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Smart Formula Columns

Streamline your bookkeeping process and save time with smart formula columns that automatically apply to new accounts.

 

Understanding Smart Formula Columns

Manual calculations can be time-consuming and error-prone. You can streamline your reporting with smart formula columns. Smart formula columns are a powerful feature designed to automatically apply formulas across entire statements, ensuring consistency and saving valuable time in your financial reporting process.

Smart formulas were specifically developed to combat the challenge that occurs when new accounts are automatically added to a statement. Instead of manually updating formulas for each new account, smart formula columns ensure your calculations remain accurate and comprehensive as your chart of accounts evolves.

Key Benefits of Smart Formula Columns

Automatic Formula Application: As long as your statement remains locked, any new chart of accounts added to the statement will automatically have the smart formula applied to them.

Time-Saving: No need to manually copy formulas down when your chart of accounts expands or contracts.

Error Reduction: Eliminates the risk of missing formula applications on new accounts.

Consistency: Ensures all accounts in a column follow the same calculation logic.

How to Create Smart Formula Columns

Step 1: Open Your Statement

Begin by opening the statement where you want to add smart formula columns.


Step 2: Add a Custom Column

Add a custom column that will include a formula to cross or extend across the entire statement. For example, you might want to add a "Percentage of Revenue" column.

Step 3: Create Your Formula

Formulas in Reach act similarily to what you're used to in Excel. To create a percentage of revenue formula:

  • Divide your first cell by your total income
  • Make sure to anchor your total income cell (using absolute references)
  • Format the column as a percentage by clicking the percentage button

Step 4: Apply the Smart Formula

Instead of manually dragging the formula down, simply double-click the fill handle (the small box at the bottom-right corner of the cell). This will automatically apply the formula to the entire column, creating a smart formula column.

Creating Additional Smart Formula Columns

You can create multiple smart formula columns for different calculations. For example, to add a "Percentage of Expense" column:

  • Add another custom column
  • Create a formula dividing by your total expense account
  • Anchor the expense cell reference
  • Double-click the fill handle to apply the smart formula down the entire column

Identifying Smart Formula Columns

You can easily identify smart formula columns by looking at the column headers:

Green FX Symbol: Indicates an active smart formula column. When you hover over this symbol, it will confirm that this is a smart formula column.

Grey Wrench Symbol: Indicates a regular custom column without smart formula functionality.

Note: If a new account is created in the Chart of Accounts, the formulas in custom columns, rather than smart formula columns, will shift and produce incorrect results.

Important Requirements

Locked Statements Only: Smart formulas only work with locked statements. This is because they were specifically developed to work with the automatic account addition feature that occurs in locked statements.

Automatic Updates: When new accounts are added to your bookkeeping software and sync to your locked statement, the smart formula will automatically apply to these new accounts without any manual intervention.

Best Practices

  • Apply appropriate formatting (percentage, currency, etc.) before creating the smart formula
  • Keep statements locked to maintain smart formula functionality
  • Test your formulas on a few cells before applying them to the entire column

Smart formula columns represent a significant advancement in automated financial reporting, allowing you to focus on analysis rather than manual formula management. By implementing these features, you'll ensure your statements remain accurate and comprehensive as your business grows and your chart of accounts evolves.

 

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