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Financial Statement Labels

Customize the section titles on your financial statements to match your organization's terminology and reporting standards.

Understanding Financial Statement Labels

Financial Statement Labels allow you to customize the default section titles that appear on your financial statements in Reach Reporting. This feature is particularly valuable for organizations that need to use specific terminology, such as Not-for-Profit organizations that use terms like "Contributions," "Donations," or "Net Assets" instead of standard business accounting terminology.

By customizing these labels, you can ensure your financial statements align with your organization's reporting standards and make them more understandable for your specific audience.

How to Access Financial Statement Labels

To customize your financial statement labels:

  1. Open the company you want to customize in Reach Reporting
  2. Click the gear icon in the lower left corner to access Company Settings
  3. Select Financial Statement Labels from the menu

Customizing Statement Labels

Once you're in the Financial Statement Labels section, you can overwrite the default titles for various financial statement sections:

Common sections you can customize include:

  • Income
  • Cost of Goods Sold
  • Expenses
  • Other Income
  • Other Expenses
  • Assets
  • Liabilities
  • Equity

Simply click on any section title and enter your preferred terminology. The new labels will automatically appear on all your financial statements, reports, and dashboards that include these sections.

Best Practices

For Not-for-Profit Organizations:

Replace standard business terms with terminology appropriate for your organization:

  • Change "Income" to "Revenue" or "Support and Revenue"
  • Replace "Equity" with "Net Assets"
  • Use "Contributions" or "Donations" for appropriate income categories
  • Consider "Program Services" and "Support Services" for expense categories

You can also change the Statement titles from “Profit and Loss” to “Statement of Activities,” or “Balance Sheet” to “Statement of Financial Position” if you edit each Statement > Additional Settings > Titles:

For All Organizations:

  • Use clear, consistent terminology that your stakeholders will understand
  • Align labels with your organization's official financial reporting standards
  • Consider industry-specific terminology that may be more appropriate for your sector
  • Keep labels concise while maintaining clarity

Important Notes

  • Changes to Financial Statement Labels apply to all financial statements within that specific company
  • The customized labels will appear in reports, dashboards, and any metrics or statements that reference these sections
  • You can revert to default labels at any time by clearing your custom entries
  • Different companies can have different label customizations to suit their specific needs

 

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