Financial Reporting
Overview
The Financial Reporting course provides an understanding of how to prepare, review, and manage financial reports in the Onfinity system. Participants will learn how to configure the Financial Report Form, perform Foreign Currency and Inventory Revaluations, and complete the Profit and Loss Closing process. The course focuses on ensuring accurate financial results, compliance with accounting standards, and smooth financial period closures. It helps learners understand how different reporting tools and processes contribute to reliable financial statements and management insights.
Course Objectives
By the end of this course, participants will be able to:
- Understand the purpose and importance of financial reporting in the organization.
- Configure and generate financial reports using the Financial Report Form.
- Perform foreign currency and inventory revaluation to ensure accurate reporting.
- Complete the profit and loss closing process to finalize financial results.
- Verify and analyze reports for accuracy and compliance.
Course Content
- Learn how to set up, design, and generate financial reports. Understand report structures, filters, and grouping methods to display data effectively.
- Understand how to revalue foreign currency balances at period end. Learn to calculate exchange rate differences and post adjustments to keep financial statements accurate.
- Learn how to adjust inventory values in the general ledger. Understand how cost changes affect inventory valuation and financial reporting.
- Understand how to close profit and loss accounts at the end of the period. Learn to transfer net results to retained earnings and prepare the system for the next financial cycle.
- Review and validate financial reports for accuracy. Learn to check trial balance, balance sheet, and income statement results after revaluation and closing.
