Financial Overview Setup

Summary: This article will discuss the Management > Financial Overview screen and how it is used.

The Financial Overview Report serves as a way to give your boards at-a-glance details of their Association's Financials, including Variances, Cash Flow, and Reserve information. This article deals with the setup of this Report. This will need to be completed as part of the monthly Financial Process. For information on pulling and reading the report, visit Financial Overview Report. 

Go to Management > Financial Overview and select the relevant association.

Period:

This date will default to the Last Fiscal Period date in your Association > Settings page but can be changed as needed.

Accounting Note and Manager Notes: 

These sections populates the Accounting Note and Manager Note sectiosn of the Financial Overview Report. The accounting team and association manager can use these sections to include notes on the report.

Note: You can edit and save default Manager and Accounting Notes for the Financial Overview screen and report so you don’t have to manually edit them each month. To do this, go to the following settings under Association > Settings > Financial Overview Report and enter your default notes:

Variance Items:

GL Accounts that are above the MTD or YTD variance threshold set on the Association > Settings screen will show in this section, whether or not it has been budgeted. Use the checkbox next to each GL Account to select which accounts will be included in the Financial Overview Report. You can also use the top checkbox to select all of the listed GL Accounts.

Note: Only items that are selected here will appear in the Financial Overview Report for the selected period. 

Add a description to the variance for each GL Account using the Description field. This will most commonly be the reason for the variance.

Reserve Projects: 

This section show information about any action items created from an Action Type in the Reserve Project Category.

Use the GL Account, Date, Projected Cost, Budget, and Description fields to add more information about this project. The details in this section will populate the Reserve Projects section of the Financial Overview Report.

Reserves - Roll Forward: 

The Reserves Roll Forward section will allow you to show Incomes and Expenses for your Reserves and help you better project out those Reserve Accounts. You'll see here a list of the Sections, Groups, and relevant GL accounts, and whether those GLs increase or Decrease the Reserve Balance. 

To add a new line item, click + New Reserve Roll as shown in the screenshot below.

• Section - Choose either Reserve Payments or Reserve Funding and Interest. 
  • Reserve Payments should be used for money going out of the association.
  • Reserve Funding and Interest should be used for money coming into the association.
• Group - This field is optional. If left blank the report will pull in the GL Account
• GL Account - Select the GL Account that Vantaca will use to pull data.
• Add/Less - GL accounts set to ADD will increase the Reserve Balance, while items set to Less will decrease the Reserve Balance. 
• Order - This is the order in which the items will show on the Financial Overview Report.

Once the screen is set up, click Update at the bottom right to save your changes. 

If you do not have access to this screen, but believe that you should, please contact your system administrator.