In case you missed it, we've just released a brand new Statement of Cashflows report and is now available for you in Reckon One.
What does the Statement of Cashflows report show?
This report tracks cash flowing in and out of your business over a specific period and can be used to assess your business' ability to generate cash, pay its debts and make investments.
The report can be used to help track and show your business' financial health, identify potential problems such as cash shortages or overspending, and assist with making financial decisions, such as when to invest or borrow money.
The report shows cash flow for three areas of business activity:
👉 Operating Activities
Daily operations such as selling products or services
👉 Investing Activities
Buying or selling assets such as property or equipment.
👉 Financial Activities
Such as issuing debt, repaying loans, and paying dividends.
Setting up and using the Statement of Cashflows report
In order to use the Statement of Cashflows report, you need to ensure your Chart of Accounts is mapped with specific classifications related to the report.
The good news is, we've enabled standard settings on the default chart of accounts so you can use the report right away 🙌
If you have custom accounts then you will need to enable any of the accounts you wish to use in the Statement of Cashflows report, don't worry its super easy and there are a couple of ways to do this.
ℹ️ Enabling an individual account
Head into an individual account where you'll see a new Statement of Cashflows Activity Type field.
Simply select which activity type the account is related to and it will appear in the corresponding area in the Statement of Cashflows report.
ℹ️ Enabling multiple accounts in one go
You can enable multiple accounts easily by heading into Settings ➡️ Report Settings ➡️ Statement of Cashflows tab.
All of your accounts will be shown and all you need to do is simply select which activity you would like each account to appear under. Alternatively, you can also exclude any accounts from the report as well.
If you haven't tried the new Statement of Cashflows report yet, now's the perfect time to take it for a spin and prepare your future self. If you would like to read more information it can be found here.
