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Prepare financial statements

This feature is only available with products on the CaseWareCloud SE platform. Available SE products include OnPoint PCR and CaseWare ReviewCompTax.

To prepare a financial statement, go to the Documents page and select the financial statements document to open it. Some data already populates in the document as you set up your engagement, such as the cash flow statement and the trial balance data. You can review the existing information and make any necessary modifications or customizations.

Note: See Customize financial statements layout and Customize financial statements content for all the customization tasks related to financial statements in CaseWare ReviewCompTax.

View guidance information

You can find guidance information in the document in the form of:

  • a Guidance area in the Document Map that holds special instructions or assumptions relevant to the financial statements document.

  • text within a yellow background that holds guidance information relevant to a specific item in the document, such as a financial statement area, a note or a report paragraph. You can hide or show the guidance information for an item by selecting the lightbulb icon () next to it.

Note: Guidance information is only available in the document if it’s been configured in your product.

Use non-consolidated data in the financial statements

In a consolidation engagement, you can remove the consolidated data from your financial statement and only use the non-consolidated data. For example, if you need to prepare separate sets of financial statements for the parent entity and the subsidiaries (consolidated entities).

The document's default setting is to include the consolidated data.

To use non-consolidated data in your financial statement:

  1. Open the financial statement and go to the Document Map.

  2. Select Settings () , then clear the Use non-consolidated data check box.

    The consolidated data is no longer available in the financial statement.

To include the consolidated data in the financial statement, select the Use non-consolidated data check box again.

Replace text and field placeholders

The financial statement typically includes an introductory letter created from a template. The template’s content can include placeholders for some text and fields that you need to replace with specific information related to your engagement, organization or client.

The Placeholders indicator at the top of the document tracks your progress on placeholders. It shows the number of placeholders that haven’t been replaced by actual information. You can also select the indicator to navigate to the next empty placeholder.

To replace a text placeholder:

  1. Select the text placeholder.

    Tip: The blue highlighted text in the document are placeholders.

  2. At the Text Placeholder popup, replace the placeholder text and select Save.

    Note: If you don't want to change the placeholder text, you must select the placeholder and select Save at the Text Placeholder popup so it’s removed from the placeholders count at the top.

To replace a field placeholder:

  1. Select the field placeholder.

    Tip: The blue drop-down fields in the document are field placeholders.

  2. Select a value or specify a date as indicated in the placeholder field.

Change engagement glossary terms and dynamic text

Note: You can only change an existing glossary term or a dynamic text output if the override option is enabled in your product.

An engagement glossary contains terms. Terms are words and phrases that can be reused throughout the product. When a term is changed, it is changed everywhere the author defined.

Dynamic text fields change if certain conditions are met. For example, if the client responds ‘Yes’ to a procedure in a checklist, then ‘Agreed’ shows in the dynamic text field.

Your documents may contain terms from the glossary or dynamic text fields. Depending on your product, you may be able to override glossary terms and dynamic text outputs.

To change an engagement glossary term or a dynamic text output:

  1. Select the document’s text area where you want to change.

    Areas highlighted in gray are either glossary terms or dynamic text fields.

  2. Select the glossary term or dynamic text to open the Data Link dialog.

    If you select a glossary term, you can select information () to see the number of places that term is used.

  3. Change the Output as desired and select Save.

When the Output condition is met, the text changes in all the places it’s used in the engagement. If a different condition is met after the change, the Output changes to match the configured output text for that condition.

Review the Statement of Cash Flows

The Statement of Cash Flows is automatically generated from the trial balance data. You can review the Statement of Cash Flows and make changes if needed. For example, you can add cash flow data that's not derived from the trial balance so it transfers through to your balance sheet.

To populate the Statement of Cash Flows in your financial statements document, select Add () | Statement of Cash Flows at the Document Map.

