Financials
Financial Reporting
Support Guide
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Overview
As you begin to manage your accounting and financials within Striven, you will begin using the built-in reports regularly to have an insight as to how your Company is performing. Each report is designed to allow you to drill into the details and also set your search parameters to see exactly what you are looking for. This guide will help keep track of your finances with the useful assistance of these financial reporting features.
Read this guide if you are trying to:
✔ Determine if your Company reports finances based on Accrual or Cash basis.
✔ Explore and familiarize yourself with the financial reporting features in Striven.
✔ Report on finances using the variety of built-in reporting features.
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Accrual vs. Cash
The way in which your Company reports finances is a basic, but very important function that Striven can help you accomplish easily. There are two methods to report finances; the Accrual Basis and the Cash Basis. If you report on finances when revenue is earned and costs are incurred, your Company uses the Accrual Basis of Accounting. If you report on finances when revenue is received and expenses are recognized, then your Company uses the Cash Basis of Accounting.
Financial reports in Striven, such as the Balance Sheet, Profit & Loss, and Trial Balance all include the option to report based on either Accrual or Cash basis of accounting. To change how you report on finances, simply click Accrual or Cash and click search to load your results. Below is a screenshot illustrating how the Reporting Basis appears on a Balance Sheet.
Example of Reporting Basis on Balance Sheet Report
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Postings Report
The Postings Report gathers all transaction Posting Journal data based on the filter criteria of the report and lists them neatly to help analyze and organize your financial data within Striven.
User Role Permissions
There are two (2) User Role permissions related to the Postings Report.
- “Postings Report – Export” : This permission will be required to export the report to Excel.
- “Postings Report – View” : This permission will be required in order to view the report in Striven.
Example of the User Role Permissions Related to the Postings Report
Viewing the Report
This report can be located by navigating to Accounting → Postings.
Here is a description of the variety of elements found on this report:
Example of the Filter and Menu Options on the Postings Report Page
- In the top right corner of the page you will find:
- Search (magnifying glass): Shows editable filters to determine which results display in the report. (This will be described in further detail below).
- Fullscreen Toggle (arrows): Expands the visibility of the page to allow more room to show content and hides page elements, such as the header, menu, and Favorites. Click again to return to the normal view.
- More Menu (kebab): Houses the following options:
- Settings: Displays the permissions needed in your User Role settings to access the information on the page.
- Make Landing Page: Enables you to save this page as your Landing Page in Striven.
- Default Settings: Displays the default search filter settings for the report.
- Note: The page will automatically display the Date Period for This Month, but this can be edited using the Search option.
- Sort: Allows you to sort the results by Date, Type, Debit Amount, or Credit Amount.
- Export: Provides the option to export the report to Excel.
There are a variety of search filter options available from the Search popup on the Postings Report page to narrow down the results of your report, such as:
- Account
- Customer/Vendor
- Type (which has a multi-select control to allow for the selection of multiple transaction types).
- Transaction #
- Date Period
- Date Range
- Class
- Location
- Item
- Voided Status
- Debit Amount (options include > =, < =, and =, along with an amount input field).
- Credit Amount (options include > =, < =, and =, along with an amount input field).
- Include Foreign Debit/Credit checkbox (appends the exchange rate currency symbol and the foreign debit/credit columns to the report).
- Foreign Currency
- Report Basis: Accrual or Cash
Example of the Available Search Filters for the Postings Report
Note: This Search menu also offers a Saved Search option to remember your filters for future use.
The available columns on this report include Account, Type, Transaction #, Date, Customer/Vendor, Item/Location, Debit, and Credit.
- Note: If the Foreign Currency checkbox is checked, the Exchange Rate/ Currency Symbol and Foreign Debit/Credit columns will also display.
Example of Postings Report Columns
You will also have the ability to sort this report by Date, Type, Debit Amount, or Credit amount, as desired.
