Monthly Financial Reports Guide
The monthly financial close out for the City of Norwood generates several reports. There are several expense reports each looking at the financial in their own way.
Reports the current monthly bank balance.
Statement of Cash Position
Reports MTD and YTD Fund revenue, expense, and encumbrances. The “Total” line under the “Unexpended Balance” column matches the total on the Bank Report.
Reports MTD and YTD revenue to all funds line item by key.
Expense Report w/MTD
Reports expenditures for all funds line item by key MTD and YTD, balances, and encumbrances. This report includes all expenditures paid on a cash basis independent of the year the expense was incurred. The “Budget Amt” column does not represent only the current year’s budget but includes any open encumbrances from the previous year.
Expense Report w/ Enc Detail
Reports expenditures YTD on a cash basis independent of the year the expense was incurred. Details are presented displaying the actual purchase orders making up the encumbrance.
Expense Account CurrYr Only
Reports expenditures on an accrual basis. Only expenses incurred the year of the report are displayed. The “Revised App” column represents current year appropriations making this the best report to review appropriations and remaining budget balances. Any expense incurred in prior years are not reported. (Combining this report with the “Expense Report with Prior Year” should give the same totals as the “Expense Report w/MTD”).
Expense Report with Prior Year
Reports expenditures and encumbrances from prior years paid in the current year. (Combining this report with the “Expense Report CurrYr Only” should give the same totals as the “Expense Report w/MTD”).
This guide will help you read the reports - Key_Description.pdf
2017 Year End Reports