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Before building out a Financial Statement Spec., it is important to consider the "Posting Type" of the data that will be pulled. Unlike the trial balance, the "Posting Type" in FINS is converted into positive and negative values based on the natural balance of a GL Account (which is based on the Account Type 2). The natural balance of a GL Account will be printed as a positive number, and the opposite of the natural balance will be printed as a negative. For example:
- A GL Account with the Account Type 2 of "Asset" has a natural debit balance, which will be printed as a positive value. If this account has a credit balance, that value will be printed as a negative value on the report.
- A GL Account with the Account Type 2 of "Liability" has a natural credit balance, which will be printed as a positive value. If this account has a debit balance, that value will be printed as a negative value on the report.
This is very important to remember when using Account Types or Account Type 3s to summarize reports because unlike in the trial balance, an Asset and a Liability account will not net properly within an Account Type. Continuing with the example above, if you put the Asset GL Account (with a natural debit balance which is printed as a positive value in FINS) in the same Account Type or Account Type 3 as the Liability GL Account (with a natural credit balance which is printed as a positive value in FINS), the result will add the two balances together, rather than net them out. In order to prevent this issue, it is important to ensure that each account type only contains GL Accounts with the same Account Type 2.
"Posting Type" in FINS by Account Type 2
| Account Type 2 | Natural Balance | Debit Balance | Credit Balance |
|---|---|---|---|
| Asset | Debit | Will print as a Positive Value | Will print as a Negative Value |
| Liability | Credit | Will print as a Negative Value | Will print as a Positive Value |
| Fund Balance (Equity) | Credit | Will print as a Negative Value | Will print as a Positive Value |
| Revenue | Credit | Will print as a Negative Value | Will print as a Positive Value |
| Expense | Debit | Will print as a Positive Value | Will print as a Negative Value |
Return to Creating a Financial Statement ("FINS")
Return to Maintaining and Editing a Financial Statement ("FINS")