Note: The setup of the Statement of Cash Flows determines the edit options that are available to you. For example, you can have the option to add data in the Statement of Cash Flows but not to modify existing data.

To add data in the Cash Flow statement:

  1. Go to the group where you want to add data.

  2. Select Settings () | + Input row.

    A new row is appended to the group.

  3. Enter the cash flow data in the gray fields.

    Entries are automatically saved.

To edit existing balances in the Cash Flow statement:

  1. Go to the cash flow line where you want to modify balances.

  2. Select Settings () | Override calculated balances, then edit the balances as needed.

    Changes are automatically saved.

You can select Settings () | Use calculated balances to revert back to the original balances.

Create notes

Notes to the financial statements are important disclosures that further explain numbers on the financial statements document. You can add notes and note headings to create the following note hierarchy.

Note: You can only create a three-level hierarchy.

To create a note:

  1. Select the Notes to the Financial Statements area at the Document Map.

  2. Select Add () | Create Note.

A new note area is added in the document with a default title Note title. You can select the default title and change it.

Note headings allow you to categorize the financial statements notes by creating a multilevel hierarchy.

To add a note heading:

  1. Select the Notes to the Financial Statements area at the Document Map.

  2. Select the note that you want to add a heading for, then select Add ().

  3. Select the available heading under Heading.

  4. A sub-level note is added in the document with a default title Note title. You can select the default title and change it.

You can add content to a note. Select Add (), then choose one of the following content types:

  • Text Section
  • Dynamic Table
  • Page Break

You can add more than one content type in a note.

Add notes from library

Notes to the financial statements are important disclosures that further explain numbers on the financial statements document. You can add notes to include supplementary information about the results of your engagement for your client for instance.

The Notes library provides a pool of notes which allows users to easily find and add notes in the financial statements document. Notes are automatically organized in the library based on hierarchy (main category notes and subcategory notes).

The library also features a search field where you can filter the library notes by title or by trial balance group (if available).

Use the notes library to find and add notes to the financial statements.

To add a note from library:

Select the Notes to the Financial Statements area at the Document Map, then select Add () | Insert from Library to open the Notes library.

The library opens defaulted to the CATEGORIES tab, which shows the note categories. It also shows the number of available notes in each note category. The total number of notes in the library is displayed at the View notes option at the top.

Depending on your product configuration, the GROUPS tab can be available. In this tab, you can view notes and policies related to a specific financial statement area.

In this example, the library opens showing the available note categories. For instance, the category Operating Expenses has 17 notes within various subcategories. In this library, there is a total of 263 notes.

You can traverse a specific note category by selecting the arrow () next to the note. In this example, we selected thje arrow next to Asset to view the subcategories under Assets.

You can also select View notes to switch to a note-only view, where the library lists all the available notes in the current category. In the note-only view, trial balance associations show in light gray beneath the note (if available). You can also select PREVIEW to display a preview of the content of a specific note. Note that dynamic tables don’t show in the preview.

In this example, the library displays all notes within the Assets category when we selected View notes.

The search field at the top allows you to filter the list. You can filter by title or by trial balance group. Once you start typing a keyword, the library shows the matching results.

In this example, we typed cash in the search field to filter the notes associated to Cash within the Assets category.

Select the check box next to the notes that you want to add in the document, then select ADD on the top right corner of the Notes Library. You'll notice that the number of added notes displays at the Show selected notes indicator () at the top.

If you select the Show selected notes indicator, you can view a preview of the content of each selected note. Note that dynamic tables don’t show in the preview.

In the Document Map, newly added notes are marked by the New Note indicator (). The indicator is no longer available once you select the newly added note.

View details of accounts and groups

For reporting purposes in the financial statements, account balances are rounded prior to summing the group balance. They are also recalculated based on the rounded values.

With rounding applied, the balance of an account group always matches the sum of the sub account group. However, some sections can be inconsistent due to rounding, specifically Assets = Liabilities + Equity.

