CROSS ACCOUNT TRANSFERS
Sometimes we want to drill down into the details. Other times, we want to take a step back and look at the big picture. These two reports do that.
The Account Report summarizes the transactions for all accounts in the case.
The Cross Account Transfers summarizes the inter-account transactions that we saw in other reports.
Wouldn’t it be great if you could highlight transactions based on content? Selective Formatting lets you select transactions based on relevant criteria in any field. I often use it to highlight debits and credits over $1,000. Note that you have a choice of 16 colors for the font and 16 colors for the background.
The first example shows debits greater than or equal to $1,000. I chose white for the text and navy for the background.
Starting with the example above, I added credits greater than or equal to $1,000. This time, I used navy for the text and silver for the background.
Earlier, I showed you how Pattern Manager can isolate individual payees. However, there may be instances where the payee’s name is not exactly the same every time. For example, Insurance Company of America might also appear as Ins Co of America. Or there may be OCR errors from the conversion to Excel that renders the same name differently. Description Grouping addresses these issues. This feature uses “Fuzzy Matching” to group similar transactions together.
Here are 3 views of Description Grouping:
Groupings – Summary
Groupings – Detail
Groupings – Charts
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BALANCE OVER TIME
Would it be helpful to have a visual represention of all account transactions over time? You could quickly see any unusually large debits or credits and drill down to the detail of the transactions. The Balance Over Time feature displays a graph of the account balances over the history of the account. It also lists the balances by date. When you spot an spike in the chart, you can go to the date in question and click to drill down to the individual transactions.
The added value with this feature is the automatic creation of a Pivot Table for further analysis.
Here is an example of how we use Balance Over Time:
In this case, you’ll notice a big spike prior to October 1, 2012. If you scroll down to 9/25/12 and click the balance, the individual transactions are displayed and there is one deposit for $296,000.
CREDIT CARD ANALYSIS
Do you wish there was a way to speed up the analysis of credit card statements? Would it be helpful to isolate charges for a single payee? Using the same tools as we did for analyzing bank statements, you can convert credit card statements to Excel. Once in Excel, you can run Pattern Manager (see post #3) to identify charges by merchant and use the Easy Pivot Table feature to create reports.
The main difference between bank statements and credit card statements is that debits and credits are reversed. Using the Swap Debit and Credit For All Transactions feature, it takes one click to change credit card statements to conform to bank account statements. This way, the same set of analysis tools works on both.
Here is an example of how we use Swap Debit & Credit for credit card statements: