This article shows you the format for financial statements - GL, PL & FA that will be read in when Software Type Xion is chosen.
General Ledger (GL)
Column Details:
Date column accepts dates in all valid formats.
Note: As an example, 11/09/2019 is read as 9 Nov 2019. and 13/09/2019 is read as 13 sept 2019
MA column lists the name of the Managed Account.
Description column shows the description line for a ledger item booked to the MA.
Amount column shows the amount for the ledger item. Amount can be positive and negative and is read in directly with the correct sign applied. Note that any positive amount increases the Net Income and negative amount reduces the Net Income
Profit & Loss (PL)
Column Details:
Type column specifies the 5 major categories - Revenue, Cost of Goods, Expenses, Other Income and Other Expenses.
User Defined Type Name is the name of the account as stated in the PL. E.g. ‘Product Revenue’ and ‘Commission Revenue’ could be a Revenue account
Account column is the name of the Managed Account.
Amount column is the total amount for the Managed Account. Amount must be positive for both Income and Expense but can take in both positive and negative numbers. For e.g. positive amount in Income increases the Net Income and positive amount in Expense reduces the Net Income.
Fixed Asset Schedule (FA)
Column Details:
Description column is the description for the asset. AI.TaxAssist Tool will classify the asset under relevant tax Section based on the description.
Date column is the purchase date of the asset and accepts dates in all valid formats. The AI.TaxAssist Tool will classify the asset as a New or Continued asset based on the purchase date and the Year of Assessment.
Note: As an example, 11/09/2019 is read as 9 Nov 2019. and 13/09/2019 is read as 13 sept 2019.
Cost column list the purchase cost for the asset.
Disposal Date If any of assets are disposed, this column should be populated for the tool to correctly classify it as a disposed item.