Example of the Available Sorting Options for the Postings Report
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Profit & Loss Reports
The Profit & Loss (P&L) Reports in Striven can be the most insightful with regard to how your Company is doing financially. Reporting as of a certain date allows you to drill in and review more information about what makes up your profits and losses within your Striven system. The following P&L Reports are available in Striven:
- P&L: Displays your Company’s total income and expenses in a set period of time. This will then calculate what your Net Profit is at any given time. Accrual basis and Cash basis are available as reporting options with regard to the P&L Report. Switching to the chart view will allow you to report in a visual way on your total income and expenses. Clicking on the hyperlinked dollar amounts in the report will also allow you to drill into the details.
To run the P&L Report in Striven, navigate to Reports → Financials → P&L.
- P&L by Class: Allows you to run your P&L separated out by Classes that have previously been set up in Striven. A filter is available in order to view the report with only the selected Classes you wish to see. This filter will remember your behavior and keep the same filters intact the next time the report is visited. When Classes have been filtered, all Classes not selected will be placed into an Other column in order to keep the report balanced.
To run the P&L by Class Report in Striven, navigate to Reports → Financials → P&L by Class.
- P&L Comparison: Allows you to compare two or more periods of the P&L Report. This is a useful report to compare two periods in order to see how your Company has progressed over time.
To run the P&L Comparison Report in Striven, navigate to:
Reports → Financials → P&L Comparison and select Add Report.- Customer P&L Comparison: Allows you to compare one time period to another related to a particular Customer. This is a useful report to compare two periods in order to identify potential changes in profit and maintain accurate records.
To run the Customer P&L Comparison Report in Striven, navigate to:
Reports → Income & Receivables → Customer P&L Comparison.
Example of Profit & Loss
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P&L Comparison Report
You can track the profitability of your Company over a period of time and explore the same time period from a previous or forecasted year.
To create a P&L Comparison Report, navigate to Reports → Financials → P&L Comparison, click the Add Report button, type in a name for the report. Then, select the time period from the drop-down list. Click the Add Comparison button and choose the comparison type and the time period you want to compare to. You can also choose to show the differences in either percentage (%), currency ($), or both. Click the Save Comparison button. You may also choose to add more than one comparison. Click the Save & Run button to see your new report. This can be exported to an Excel or .CSV file if needed.
- Note: If you choose to compare to a Budget or Forecast, you must create a Budget or Forecast filter first in the Budgets & Forecast section of Striven under Reports → Financials → Budgets & Forecasts.
Example of P&L Comparison Report Using a Budget
Example of P&L Comparison Report (YTY)
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Customer P&L Comparison Report
The Customer P&L Comparison Report provides the ability to easily identify key financial differences when comparing one time period to another in order to spot significant changes. This report also facilitates the identification of potential changes in profit, such as missing invoices or incorrect reductions in invoice levels, helping you maintain accurate records. Furthermore, it empowers you to recognize and plan for notable trends, allowing for effective resource planning.
User Role Permissions
There are two (2) User Role permissions related to the Customer P&L Comparison Report.
- “Customer P&L Comparison Report – Export” : This permission will be required to export the report to Excel.
- “Customer P&L Comparison Report – View” : This permission will be required in order to view the report in Striven.
Example of the User Role Permissions Related to the Customer P&L Comparison Report
Viewing the Report
This report can be located by navigating to Reports → Income & Receivables → Customer P&L Comparison.
Viewing the Report
This report can be located by navigating to Reports → Income & Receivables → Customer P&L Comparison.
Here is a description of the variety of elements found on this report:
Example of the Filter and Menu Options on the Customer P&L Comparison Report
- In the top right corner of the page you will find:
- Search (magnifying glass): Shows editable filters to determine which results display in the report.
- Fullscreen Toggle (arrows): Expands the visibility of the page to allow more room to show content and hides page elements, such as the header, menu, and Favorites. Click again to return to the normal view.
- More Menu (kebab): Houses the following options:
- Settings: Displays the permissions needed in your User Role settings to access the information on the page.
- Make Landing Page: Enables you to save this page as your Landing Page in Striven.
- Default Settings: Displays the default search filter settings for the report.
- Sort: Allows you to sort the results by Difference, Difference %, or Customer/Vendor.
