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Financial Statements

Everything you need to know to use Kordis's Financial Statements

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Written by Roberto Mendoza
Updated over 4 months ago

Overview

The Financial Statements module provides a comprehensive view of your company's financial performance through three core statements: Income Statement, Balance Sheet, and Cash Flow Statement. All data is automatically synced from your QuickBooks integration and follows standard accounting principles to ensure accuracy.

Below is a Loom of a full walkthrough of the feature.

How Your Data is Organized

Understanding Account Types

Your financial data is organized into system-level accounts that match standard accounting categories. Whenever a transaction is booked to the General Ledger in Quickbooks, you must select one of the below accounts to book the transaction under.

Income Statement Accounts:

  • Revenue (Income)

  • Cost of Goods Sold

  • Expenses

  • Other Income

  • Other Expenses

Balance Sheet Accounts:

  • Accounts Receivable

  • Bank

  • Current Assets

  • Fixed Assets

  • Accounts Payable

  • Credit Cards

  • Current Liabilities

  • Long Term Liability

  • Equity

Cash Flow Statement Accounts: Our Cash Flow Statement builds from movements on the Balance Sheet

  • Net Income is pulled from the Income Statement

  • Cash Add Backs are configurable (more about this below) but automatically pulls in Depreciation and Amortization accounts from the Income Statement as add backs into the Net Change in Cash calculation.

  • Beginning Cash Balance for each period is pulled from the Bank account in the Balance Sheet

  • Net Change from Operating Activities lists changes from Accounts Receivable, Accounts Payable, Other Current Liabilities, Other Current Assets, and Credit

  • Net Change from Investing Activities lists changes from Fixed Assets and Other Assets.

  • Net Change from Financing Activities lists changes in Long Term Liabilities and Equity.

  • Ending Cash Balance for each period is calculated by adding or subtracting the total Net Change in Cash from the period.

System Calculated Fields: Kordis also calculates key metrics like Gross Profit, Net Income, Cash Flow totals so you don't have to do the math manually.

Navigation & Controls

The upper right hand side gives you several ways to customize your view.

Breakdown Menu

This is your main tool for controlling detail levels:

  • Summary (default): Shows only major categories (Revenue, Expenses, Assets, etc.)

  • Accounts: Shows all your individual QuickBooks accounts

  • Classes: Shows all of your QuickBooks classes underneath your Summary Accounts (Income Statement Only)

  • Detailed Classes: Shows all of your Quickbooks classes underneath all of your Income Statement accounts.

  • Organization: For consolidated organizations, you can see your Organization breakdowns under your accounts for each Financial Statement.

Please note that Class Level breakdowns are only available if you have Classes configured in QuickBooks

Actions Menu

  • Reset Dates: Go back to the default date range (last 12 months)

  • Show/Hide Decimals: Toggle decimal places on/off

  • Exclude Zero Values: Hide accounts with $0 to clean up your view

  • Export Financials: Export your current in-view Financial Statement to Excel or the Kordis Spreadsheet (coming soon).

Date Controls

  • Date Picker: Choose your date range

  • Time Intervals: View by Week, Month, Quarter, Year, or Total

Master Tab

The Master tab is your default view when you enter into the Financial Statements module. The tab shows all of your Financial Statements in one view stacked on top of each other.

You're only able to breakdown the Master tab by Accounts or Organization (if in a consolidated organization).

Income Statement

The Income Statement shows your business performance over time - how much money came in and went out.

Summary View (Default):

  • Revenue

  • Cost of Goods Sold

  • Gross Profit (automatically calculated)

  • Expenses

  • Other Income/Expense (only shows if you have values here)

  • Net Income (your bottom line - automatically calculated)

Getting More Detail

  1. See All Accounts: Click the Breakdown menu and select "Accounts" to see every account from your QuickBooks

  2. Expand One Category: Use the three-dot menu next to any line item to expand just that section

  3. Collapse Back: Click "Accounts" again to return to summary view

Class Tracking (If You Use It)

If you track departments, locations, or projects using QuickBooks Classes:

  1. Select "Class" from the Breakdown menu

  2. You'll see your revenue and expenses broken down by each class

  3. This only works on the Income Statement (not Balance Sheet or Cash Flow)

Note: Your totals automatically calculate - there are no separate "Total" rows cluttering up your view.

