Financial Reports
In accordance with the AYSO Financial Policy:
- Sections, Areas, and Regions should provide regular reports to their respective boards and staff. Reports including but are not limited to income, expenses, year-to- date budget vs. actual and cash on hand.
- Sections, Areas and Regions should provide the current budget and current financial reports to participating members upon request.
Before creating Financial Reports:
Before you generate your reports, first you will want to review the Monthly QuickBooks Checklist to ensure that the information being reported on is complete and accurate.
Key items to review:
- Is the bank connected and currently syncing without error?
- Are all bank transactions categorized with proper category, payee and documentation attached?
- Do you have all Bank accounts AND Divvy fully reconciled to the most recent statement?
Running Reports in QuickBooks
Now that you've reviewed your transactions and are ready to generate reports, Navigate to "Reports" in your QuickBooks Navigation Bar
You may already see reports in the "Favorites" section that you can use.
If you don't see the report you want to run, you can scroll through the additional reports at the bottom of the page.
Please Note:
- Statement of Financial Position is the same thing as Balance Sheet
- Statement of Activity is the same thing as a Profit & Loss or an Income Statement
When you click on the name of the report you wish to run, you may need to scroll up to change the parameters of the report:
Here you can change the date range of the report and even include comparisons to last year if desired.
- Don't forget to "Run" your report for the changes to take effect.
- You can also save your report customizations for future use.
Recommended Reports
- Statement of Activity - Also may be listed as a Profit and Loss or as an Income Statement
- Set the Report Period to reflect "Last Month"
- Set the Report Period to reflect "This Fiscal Year to Date"
- Statement of Financial Position - Also may be listed as a Balance Sheet
- Set the report Period to reflect "Last Month"
- Reconciliation Reports
- Choose the account(s) and date of the report
- Transaction Detail by account - this gives you more granular detail on the balances from the Statement of Activity
Always refer to your Section and Area leadership on best practices on what reports should be generated for consistency.
Budget vs. Actual Reports
Most Sections, Areas and Regions do not have the ability to add their budgets into QuickBooks. If desired, you can have this as an upgrade; however that comes with an expense to the S/A/R. Feel free to reach out to Finance@AYSO.Org if you wish to explore this option.
As a work around, there are 2 other options.
- Budgets can be kept in excel and manually compared to your QBO reports
- Budgets can be loaded in Qvinci, which would then enable you to run most reports in QuickBooks, but also compare to budget data. If you'd like to explore this option, please email Finance@AYSO.org for additional instruction and training.
