Using memo amounts in financial statements

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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. CSA will not include 2017 tax rates or payroll forms, so, for 2017 and beyond, you will need to process payroll in another application. We recommend Accounting CS Payroll and myPay Solutions. For more information, see the following topics.

There are two ways to use memo amounts in your financial statements:

Each method is outlined below.

Adding a memo amount to an existing account

Each account in the Chart of Accounts has a Memo field in the Account Detail grid. You can use the Memo field to record YTD amounts that you want to include on financial statements but do not want to include in the GL balance or on any reports (such as the General Ledger Report or Trial Balance Report).

Use the following procedure to add a memo amount to an existing account:

  1. Choose Setup > Chart of Accounts.
  2. In the Chart of Accounts window, highlight the account to which you want to add the memo amount and then click the Edit button.
  3. In the Account Detail grid, scroll down to the Memo field near the bottom of the grid and enter the amount you want to make available for inclusion in financial statements. (Note that amounts entered in the Memo field do not require a balancing memo entry to a different account.)
  4. Press ENTER to save the memo amount and then close the Chart of Accounts window.

In the Financial Statement Editor, you can specify the memo amount for the current year and any prior year by selecting the appropriate period indicator in the Period field of the Formula dialog.

Adding new memo accounts within the Chart of Accounts

You can create new accounts within the Chart of Accounts to use as memo accounts for reporting monthly or periodic amounts on financial statements. While you may use any account type for a memo account, you must also add a contra account of the same type (A, L, R, or E) to post the offset amount and to ensure there is no effect on the calculation of Net Income.

With memo accounts, you can record amounts directly in the Chart of Accounts window or your can record and post transactions using the memo accounts, just as you handle regular transactions. Note that memo amounts added in this way are included in the GL and are displayed in reports (General Ledger Report and Trial Balance Report) unless you specifically exclude them from the range of accounts selected in the report Options dialog.

Use the following procedure to create memo accounts for posting memo amounts:

  1. Choose Setup > Chart of Accounts.
  2. In the Chart of Accounts window, click the Add button and enter the account number, type, description, and tax code for the new account. (Consider using account numbers toward the end of the number range so they can be more easily excluded from reports.) Press ENTER to save that new account.
  3. Enter the information for the required contra account of the same type and then press ENTER to save that new account.

You can include amounts posted to memo accounts in financial statements in just the same way that you include balances for all other accounts.

When referencing a memo account on financial statements or within account groups, be sure not to include its contra account because the net balance of the two accounts will always be zero.

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