Balance Sheet

The Balance Sheet shows what you own (assets) and what you owe (liabilities) at a specific point in time, plus your equity.

The Accounting Equation: Assets = Liabilities + Equity Everything on your balance sheet fits into one of these three categories.

Balance Sheet Hierarchy

Assets:

  • Accounts Receivable

  • Bank

  • Other Current Assets

  • Other Assets

  • Fixed Assets

Liabilities:

  • Accounts Payable

  • Other Current Liabilities

  • Credit Cards

  • Long-term Debt

Equity:

  • Owner's equity accounts

  • Retained earnings (automatically calculated)

Using the Controls

  • Use the same Breakdown menu as the Income Statement to see account details

  • If using a Consolidated Organization, you can breakdown Balance Sheet accounts by organization.

Note: Class breakdown is not available for the Balance Sheet (this is an accounting standard)

Cash Flow Statement

The Cash Flow Statement tracks how cash actually moved through your business - this is different from profit because of timing differences between when you record revenue/expenses and when cash changes hands.

We use custom logic to build your Cash Flow Statement so it may not directly matching with your accounting software provider. More details below.

Cash Flow Statement Hierarchy

  • Net Income (from your Income Statement)

  • Cash Add Backs

    • We automatically detect Depreciation and Amortization accounts from your QuickBooks entity and add them to the Cash Add Backs section.

    • You also have the ability to add Income Statement accounts into the Cash Add Backs section using the "+" sign next to Cash Add Backs. Once the menu is open you can scroll through the Current Cash Accounts on the left hand side and hit the "+" icon to add them to the Non Cash Accounts on the right hand side. Once you hit Confirm the Cash Add Backs Total will update to factor in the new accounts. You can also remove accounts from the Non Cash Accounts by hitting the "x" next to the account.

      • Please note you are only able to update Income Statement accounts in the Cash Add Backs configuration. Balance Sheet accounts are not available for reconfiguration. We automatically exclude QuickBooks Balance Sheet accounts that have the subtype 'Accumulated Depreciation' and 'Accumulated Amortization'.

Operating Activities:

  • Changes in Accounts Receivable

  • Changes in Accounts Payable

  • Changes in Other Current Assets

  • Changes in Other Current Liabilities

  • Changes in Credit

Investing Activities:

  • Changes in Fixed Assets

  • Changes in Other Assets

Financing Activities:

  • Changes in Long Term Liabilities

  • Changes in Equity

Net Change in Cash and Beginning/Ending Cash Balance:

  • Net Change in Cash is the total change from Net Income, Cash Add Backs, Operating Activities, Investing Activities, and Financing Activities.

  • Beginning Cash Balance at the start of the toggled period. This is pulled directly from the previous period's Balance Sheet Bank account value. So if your Bank Balance on the Balance Sheet was $200K for July 2024 then your Beginning Cash Balance for August 2024 will be $200K

  • Ending Cash Balance at the end of the toggled period. Your Ending Cash Balance is your Net Change in Cash +/- your Beginning Cash Balance

Cash Not Reconciling

If your Ending Cash Balance does not reconcile with your Bank balance found on your Balance Sheet we will show a warning symbol and highlight the periods that are not reconciling (per the below).

Common reasons why your Ending Cash Balance might not match to your Bank balance are:

  • You have non-cash accounts listed under cash accounts in QuickBooks. You can override this in Kordis via the Cash Add Backs settings.

  • You haven't reconciled your bank balance for previous periods in QuickBooks.

  • Misclassified or Missing Transactions in Quickbooks.

  • Outdated sync in Kordis. If you've made changes to your QuickBooks in the last 24 hours our data may not reflect that. Head over to the Integrations page and manually re-sync the QuickBooks data.