In this case, the rounding difference between Assets and Liabilities+Equity (for current and prior periods) is applied to a group in the balance sheet automatically. The financial group is chosen by an algorithm that finds the first non-zero, non-total group.

Note that if the trial balance is out of balance (Assets does not equal Liabilities + Equity without rounding), the process to apply the rounding difference can’t be followed and an Out of balance indicator displays at the top ().

You can choose to view the information and figures for each account in the group or view the total amount for the accounts in the group.

To expand or collapse a row:

  1. Select the arrow pointing down () to expand a row.

    The expanded row shows the figures for each account in the group. It also shows any available information (such as note references) for each account.

  2. Select the arrow pointing up () to collapse a row.

    The collapsed row shows the total amount for all accounts in the group.

Note: If the option to expand rows by default is enabled in your product, then all the visible account group rows expand to display the details of their accounts.

Link an account or a group to a note in the financial statements

A note reference is a link to an existing note in the financial statement. You can add note references in table rows in the financial statement. For example, to link an account or a group to an existing note that holds related details or information.

To add a note reference in a row:

  1. Select the table.

  2. Select More actions (), then choose Edit Dynamic Table.

    The table opens in edit mode.

  1. Go to the row where you want to add a note reference.

  2. Select the Add () button above the row.

  3. Choose Commentary row.

    A note reference is added right above the row.

  4. Select (Note#) to display a list the existing notes in the financial statement.

  5. Select a note from the list to reference it in the row.

    You can also select Show hidden notes to reference a hidden note .

  6. Select SAVE or SAVE & CLOSE.

The number of the referenced note displays next to the row name.

You can also use the above method to change a note reference or you can change it directly from the table.

To change a note reference directly from the table:

  1. Select the note reference that you want to change.

    A list the existing notes in the financial statement displays

  2. Select one or more notes from the list to reference in the row.

    You can also select Show hidden notes to reference hidden notes.

Add data in the financial statements tables

You can include more information in your financial statement. You can add columns or rows into tables and rearrange rows. You can also modify the account group settings.

To add a column in a dynamic table:

  1. Select the table.

  2. Select More actions (), then choose Edit Dynamic Table.

    The table opens in edit mode.

  1. Go to where you want to add a column.

  2. Select Add () at the upper table border.

    A column is added to the table and the column settings display on the page.

To edit column settings:

  1. Select the column header.

  2. Modify the following settings as needed:

    • Type

      Choose a column type. The following columns have predefined values:

      • Prior year - prior year balance

      • Current year - current year balance

      • Current period - balance for the current period (for interim engagements)

      • Comparative period - balance for the comparative period

      • Amount variance - difference between prior year balance and current year balance

      • Percent variance - percentage difference between prior year balance and current year balance

      You can enter custom values for the following columns:

      • Input - enter text, numbers, currency values or percentages.

      • Custom calculation - enter a calculation using the calculation editor. The calculation is applied to all column cells.

      • Note reference - add references to existing notes in the financial statements.

      • Annotation - add annotations column. Select Add () in each cell in the column to add annotations.

    • Heading

      You can insert Dynamic Text or formula (fx) for the header. You can also type simple text in the Output field or combine simple text with dynamic text and formula.

    • Dimension

      Dimensions are group properties that authors can configure for the groupings to provide further categorization for accounts. For example, to have a further categorization for accounts based on location (Europe, North America, etc.).

      You can select a dimension to set the column to only display data for that dimension.

    • Width

      Select a width for your column. The width options for all columns are Narrow and Standard, except for note reference, annotation and description columns, where the width options are Small, Medium and Large.

    • Format

      For input or custom calculation columns, you can choose one of the following formats for your cell values:

      • Currency

      • Number

      • Percent

      • Text

      If you select Number or Percent, you can also choose the number of decimal places.

    • Display options

      For some column types and formats, you can select one or more display options:

      • Expand to fill the width of the page - sets the column width so the dynamic table fits the full width of the page.

