Exporting a financial statement to Sageworks ProfitCents

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Important reminder!

Licenses for Payroll CS, Trial Balance CS, and Write-Up CS (but not Engagement CS) permanently expired on March 1, 2017.

For details, see CSA license expiration 2017 – frequently asked questions.

Some processes documented in the Help & How-To Center are no longer applicable, due to the discontinuation of these CSA modules.

Use the following export procedure to save a selected financial statement in a format that can be read by the Sageworks ProfitCents version 3.3 financial analysis software.

Note: For additional information about the Sageworks software, point your browser to www.profitcents.com. Or telephone Sageworks at 877-724-3967 ext. 513.

  • Print the financial statements in CSA to verify the amounts before creating the export files.
  • The global statements listed in step 3 of the following export procedure are currently designed to work only with a monthly client. However, if you need to use them for a quarterly, semi-annual, annual, weekly, or 13-period client, you may choose Help > On the Web > Ask Support via Email to request assistance.
  • When preparing to export files to ProfitCents, it is recommended that you leave the Years of balances set at 2 and the # of units in current period set at 1.

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Creating the export files from CSA

  1. From the CSA main window, choose File > Open and then open the client database.
  2. Choose Utilities > ProfitCents Export.
  3. Select the global statement(s) listed below as appropriate for the period(s) you want to report on:
    • ProfitCents-Year to Year (for analysis of one year versus the prior year)
    • ProfitCents-Qtr to Qtr (for analysis of one quarter versus the prior quarter)
    • ProfitCents-Qtr to Qtr Prior Yr (for analysis of one quarter versus the same quarter of the previous year)
    • ProfitCents-Month to Month (for analysis of one month versus the prior month)
    • ProfitCents-Month to Month Prior Yr (for analysis of one month versus the same month of the previous year)
  4. Click the Change Location button and browse to the current client's data folder (for example, c:\wincsi\csadata\12345, where 12345 represents the CSA Client ID).
  5. Mark the Separate files checkbox. (Combining multiple exports into a single file without separating the files would prevent a successful import into ProfitCents.)
  6. Click the Create button.

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Retrieving the export files into Sageworks ProfitCents

  1. In ProfitCents version 3.3, click the Import Data button (in the lower left portion of the Input Data tab).
  2. Choose Creative Solutions Accounting as the Data Source and click OK.
  3. Specify the Creative Solutions Accounting export file by browsing to the correct location and selecting the client name and period type.
  4. Click OK to begin the file retrieval. The data will be automatically imported into the proper fields in ProfitCents.

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Statement categories

The following table lists the ProfitCents statement categories and the corresponding account groups in CSA (in bold).

Income Statement
Sales (Income) Revenue Include all sales and revenues for the company. It is best to include gross revenues (and not revenues less allowances).
Cost of Sales (COGS) CostofSales It is best to use the Income Statement > Profit & Loss Statement of the company as the model for this area. If only inventory costs are included on the Income Statement for COGS, include just inventory costs. Typically, however, COGS includes inventory costs, direct labor costs, material costs, and other costs directly associated with the generation of revenue.
Interest Expense InterestExpense Include all costs associated with borrowing activities.
Net Profit before Taxes InterestIncome and FederalIncomeTax ProfitCents uses this category to capture earnings available to owners. (1) Include the company's net profit for the period before income taxes are paid. (2) It is often best to add back to net profit the salary that the principals of the company are earning. (3) It is a good idea to add back the portion of lease expense that is above what the normal rental expense of the business might be if the principal did not own the building. Try to include a reasonable value for net earnings that the company has generated for owners. (4) Do not include any extraordinary gains or losses in this category.
Net Income NetIncome This category should equal sales minus any and all expenses of the company.
Balance Sheet
Cash (Bank Funds) Cash Include all monies in cash, checking, and money market accounts, plus marketable securities.
Accounts Receivable AccountsReceivable Include all amounts owed by customers to the company, net of any allowances for uncollectables.
Inventory Inventory Include the value of all items available for resale to customers. Direct labor would only be included here if it is included in the calculation of inventory cost.
Total Current Assets CurrentAssets Include the total of cash, marketable securities, accounts receivable, inventory, prepaid expenses, and any other asset the company owns that can reasonably be expected to convert to cash within approximately one year.
Fixed Assets FixedAssets Include the amount for gross fixed assets or the value for Plant, Property, and Equipment before depreciation is subtracted. The ProfitCents expert system will still work, however, if the value of net PPE or net fixed assets is used.
Total Assets TotalAssets This field should be available directly from the Balance Sheet.
AccountsPayable AccountsPayable Include amounts owed to vendors.
Total Current Liabilities CurrentLiabilities Most Balance Sheets make a distinction between current and long-term liabilities. In cases where the distinction is not made, include the total accounts payable, short-term notes payable, payroll taxes payable, and any other liability that would typically be paid by the company within one year.
Total Liabilities TotalLiabilities Include all amounts owed by the company as of the Balance Sheet date.

Related topics

Exporting a financial statement

ProfitCents Export [Utilities menu]

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