Description:

The following enhancements have been made to the Financial Overview Report:

• Added the ability to specify what Variance Threshold should be used on the Financial Overview Report.
  • Variance for GL Threshold has been added to Association > Settings > Financial Overview Report Variances.
  • Variance Threshold sections have been added to Management > Financial Overview > Variance Items:
    • Individual MTD and YTD Threshold options have been added which will be used to determine Income/Expense activity in the Variance Items Section.
      • Users will be able to select the following options for both thresholds:
        • Lesser of Amount or Percentage
          
        • Amount
        • Percentage
          
• The Variance Items section will now include all variance activity that meets the association's threshold setting for Income and Expense GLs.
  • The Significant Variance to Budget section will include the following columns if the user has included Non-Budgeted GL Accounts in the Variance Items:
    • GL Number
    • GL Description
    • MTD Variance
    • YTD Variance
    • MTD % and YTD%
      • For non-budgeted accounts if a user has included those in the Variance Items for the specified reporting period.
  • Non-Budgeted Activity
    • GL Accounts with activity without a Budget value will be included in the variance section as long as the activity falls within the configured thresholds.
    • Unbudgeted GL Accounts will be included in the variance section as long as they meet the threshold for fixed and/or percent values.
  • Budget Activity (without MTD Actual Activity)
    • GL Accounts that have a MTD Budget Value without MTD Actual Activity will be displayed in the variance section as long as the variance for YTD threshold for that specific GL Account has been met.

Impact:

This enhancement to the report will allow your accountants to define a single variance threshold for an association, empowering them with additional reporting metrics produced from the report. The Variance section used to only show budget expenses and income activity, but we've updated it to display all activity that meets your threshold, whether it's budgeted or not.