        Note: This setting is enabled on the Description column by default.

      • Display zero balances - shows accounts with zero balances in the column.

      • Display opposite sign for balances - displays the opposite sign (negative or positive) for the values in the column.

      • Exclude from totals - excludes the values in this column from the calculation in the account group Total row.

      • Display symbol in heading - displays the currency symbol or percentage sign at the top of the column.

      • Show year in heading - adds the year to the heading of Current year or Prior year columns.

      • Use non-consildated data - if this is a consolidated engagement, selecting this option removes consolidated data from the column and displays the non-consolidated data only.

    • Exclude/Include ( / )

      Select this icon to hide or show the column in the table's edit mode and in the financial statement document.

    • Delete ()

      Select this icon to delete the column from the table.

  3. Select DONE.

  4. Select SAVE or SAVE & CLOSE.

To add a row in a dynamic table:

  1. Select the table.

  2. Select More actions (), then choose Edit Dynamic Table.

    The table opens in edit mode.

  1. Go to where you want to add a row.

  2. Select Add () at the left border of the table.

  3. Select one of the following row types:

    Trial balance data: to select the row data from the trial balance data. You can insert an account or group. If the group has subgroups, they are inserted into the table as well.

    Input row: to add a text field row. You can enter custom text.

    Commentary row: adds a commentary row. By default it inserts a reference to existing notes in the financial statements. You can change the default by deleting the note reference and enter a comment for the row.

    Spacing row: to add white space into your dynamic table. You can add white space to make your content easier to read.

    Page break: to add a page break between table rows.

    Custom group: to add a custom group row. Custom group rows insert a text field (to add a title or a brief description for the group) and a total row.

  4. Select SAVE or SAVE & CLOSE.

To move a row:

  1. Select the table.

  2. Select More actions (), then choose Edit Dynamic Table.

    The table opens in edit mode.

  1. Locate the row that you want to move and select the Move icon ().

  2. Drag the row then drop it in the desired location.

  3. A grid displays in the table to mark the borders of each row. Valid places to move your row have dark blue grid lines while invalid places have gray grid lines. Use the grid for guidance as you drag and drop.

Exclude prior year information from the financial statements

The prior year information displays in the financial statement tables by default. You can exclude the prior year information from the statement if it's irrelevant. For example, you can exclude the prior year information in your financial statement if the current year is not directly comparable to the prior year.

To exclude prior year information:

  1. Open the financial statement and go to the Document Map

  2. Select the Settings (), then clear the Show prior year check box.

  3. The prior year information is no longer available in the financial statement tables.

Select the Show prior year check box to show the prior year information again in all areas of the statement.

Insert the firm logo

In the financial statements document, you can insert the firm logo in any text section or in the document header or footer.

To insert the firm logo:

  1. Select the text field where you want to insert the logo.

  2. Select Insert Logo Placeholder () at the formatting toolbar.

  3. The firm logo is added in the text field.

    If no logo is available in the firm template, a placeholder with a link to Cloud displays so you can upload a logo.

Note: You can only upload a firm logo in the firm template. To access the firm template, you must have the Settings Admin role or similar. For more information, see Built-in roles and Assign security roles.

If you require a physical or digital copy of a financial statements, you can print the statement. The Print option converts the document to a PDF format which you can print or save.

To print a financial statement:

  1. Open a financial statement, then go to the Document Map.

  2. Select Settings () | Document Print Settings to review the print settings for the financial statement.

    If there are custom print settings for the notes area, page breaks or a document area:

  • Select Settings () | Notes Print Settings to review the notes area settings.

  • Select More actions () | Edit Print Settings to review the settings for a document area.

  • Select More actions () | Print Settings to review the settings for a page break.

  1. Select Print () at the Document Map.

The financial statement is converted to a PDF file that displays on a new browser tab.

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