# What Is Cross Foot?

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Keep in mind, even though you are viewing and working within two or more copies of this workbook, all of your changes are saved in that one workbook. Be the first to know when the JofA publishes breaking news about tax, financial reporting, auditing, or other topics. Select to receive all alerts or just ones for the topic that interest you most. The double-entry system of accounting or bookkeeping means that for every business transaction, amounts must be recorded in a minimum of two accounts. The double-entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits.

• Footings are commonly used in accounting to determine final balances to be put on the financial statements.
• Each of the five rows reports one product and each of the 12 columns reports one month.
• In accounting lingo, summing a column of numbers is called footing.
• Accordingly, Sage does not provide advice per the information included.
• The intent of crossfooting is to ensure that all column totals summarize to the grand total.
• To crossfoot means to verify that the sum of the totals in various columns also agrees to a grand total.

For example, if you would like to have Excel return the end of the same month as the start date, enter 0 for Months. If you would like Excel to enter the end of the next month, enter 1 for Months. If you would like Excel to enter the end of the previous month, enter -1 for Months. For Months, enter the number of months before or after the start date .In accounting lingo, summing a column of numbers is called footing. To cross-foot is to ensure that the sum of column totals equals the grand total. Accounting requires accurate arithmetic to provide reliable information. Spreadsheets lay out numbers in rows and columns, each of which can be totaled. Imagine a sheet showing monthly sales revenue for five products over the course of a year. Each of the five rows reports one product and each of the 12 columns reports one month. A sixth row totals the month’s sales and a 13th column sums the annual sales per product.

Together, they crossed over the International Bridges on foot into Juarez to conduct some business. Holding a bachelor’s degree from Yale, Streissguth has published more than 100 works of history, biography, current affairs and geography for young readers. Sage 300cloud Streamline accounting, inventory, operations and distribution. Access to this page has been denied because we believe you are using automation tools to browse the website. — Kelly L. Williams, CPA, Ph.D., MBA, is an assistant professor of accounting in the Jones College of Business at Middle Tennessee State University. To comment on this article or to suggest an idea for another article, contact Jeff Drew, a JofA senior editor, at -cima.com.

## What goes in a P&L?

The profit and loss statement is a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period. The P&L statement is one of three financial statements every public company issues quarterly and annually, along with the balance sheet and the cash flow statement.The concept is also used when manually verifying that a newly-designed report operates as expected. Crossfooting verifies that the automated totaling functions in a report are working as expected.

Even with automated software, it’s a good idea to verify the figures. If you have a table of values, with both columns and rows, you can cross-foot to double-check your numbers. This means adding together all the column foots, and then comparing the result with the sum of all the rows in the table. You don’t need to foot a column if there is only one entry in the column. In accounting terms, the word foot means adding up a column of numbers.

The pencil footings were then used to carry over the figures to another page or to the general ledger — the pages that showed the company’s overall debit and credit balances. Cross foot errors in excel can occur as a result of adding or deleting rows and columns after the original sum formulas were created. It is useful to sum spreadsheets both horizontally and vertically using formulas then compare the two calculations. FINANCIAL STATEMENTS • The end product of the financial accounting process is a set of reports that are called financial statements. A footing is the final balance when adding all of the debits and all of the credits in accounting. The debits are tallied, followed by the credits, and the two are netted to compute the account balance.Footing means adding all the numbers in a single column; the result is the sum, which appears at the bottom (“foot’) of the column. This function can be performed manually with a calculator, or carried out automatically by spreadsheet software such as Excel.

## What Is Cross Foot?

To “cross foot” a row means to total across the numbers in each column. Many accountants consider it good practice to foot and cross-foot a table of values. This means totaling the values of each column and then verifying the accuracy of those totals by summing together all foots and comparing it to the sum of all rows (cross-foot).In this way a listing of the sales ledger accounts will give you a listing of outstanding account receivables. To total figures horizontally across columns instead of vertically. This article and related content is the property of The Sage Group plc or its contractors or its licensors (“Sage”). Please do not copy, reproduce, modify, distribute or disburse without express consent from Sage. This article and related content is provided as a general guidance for informational purposes only.

## Cross

The intent of crossfooting is to ensure that all column totals summarize to the grand total. If not, then there is an error in the column totals or the grand total that must be corrected. This is an essential tool of the auditor, to ensure that reports summarize correctly. Cross-footing is a method accountants use to verify that all the numbers add up.