- Export: Provides the option to export the report to Excel.
This report comes in two (2) parts: The Summary Report view and the Details Report view. The Summary view will display the report data by using core filters for Date Period and Comparison Date Period, with other filter options included in the Search menu. These include:
• Date Range • Comparison Date Range • Item • Item Category • Account • Class • Customer/Vendor • Category • Industry • Primary Assignment • Assignment Category • Assigned To
Example of the Available Search Filters for the Customer P&L Comparison Report
Note: This Search menu also offers a Saved Search option to remember your filters for future use.
Summary Report View
The Summary Report view will display the following columns:
- Customer/Vendor Name: Displays the name of the Customer/Vendor with a hyperlink to the record in Striven.
- Date Period: Displays the Date Period selected, or Date Range when that filter option is utilized.
- Comparison Period: Displays the Comparison Date Period selected or Comparison Date Range when that filter option is utilized.
- Difference: Displays the profit amount difference between the two (2) periods. This value is obtained by subtracting the Comparison Period amount from the Date Period amount.
- Difference %: Displays the profit percentage difference between the two (2) periods. This value is calculated as the result of subtracting the Comparison Period amount from the Date Period amount, divided by the Comparison Period amount.
- Note: If the Comparison Period amount is zero (0), then the percentage will be displayed as zero (0).
- Column Totals: Displays the totals for all the listed results within the Date Period and Comparison Date Period columns.
- Note: These totals are derived from the Posting Journals for Customer-related transactions that can affect profit, such as Invoices, Credit Memos, and Sales Receipts.
Example of a Customer P&L Comparison Report in Striven
It is important to note that these calculations solely incorporate Postings associated with Income, Expense, and COGS account types, which are categorized as Profit and Loss (P&L) types. All other Postings outside of these categories are not considered in these calculations.
Details Report View
The Details Report view of the Customer P&L Comparison Report can be accessed for each amount listed by clicking on the amount link within the Summary view columns. The link will list all transactions included in the calculation for that amount. You can view these individual transactions by clicking on the hyperlinked values in the Details Report. You can also utilize the Search function on the Details Report to narrow down the results.
Example of a Details Report View of a Customer P&L Comparison Report
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Budgets & Forecasts
You can use Budgets and Forecasts to assist in creating a financial plan for your Company. In Striven, we recommend using Budgets to set goals for how much you want to spend and Forecasts to set goals for how much you want to make in a given time period.
To create a Budget or Forecast go to:
Reports → Financials → Budgets & Forecasts.
Here you can choose to add a new Budget or Forecast or view existing ones. Click the Add button to create a new Budget or Forecast. On this next screen, you have many choices as outlined below.
- Name your Report.
- Choose the year for your report.
- Choose which type of report you’d like to add (Budget or Forecast).
- Choose whether to include and track your GL Classes.
- Choose whether to create from scratch or copy from an existing Budget or Forecast.
Example of Add Budget/Forecast Page
Once you’ve selected all of your settings, click the Next button. The report will show all of your GL Accounts including parent and child accounts. From here you can choose what time period you want to view. Once that is done then you can fill in your projected earnings/spending by clicking on the blue hyperlinked numbers to adjust the amount for each time period.
- Name of report.
- Time period for report.
- Parent and child GL Accounts.
- GL Account with hyperlinked numbers.
- Adjustment box for the time period selected.
Example of Add Budget/Forecast Page
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Balance Sheet Report
The Balance Sheet Report in Striven allows you to ensure your GL Accounts are in balance. This statement will list the Asset, liability, and capital of your business at a set point in time which details the balance income over a preceding period. The following Balance Sheet Reports are available in Striven:
Example of Balance Sheet
- Balance Sheet: The Balance Sheet in Striven allows you to run the report based on an Accrual or Cash basis. Selecting the As Of date will adjust the report accordingly. An option to collapse and expand the report is available in order to quickly see the totals per account type.
To run the Balance Sheet Report in Striven, navigate to Reports → Financials → Balance Sheet.
