Closing task section: Final Review
The Final Review section is where you can review your client's financial statements and key management reports.
Here you can see the following reports:
Profit and Loss
Balance Sheet
Statement of Cash Flows
A/P Aging Report
A/R Aging Report
Starred accounts
Starred accounts on the P&L and Balance Sheet closing tasks will appear on the Key Profit and Loss or the Key Balance Sheet page in your Management Reports.
To add key accounts to the Key Profit and Loss or Key Balance Sheet pages of the management reporting section:
Navigate to the close page's Close tab
Scroll to the Final Review closing task section
Hover your cursor next to an account
Select the star 🌟 to note a key account
Variance/flux analysis
When reading the Profit and Loss / Balance Sheet, Keeper will automatically flag accounts that deviate significantly from the historical average. This can help you find potential coding inconsistencies and surface genuine business trends to tell your clients about.
💡 Not loving the red & green? Enable monochrome insights under Practice Settings.
Why does variance show up?
Variances show you how your spend is trending over time. They appear on your financial statements when the account balance in the current month goes up or down by more than 20%, with a minimum of $100.
How is variance calculated?
Variances are calculated by comparing the current month's balance to the trailing average of all prior months in the report.
👇 In the example below, the current month of December ($1,556) is 26% less than the average of October ($2,136) and November ($2,066). 👇
Vendor drill-down
If you want to look deeper into an account, clicking it will show a vendors by spend report filtered by that account. You can also see the variances for each of the vendors as well.
If you click into a vendor, you can see a list of all transactions with that vendor in the period.
Profit & Loss by Class and Location
To filter your P&L by Class and Location,
Confirm that your Class and/or Location filters are enabled under Client Settings
In the Reporting tab, select Add Report > Profit & Loss
Select Filters (class and/or location)
Add Footnotes to highlight any trends
Adding footnotes
While in the Profit & Loss or Balance Sheet closing tasks, hover over the account row to view the footnote option.
Editing Transactions & Asking Questions
When looking at a transaction list, you can always reclassify transactions in-line or ask a question to be added to the Client Portal.
Files
If you upload statements to your account reconciliation tasks in Keeper, you can also see those files in your Final Review on the Balance Sheet and Profit & Loss.
Creating Multiple Financial Statement Reports
If you have multiple P&L or Balance Sheet tasks that you want to complete as part of your month-end review, you can easily create and save these as part of your close.
To do that, go to the Final Review section, click add report, choose whether you want to add a Profit and Loss or Balance Sheet, and then choose and save your configurations.
If you'd like, you can also create these in templates so you can apply them to multiple clients.