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Prepare financial statements in Fusion RCT

This feature is only available with Fusion RCT.

Learn more about Fusion RCT.

To prepare a financial statement, select Documents then select the desired financial statement 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 start reviewing the existing information and make any necessary modifications or customizations.

Note: See Customize financial statements for all the customization tasks related to financial statements in Fusion RCT.

Use non-consolidated data in the financial statement

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.

Note: The Not-set 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 It shows the number of placeholders that haven’t been replaced by actual information.

To replace a text placeholder:

  1. Select the text placeholder.

    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 wish to change the placeholder text, you must select the placeholder and select Save at the Text Placeholder popup to mark that placeholder as set.

To replace a field placeholder:

  1. Select the field placeholder.

    Blue drop-down fields in the document are field placeholders.

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

Review the Cash Flow statement

The Cash Flow statement is automatically generated from the trial balance data. You can review the Cash Flow statement 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 Cash Flow statement in your financial statement, select Add () | Statement of Cash Flows at the Document Map.

Note: The setup of the Cash Flow statement determines the edit options that are available to you. For example, you can have the option to add data in the Cash Flow statement 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.

Add notes and subnotes

You can add notes and subnotes in the financial statement. For example, you can add a note to include supplementary information about the results of your engagement for your client.

You can also categorize notes or subnotes by associating them with specific trial balance groups.

If there are excluded notes and subnotes in the financial statement, they are stored in the Notes Library and the Subnotes Library. If excluded notes and subnotes are associated with trial balance groups, they are automatically organized in the libraries based on the trial balance structure.

Use the Notes Library and Subnotes Library to find and add excluded notes or subnotes back in your financial statement. You can filter notes and subnotes by title or by trial balance group (if there is an association with a trial balance group).

To add a note in the financial statement:

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

  2. Select Add () | New Note to add a new note.

    A note is added in the financial statement. If you don't enter a title for your note, a default title is used.

    Note: If there are excluded notes in the financial statement, the Notes Library is available when you select Add.

  3. Select Add () | Notes Library to add an excluded note back in the financial statement.

    A list of the available excluded notes in the financial statement displays. You can filter the list by trial balance group or note title.

    You can enter a keyword in the Search field to filter notes. Once you start typing a keyword, the library shows matching results.

  4. Select one or more excluded notes.

To add a subnote in the financial statement:

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

  2. Select the note that you want to add a subnote for.

    Note: If there are any excluded subnotes for the selected note, an additional Add icon () is available at the top right corner.

  3. Select the Add icon () at the top right corner to add an excluded subnote back in the statement.

    A list of the available excluded subnotes displays. You can filter the list by trial balance group or subnote title.

    You can enter a keyword in the Search field to filter subnotes. Once you start typing a keyword, the library shows matching results.

  4. Select one or more subnotes, then select ADD.

To add content to a note or subnote, select Add () and choose one of the following content types:

  • Text Section

  • Dynamic Table

  • Page Break

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

To associate a note or subnote to a trial balance group:

  1. Select the note or subnote that you want to associate with a trial balance group.

  2. Select More actions () | Associations.

  3. Select Add Financial Groups () to populate the trial balance data.

  4. Choose a trial balance group to associate the note or subnote with.

  5. Select Save.

View details of accounts and groups

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 statement

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 statement 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.

    • 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.

    • 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.

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

    Custom group: to add a custom group row. Custom group rows insert a text field so you can enter a title or a brief description for your group.

  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 statement

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.

If you require a physical or digital copy of a financial statement, 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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