- Balance Sheet by Class: The Balance Sheet by Class allows the same functionality as the Balance Sheet in Striven with the additional option to filter based on Classes that have been created.
To run the Balance Sheet by Class Report in Striven, navigate to:
Reports → Financials → Balance Sheet by Class.
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Trial Balance Report
The Trial Balance Report is used to ensure debit balance amounts and credit balance amounts match your General Ledger Accounts. A date period, date range, and/or Class can be selected to help filter the data you would like to review. There is also an option to suppress accounts with no activity for a cleaner look. This report can be exported from the drop-down list that is displayed after clicking the small gray arrow under the date period drop-down menu at the top of the page.
The GL Accounts are displayed on the left, followed by the debit/credit totals for each account. From the bottom of the report, you can view the total balances for debits and credits to ensure they are in balance.
To access the Trial Balance Report, the path you can follow is:
Reports → Financials → Trial Balance.
Example of Trial Balance Report
If you would like to see the specific transactions behind an account’s balance on the Trial Balance report, you can do so by selecting the hyperlinked Debit/Credit amount. The Trial Balance – Detail report will open for that account, listing the debit/credit amount of each transaction associated with the account.
Example of the Trial Balance – Detail
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Cash Flow Report
The purpose of this report is to provide a detailed picture of the activity of a company’s cash during a specified period of time, known as the Accounting Period. This information demonstrates your organization’s ability to operate in both the short and long term, based on how much cash is flowing in and out of the business. The data in this report is related to your company’s Statement of Cash Flow.
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Cash Flow Report Settings
Cash Flow is typically broken down into three (3) sections: Operating, Investing, and Financing activities. By default, Cash Flow is classified into these three (3) sections by Account Type, as follows:
Example of Default Cash Flow Classifications
While these are the default classification settings, you can change the classifications individually for each Account as desired. These settings can be accessed from the Chart of Accounts page by clicking on the Classify Cash button.
Example of the Classify Cash Button on the Chart of Accounts Page
On the Classify Cash page, you will see the Accounts listed in a TreeView format to visually represent the account hierarchies and their settings. Here is a description of the variety of elements found on this page:
- In the top right corner of the page you will find:
- Search (magnifying glass): Shows editable filters to determine which results display in the list. This includes Type and Account.
- Fullscreen Toggle (arrows): Expands the visibility of the page to allow more room to show content and hides page elements, such as the header, menu, and Favorites. Click again to return to the normal view.
- More Menu (kebab): Houses the Make Landing Page option that enables you to save this page as your Landing Page in Striven.
- Reset to Default: Resets all the listed Account settings back to default.
- Expand All/Collapse All: Enables you to view the list with all the nested Accounts showing or hidden depending on the selected view.
- Account: Displays the Account Name.
- Type: Displays the Account Type.
- Activity: Displays the Cash Flow Activity Type.
- Increase/Decrease: Displays whether a positive/negative number represents an Increase/Decrease for the Account.
- Edit: Allows you to configure the settings for the Activity Type and Increase/Decrease options.
- Customized Label: Displays when the Account Settings have been changed from the default settings.
The highlighted area of the image shows examples of nested Accounts and how they can appear on the list.
Example of the Classify Cash Page
- In the top right corner of the page you will find:
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Understanding the Cash Flow Report
To view the Cash Flow Report, navigate to Reports → Financials → Cash Flow.
- Note: This Cash Flow Report will only be available to users with the “Cash Flow – View” permission included in their User Role.
Here is a description of the variety of elements found on this report:
Example of the Filter and Menu Options on the Cash Flow Report
- In the top right corner of the page you will find:
- Search (magnifying glass): Shows editable filters to determine which results display in the list. This includes Type and Account.
- Fullscreen Toggle (arrows): Expands the visibility of the page to allow more room to show content and hides page elements, such as the header, menu, and Favorites. Click again to return to the normal view.
- More Menu (kebab): Houses the following options:
- Settings: Displays the permissions needed in your User Role settings to access the information on the page.
- Make Landing Page Enables you to save this page as your Landing Page in Striven.
