Review group and account balances in the financial statements

Deze functie is alleen beschikbaar in de CaseWare Cloud Samenstel app.

You can review group and account balances in the financial statements document to understand how the numbers are calculated. Information about rounding and balance discrepancies is marked in the tables to help you produce reliable, accurate and high-quality financial statements.

Rounding in financial statements

Let op: If the trial balance is out of balance (Assets does not equal Liabilities + Equity), the process to apply rounding differences cannot be followed. Also, an Out of balance indicator displays in the Trial Balance page () marking the out of balance columns.

Rounding account balances in financial statements tables follows specific rules:

  • The total of the rounding differences in all balances is applied to the first account with non-zero balance within the default group that’s predefined in your product.

  • Note that “applied to the first account” means “added to the balance of the first account".

    Voorbeeld:

    Let's assume that:

    • the total of rounding differences in the current year is $3,
    • the default group in your product is Cash and Cash Equivalents,
    • and the first account with non-zero balance in this group is Cash with balance $12,400

    In this case, rounding differences apply to Cash and the new balance for Cash becomes $12,403.

  • Rounding differences can only apply to accounts.

  • You can change the account where rounding differences apply and select a different account.

In the financial statements tables, the row where the rounding differences are applied is marked with an asterisk (*).

In this figure, the asterisk (*) marks Property, Plant and equipment row to denote that rounding differences apply to an account in this group.

Asterisk (*) appears at Property, Plant and Equipment denotes that rounding differences apply in an account in this group

As you expand the group, the asterisk (*) relocates until you reach the account where the rounding differences apply.

Asterisk (*) reolcates until you reach the account where the rounding differences apply

Rounding and Carry Forward

In Carry Forward, rounding differences apply to the same accounts in prior years (that is, no change for prior years). As for the current year, rounding differences apply to the account of the most recent prior year. Here is an example:

if you carry forward data for 2018, 2017 and 2016, where,

  • Rounding differences for 2018 applied to Cash
  • Rounding differences for 2016 and 2017 applied to Liabilities

then,

  • Rounding differences for 2019 apply to Cash (same account for the most recent prior year - 2018)
  • Rounding differences in 2018 apply to Cash (no change)
  • Rounding differences in 2016 and 2017 apply to Liabilities (no change)

View rounding details in financial statements

To view rounding details in a table row, select the asterisk (*) next to the row. A popup displays showing:

  • The total rounding differences for the current year and prior year.
  • The account where rounding differences apply for the current year and prior year.

In this example, a total rounding difference of $3 is added to the balance of 1.2.120.500 Property, Plant and equipment - Accumulated depreciation and impairment for the current year. For the prior year, a total rounding difference of $2 is added to the balance of 1.1.000.050 Cash.

Rounding Details dialog

Change the account where rounding differences apply

You can change the account where rounding differences apply to have them added to a financial statements line item that’s frequently used in your market, for instance.

To change the account where rounding difference are applied:

  1. Select the row with an asterisk (*).

  2. The Rounding Details popup opens.

    Tip: The asterisk (*) denotes that rounding differences apply to an account. If the row is a group, then it denotes that rounding differences apply to an account in this group.

  3. Select the account name at Current year.

  4. A list showing the trial balance groups and accounts displays.

  5. Select the desired account from the list.

  6. Select the account name at Prior year.

  7. Select the desired account from the list.

    Rounding differences for the current and prior years are now applied to the balances of the selected accounts respectively.

    If you select the balance for any of the accounts, the Account Details popup displays a highlighted line showing the rounding details.

Account Details popup showing rounding information in financial statements

View balance discrepancies in financial statements

Let op: This feature is only available if it’s set up in your product.

To help you reconcile account balances, table rows can be compared to each other in the financial statements. For example, to assist accountants in reconciling statement line items with totals in the notes section.

Upon comparison, a stop sign icon () is available at each row where balance discrepancies have been identified.

Note that you cannot choose the rows that the application compares. They are predefined in your product.

To view balance discrepancies, select the stop sign icon (). A popup displays showing:

  • The rows in other tables within the document that have been compared to the current row.
  • Balances that agree with the current row.
  • Balances that don’t agree with the current row.

Balance discrepencies popup in financial statements

Tip: You can also select the View Row icon () to go to the specific row of each listed account and view its data.

Override balances in financial statements

As you review the balances in the financial statements document, you might need to override trial balance values in the tables. For example, to modify a certain balance in the financial statements to reflect the exact balance that your clients had in their prior year financials.

To override an account balance:

  1. Select the balance that you want to change.

  2. Enter the new amount.

  3. A dashed border displays to mark the cell as Balance Overridden.

Trial balance cell with overidden balance in financial statements

To override a group total:

  1. Select the group total that you want to change.

  2. Enter the new amount.

    • If there is one account in the group, the difference automatically applies to this account.

    • If there is more than one account in the group, a dialog displays showing the difference (between the new amount and the old amount). It also prompts you to select the account where you want the difference to apply.

      Dialog to select an account in the group where you want the difference to apply

Note that if you select a cell with overridden balance, the Account Details popup displays a highlighted line showing the original balance for that cell (the trial balance amount).

Tip: To revert to the original amount, select Revert ().

Account Details showing an overridden balance