title type will appear in the dropdown list for Titles/Format Wizard on Financial reports.


Financial reports ‐ i.e., GL10, GL11, GL12, etc. ‐ are Wizard driven. Any Financial Title type created can be set as default for financial reporting. And a different Financial Title type can be set for different financial reports. Select the newly created Financial Title type on a specific financial report and save the wizard. Next time, your special Financial Title type will be in the Title/Format Wizard on that financial.


Here's a cool thing!
Financial Title options act as a default so you don't have to waste time selecting/unselecting everything every time you run financials. But notice on your financial report screen, you're not locked in. Regardless of Financial Title defaults, options can still be selected/unselected in the financials dialogue screen on a specific need's basis.


Our suggestion?
Give it a try! Create a “T” test Financial Title type with titles and options you want. Run financials on that fest Financial Title type and see what you think! It's so EZ!! Reminder…financials are generated based on the most currently executed GL07 - Posting Trial Balance. Always best to start with a GL07 first.


With SSI Oil and Gas Accounting Software, have it your way to make your job EZier!!

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