Important: Configure Cash Add-Backs/Non-Cash Accounts

Mentioned this in the above but deserves its own section. The Cash Flow Statement includes a section for Cash Add Back items like Depreciation. If your Ending Cash doesn't match what's in your Bank accounts on the Balance Sheet, you may need to configure additional non-cash items. Typically this happens as a result of somebody mis-categorizing an account or transaction under a Cash Account such as Accounts Payable in QuickBooks.

  1. Locate the "+" icon next to Cash Add Backs in the Cash Flow Statement

  2. Use the "+" icon to move an account to the Non-Cash side.

  3. Hit Confirm.

Alternatively you could remove accounts from the Non-Cash Accounts section by hitting the "x" next to the account.

Transaction Drilldown

Transaction Drilldown enables users to see a period's underlying transactions on the Income Statement and Balance Sheet. Simply double click on a value and the transaction pane should appear.

Transaction Drilldown

Please note: Transaction Drilldown is not available for select calculated accounts such as Net Income or Gross Profit. It is also unavailable for the Cash Flow Statement.

📅 Retail Calendar Configuration for Financial Statements

Retail businesses often use a 4-5-4 or 4-4-5 retail calendar structure for financial and other reporting to ensure that period end dates always fall on the same day of the week, aiding in comparison. Kordis allows you to configure your Financial Statements (Income Statement, Balance Sheet, and Cash Flow Statement) to reflect these retail-specific periods.

How to Configure Your Retail Calendar

  1. Access the Breakdown Menu

    • Locate the Breakdown menu in the upper right-hand side of the screen, where the time intervals (Monthly, Quarterly, Yearly) are displayed.

    • Hover over the Retail Calendar at bottom of menu

  2. Open the Configuration Panel

    • In the next menu that appears, select Configure Calendar.

  3. Define Your Retail Week Start Day

    • In the "Configure Retail Calendar" dialog box, select the day your retail week starts from the dropdown menu (e.g., Sunday or Monday).

  4. Define Your Fiscal Year Start Date

    • Use the date picker to select the exact start date of your current fiscal year (MM/DD/YYYY).

    • Note: We use this date to calculate previous fiscal year start dates based on the established retail calendar pattern.

      • Additionally your fiscal year start date MUST match the Retail Week Start day that was selected in Step 3.

  5. Review and Save Configuration

    • After selecting your start date, Kordis will automatically calculate and display the start and end dates for the current and previous fiscal years based on the pattern determined by your inputs. * If the calculated dates are correct, click Save Configuration.

Viewing Data by Retail Periods

Once the retail calendar is configured, you can view your financial statements broken down by these periods.

  1. Access the Breakdown Menu Again

    • Go back to the Breakdown menu (where you see Monthly, Quarterly, Yearly).

    • Hover over the time interval to see the drop-down menu.

  2. Select Retail Calendar Date Breakout

    • You will now be able to select the date interval breakout to display your retail calendar.

      • 4-4-5 (NRF) - Follows the traditional 4 week, 4 week, 5 week retail calendar that restarts after the 3rd period.

        • Period - broken out by the aforementioned periods

        • Quarterly - grouped into 4 quarters of the 4-4-5 week groups

        • Yearly - grouped into the business's calculated fiscal years

      • 4-5-4 (ALT) - Follows the alternative 4 week, 5 week, 4 week retail calendar that restarts after the 3rd period.

        • Period - broken out by the aforementioned periods

        • Quarterly - grouped into 4 quarters of the 4-5-4 week groups

        • Yearly - grouped into the business's calculated fiscal years

  3. View Your Statements

    • Your financial statement data will instantly update, showing the columns broken down by the newly configured retail periods (e.g., P1 FY 2026, P2 FY 2026, etc.).

Handling 53 Week Fiscal Years

Our system automatically detects years with an extra week in them based on your day of week start day and your fiscal year start date. We apply the extra week to the last period of your retail calendar, expanding it to be either a 4-4-6 breakout or a 4-5-5 breakout based on your selected window.

If you have questions about interpreting your financial statements or need assistance with the module, please contact our support team via the chat or email support@kordis.io

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