Financial reporting for Sage 50

Financial reporting for Sage 50

Logicim XLGL is a powerful tool that allows you to create and customize financial reports using Excel and Sage 50 data. You can use Logicim XLGL to create balance sheets, income statements, cash flow statements, budgets, and more. You can also add custom calculations, group accounts, compare periods, and format your reports as you like.

In this article, you will discover how to use Logicim XLGL to create and customize a balance sheet. You will also explore some of the features and functions of Logicim XLGL that you can utilize to enhance your reports. If you are using an older version or edition, some of the steps and formulas may vary.

Before you start, ensure you have installed Logicim XLGL and connected it to your Sage 50 company data.

Watch this video to learn how to customize a Balance Sheet and an Income Statement:

https://www.youtube.com/embed/hMW0K_TIe3A?si=ZcpOWd2D_d-DTfKS

Creating a balance sheet

To create a balance sheet with Logicim XLGL, follow these steps:

1. Open Excel and click on the Logicim XLGL tab on the ribbon.
2. Click on Reports and Forms and select Balance Sheet from the Financials section.
3. Click Load to open the balance sheet template.
4. Click on the Balance Sheet tab to see the report.
5. View the report, which by default shows the results as of the end of the company's fiscal year. You can change the date by typing a different date in cell D1. The report will update automatically.
6. Utilize the features in the balance sheet template to navigate and modify the report. These include:
   • The layouts panel on the right side of the screen. This panel shows the structure of the report and the sub-sections that make up the balance sheet. You can click on any sub-section to jump to that part of the report.
   • The expand and collapse buttons on the left side of the report. These buttons allow you to hide and show the details of each sub-section. You can use the plus and minus buttons to expand and collapse individual sub-sections or the numbers at the top to expand and collapse the entire report.
   • The account numbers in column B are hidden by default, but you can unhide them by selecting column B and clicking on the Unhide button on the Home tab.

Customizing the balance sheet

One of the advantages of Logicim XLGL is that you can customize your reports to suit your needs. You can add columns, rows, formulas, and formats to your balance sheet. In this section, we will show you some examples of how to customize your balance sheet. You can also experiment with other modifications as you like.

• Add a column for a percentage of total assets. To do this, place the cursor on the first reported account (cell E5) and type the formula =D5/$D$54. This formula divides the amount of the account by the total assets in cell D54. Notice the dollar signs used to set an absolute reference. This means that the cell reference will not change when you copy the formula to other cells. Learn more about absolute and relative references in Excel.
• Click on the percentage button on the home tab and select the desired format to format the cell as a percentage with two decimals.
• Copy the formula to the other cells in the column by clicking on the Refresh button on the Logicim XLGL tab. Logicim XLGL will automatically fill out the formula from the first row of each section.
• Copy the formula to the other sub-sections by selecting the cell with the formula, copying it, and pasting it to the first row of each sub-section. Then, click Refresh to fill out the formula.
• Add any custom calculation in this way. Remember always to modify the first row of each section and click refresh to update the report.
• Maintain the list of accounts automatically by default in Logicim XLGL. This means that if you add or remove an account in Sage 50, Logicim XLGL will update the list accordingly when you click Refresh. However, you can also change this behavior and modify the rows manually. To do this, you need to freeze the account numbers and descriptions. This will remove the automatic layout and allow you to insert, delete, or group rows as you like.
• Freeze a section by selecting the entire range, including columns B and C. On the Logicim XLGL tab, select the Freeze sub-menu, then Freeze Selection. Confirm the operation by clicking Yes. Notice that the section is now gone from the Layouts panel.
• Create manual modifications to any of the rows once you have frozen the account section. For example, you can insert a row to create a sub-section for cash, insert more rows for the subtotal of the sub-section, and make custom calculations on any part of the report. Note, however, that Logicim XLGL will no longer automatically add new accounts or fill down formulas. You will have to do this manually.
• Explore financial reporting with Logicim XLGL. Create and customize a balance sheet, and utilize some of the features and functions of Logicim XLGL to enhance your reports. You can utilize Logicim XLGL to create any kind of financial report needed with Sage 50 data. You can also examine the formulas used in the reports to understand how they work and how you can modify them.