- Default Settings: Displays the default search filter settings for the report. The page will automatically display the Date Period for This Month, but this can be edited using the Search option. Alternative filter options include:
- Date Range: Allows you to filter the report for data between selected dates.
- Class: Allows you to filter the results by Class, if applicable.
- Expand All/Collapse All: Enables you to view the report results for each Activity with the nested Accounts showing or hidden depending on the selected view.
- Export: Provides the option to export the report as a PDF file.
The report results are separated into the same three (3) Activity sections as mentioned previously. To determine the values for these accounts, Striven pulls the values from the beginning and end of the period and calculates the difference. Depending on whether the computed amount is positive or negative, and based on the specified settings (i.e. whether a negative indicates an increase and positive indicates a decrease, or vice versa), the report will display a positive or negative amount accordingly.
- Operating Activities: This section lists the Accounts related to the cash flow activities of your company’s core operations, including Customer payments, cost of production, and Employee payroll.
- Net Income will be the initial entry under the Operating Activities section of the report. This will display the result of revenues, minus the expenses, taxes, and COGS.
- Cash Flow from Operating Activities: This row shows the total cash flow for all of the listed Operating Activities Accounts above it.
- Investing Activities: This section shows the Accounts related to cash generated or spent relating to investment activities, such as the purchase of physical assets, investments in or sales of securities, or loan payments to suppliers.
- Cash Flow from Investing Activities: This row shows the total cash flow for all of the listed Investing Activities Accounts above it.
- Financing Activities: This section shows the net amount of funding a company raises and repays through debt financing (conventional loans), equity financing (capital in exchange for business ownership percentages), or dividend payments.
- Cash Flow from Financing Activities: This row shows the total cash flow for all of the listed Financing Activities Accounts above it.
- Net Cash (from Activities): This row will display the sum of the Cash Flow for all three Activity sections.
- Cash at Beginning/End of Period: These rows display the totals calculated for all bank accounts, plus the Undeposited Funds Account.
- Net Cash (from the Period): This row shows the difference between the Cash at Beginning of Period and the Cash at End of Period rows.
Example of a Cash Flow Report in Striven
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Transaction History Audit Trail
The Transaction History Audit Trail is a great way to view changes that have been made to transactions throughout time. You can filter transactions based on type, date range, Customer/Vendor, transactions reviewed by a particular person, transactions modified by a particular Employee, and Transaction Number.
Transactions shown are able to be expanded to view details regarding any modifications. Transactions, as they are currently showing, will be listed as Current, original transactions are listed as Original, and any transactions in between will be listed as Prior. The transaction numbers and Customer/Vendor names are able to be selected to view more information. For a more in-depth view of the modifications made to each transaction, there is a snapshot view to the right of each modification. Select the magnifying glass to the right of the modifications for the transaction to view more information regarding the exact changes that were made and when.
To access the Transaction History Audit Trail, navigate to:
Reports → Financials → Audit Trail.
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Transaction History Audit Trail: Snapshot View
Snapshot View shows the fields and Items related to each transaction and how there were modified through time. The top of the page will show the Current version of the transaction, along with any Prior versions and the Original version. Different versions are shown with the profile picture of the individual that modified the transactions. To view each version, select the version you are interested in viewing.
Any changes made are color-coded, and there is a legend at the top of the page for quick reference. Any values that have changed will be highlighted in orange. Any new Line Items that have been added will be highlighted in green. If a Line Item has been removed, it will be highlighted in pink.
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Recap
With this Financial Reporting Guide, we’ve discovered ways to report on an Accrual or Cash basis of accounting to ensure the best user experience when accounting in Striven. We reviewed a number of built-in financial report options to explore the many ways you can track your finances with Striven.
FAQs
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I want to export my P&L Report and print it; how do I do that?
Once you’ve configured your filters and have your P&L Report generated, you can click on the gray down arrow next to the magnifying glass icon below the search filters. This will display a drop-down menu with options to export the report to Excel or as a PDF, which you can then print as you normally would for those types of files. There is also an export option for the P&L by Class Report, though only for Excel.
