Warning

Product support for the Creative Solutions Accounting platform ended on September 30, 2020.

Help & How-To Center content for the Creative Solutions Accounting platform may be outdated and is used at your own risk.

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

• Use the Memo field of an existing account in the Chart of Accounts window to record a year-to-date memo amount.
• Use new memo accounts added to the Chart of Accounts to post period-by-period memo amounts.

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).

• The Memo field amount is a year-to-date amount only and cannot be broken down month to month in financial statements.
• The Memo field can only be updated within the Chart of Accounts window.
• Transactions will not post amounts to the Memo field.
• You can record a memo amount for the current year and for up to 9 prior years, depending on the number of years of balances you are saving for the client.

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.

• For the current-year memo amount, select CM from the drop-down list in the Period field.
• For prior-year memo amounts, select CM from the drop-down list in the Period field and then specify the appropriate year in the Year field.

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.

Was this article helpful?

Yes No

Submit