Financial Reporting

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.

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.

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:

1. 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.
2. 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.
3. Sort: Allows you to sort the results by Date, Type, Debit Amount, or Credit Amount.
4. 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:

Note: This Search menu also offers a Saved Search option to remember your filters for future use.

You will also have the ability to sort this report by Date, Type, Debit Amount, or Credit amount, as desired.

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:

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.

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.

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:

1. 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.
2. Default Settings: Displays the default search filter settings for the report.
3. Sort: Allows you to sort the results by Difference, Difference %, or Customer/Vendor.
4. 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:

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:

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.

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.

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.

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:

• 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.

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.

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.

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.

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.

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.

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.