CLS is
a real workhorse. It’s fast, flexible and easy to learn and use!
And, it’s reliable! Below are a few examples of how CLS can help
your practice increase productivity and help give your clients what they
want. If you are already a CLS user, visit Implementing
Highlighted CLS Features to learn how to incorporate these features
in your practice.
Automatic Income Tax Calculations
CLS
can automatically estimate your clients’ federal and state income
tax obligations.
Automatic
Inventory Adjustments
If
you use standard sales percentages for cost of goods sold (CGS), CLS can
automatically create the CGS entries for up to twelve inventory accounts.
Two types of transactions may be created: either “simple”
CGS transactions, with a debit to cost of sales and a credit to inventory,
or “perpetual inventory” transactions, which show both beginning
and ending inventory on the P&L.
Departmental
Income Statements
You
can easily create departmental income statements in CLS; CLS can handle
up to 10,000 departments in a ledger. You can also prepare division-level
financial statements.
Employee/Vendor
Missing Information Report
Not
sure you’ve entered all of the required employee and vendor information
in CLS? You can print a list (or worksheet) of employees or vendors with
missing social security numbers or missing address information.
Enforced
Cosmetics
Enforced
cosmetics causes titles, footnotes, datelines and account descriptions
to appear on financial statements in a specific case, regardless of how
they were entered. Use this option to clean up your financial statements,
or simply to make them consistent for all clients.
FICA
Adjustments for Cash-Basis Employees
If
your clients have cash-basis agricultural or household employees, CLS
can automatically calculate the correct FICA to be reported and add it
to their gross pay.
Financial
Statement Print Options (B,I,U)
CLS will let you print titles on financial statements
using bold, italics or underlines. This feature provides very professional
looking statements.
Income
Tax Summary
If
you are not using the CLS tax package interface, but would like to rearrange
the balances on the client’s trial balance to facilitate tax package
entry, set up an Income Tax Summary for the client. Assign each account
to a line on the tax return; the printed report list account balances
by line, and total them. If you use a standard chart of accounts, the
setup can then be copied from one client to another.
Leadsheets
Getting
ready to do an audit? If the client is already set up in CLS, leadsheets
for the client can be created. Enter the adjustments when the audit is
complete, and then reprint the leadsheets or trial balance in the leadsheet
format.
Pro
Forma Journal Entries
If
you have to enter the same journal entries each period, but with different
dollar amounts, why not set them up as pro forma journal entries. Each
period, simply enter the current amounts; CLS will then create transactions
for the current period. You can even print worksheets to be used as input
documents.
Ratio
Analysis
Would
you like to provide your clients with sophisticated ratio analysis reports?
The CLS Ratio Analysis program offers twenty-six predefined financial
ratios (including five Altman’s Z-Score ratios). You can include
any or all of these ratios in your reports, or define new ratios as needed.
You may also compare the current-year ratios to those for last year or
to industry standards.
Special
Format P&L
Use
a special format P&L to change the sequence of columns on the P&L,
or to add or delete columns, to provide a client with a custom income
statement. Also, the special format P&L offers the only way
to prepare a P&L containing "ratio" columns (e.g., $ per
sq. ft., $ per patient day), or to compare actual expenditures with a
total budget.
Time-Tracker
CLS
has been continuously tracking time and transactions for each client since
this feature was introduced. You can now examine each client’s monthly
activity, both this year and last year, and you can compare clients.
Trial
Balance, Entering
Do
you need to create financial statements for clients who give you only
a trial balance at the end of the period or year? Using the Enter
a Trial Balance function, enter the ending account balances for the
period. CLS will create the current-period transactions needed to take
you from the beginning balance in each account to its new ending balance.
Trial
Balance, Printing
CLS
includes four different trial balance formats. These reports are available
from TB 3. To select formats 2, 3 or 4, you must have comparative history.
Trial
Balance Worksheet with Adjustments
CLS
lets you print a trial balance worksheet for each client (or a trial balance
in the lead sheet format) showing your year-end adjustments.
Verification
of Employee Earnings
You
are often asked to verify an employee’s earnings for the year. CLS
can print a formal verification, including your name, address and phone
number, and a place for you to sign the form.
Worksheet
Interface
This
CLS program lets you define templates so that account balances can be
transferred to Lotus or Excel spreadsheets. Since accounts
can be transferred (or grouped) in any order, this feature can be used
to create reports that can’t be produced by CLS itself.
Year-to-Date
Transactions Sorted by Payee
At
the end of the year, you will need to know the total amount paid to each
vendor so that 1099s can be issued if needed. If you used vendor numbers
when entering transactions in CLS, you already have the information you
need. If not, this QT option will let you sort the year’s transactions
by payee and total them.
 New
Features in CLS II 1.71
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