Running weekly reports as a production accountant may just be one function of the job, but it is one of the most important. Consistent, accurate weekly reporting ensures that all transactions are properly documented and organized, making it easier to prepare for cost reporting and impending audits, meet tax obligations, and comply with studio requirements. With frequent reporting, accountants can spot discrepancies, cash flow issues, or unusual variances early-before they potentially become a major problem.
Accounting expert Michele Miller, GreenSlate’s VP of Accounting Services, recommends these 8 essential weekly reports for production accountants to keep budgets on track and avoid surprises.
1. Cost Report
A Cost Report contains expenses over a certain time period, and compares actual expenses to a production’s locked budget.
Reviewing and issuing weekly cost reports allows the accounting team, and producers, to monitor progress of spend in relation to the budget. Reviewing cost reports weekly enables production to stay on track and adjust budget estimates proactively.
2. Top Sheet Cost Report
A Top Sheet Cost Report is a high-level summary of the cost report. By condensing spending and budget lines into one page, this report presents the most critical figures for ease of review.
This report is vital for quick decision-making. Producers, executives, and department heads can use this report as a snapshot for meetings and status updates.
3. Trial Balance / Balance Sheet
The Trial Balance, or Balance Sheet, reflects the financial position of the production or production company on a certain day. It provides a snapshot of assets, liabilities, and funding or equity.
The Trial Balance is where one can view a production’s checking account book balance, view deposits, locate outstanding Accounts Payable or Payroll Payables, and identify total funding to date.
This report is vital in helping verify that the books are balanced, acting as a check point for error detection and preparation for more formal financial statements.
4. General Ledger
The General Ledger acts as the record of all financial transactions, organized by categories including assets, liabilities, expenses, and revenue.
This is the definitive source of truth for all financial activity. Weekly review ensures that all transactions are properly classified, coded, and confirmed.
5. Estimated Financial Cost (EFC) Change Report
The EFC tracks revisions to the final cost of production. It shows both the original EFC totals and the new EFC totals. It will also report the date of the changes and reasons for any changes, for production management oversight.
This report represents the maintenance of budget modifications, and documenting changes to the EFC supports transparency with studios and production management to avoid surprises at wrap.
6. Open Purchase Order (PO) Report
The Open PO Report is a detailed account of all outstanding purchase orders, which are commitments made to vendors that have not been paid or booked in the general ledger. These details may include PO numbers, supplier names, dollar amounts, and payment status.
Tracking open POs manages cash flow effectively, and ensures all commitments are accounted for when submitting funding requests.
7. Accounts Payable (A/P) Aging Summary
The A/P report shows all outstanding invoices payable by the production, and is organized by how long the invoices have been unpaid.
This report is essential for cash flow management. In supporting the accounting team to follow up with overdue payments, productions can better forecast outgoing funds.
8. Vendor Check Register
The Vendor Check Register is a list of all payments that have been issued during the week. These details include check numbers, dates of payment, dollar amounts, and any corresponding invoices or POs, organized by Vendor.
Maintaining an up-to-date check register ensures accountability in payments, and provides a trail for financial transparency.
Keep Budgets on Track, and Avoid Surprises
Running these eight reports weekly gives production accountants a comprehensive, up-to-date view of the production’s financial health and keeps budgets on track. With clean data for informed decision-making, teams can also strengthen compliance and reduce the risk of costly surprises.
GreenSlate’s all-in-one platform is designed to centralize every aspect of production accounting and payroll, providing a streamlined, seamless experience. Our platform’s robust, highly customizable interface enables users to move from high-level summaries to detailed data intuitively. This empowers teams to make informed decisions faster, and access the information they need, when they need it. For production accountants, quick drilldown options and access to real-time data can make all the difference.
Want to learn how GreenSlate’s all-in-one production payroll and accounting platform can support your accounting team? Explore our platform and request a demo.
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