What's new - OnPoint Audit Spring 2022 Release (v2.910.0)

Here is what’s new in OnPoint Audit Spring 2022 release.

Construction industry content

OnPoint Audit now includes industry specific content for Construction Contractors in the Planning, Risk Assessment, Fieldwork and Completion areas. Checklists, documents and financial statements have been updated accordingly to include content specific to this industry in areas of Planning, Risk Assessment, Fieldwork, and Completion.

Simply select, “Construction Contractor” as the industry in 1-200 Engagement Setup to bring in the industry specific content throughout the engagement.

Trial balance updates

Construction Industry financial groupings

Construction contractor specific financial groupings have been added. These groupings will be visible if the auditor has selected “Construction Contractor” as the industry for the engagement.

Re-assign target for contrary accounts

Certain financial groupings can now automatically re-assign their balances if they are opposite to the group's normal sign.

Financial statements updates

Supplementary schedules

OnPoint Audit now includes pre-authored supplementary schedules for use in the financial statements. The schedules include:

• Schedule of Selling, General and Administrative Expenses

• Construction Contractor specific; schedule of:

  • Contract Costs

  • Earnings from Contracts

  • Contracts Completed

  • Contracts in Progress

Cashflow worksheets

Using Cloud Connector, Cashflow Worksheets for Commercial and Construction Contractors have been updated to automatically pull balances from the Trial Balance and calculate amounts, where applicable.

To learn more about Cloud Connector, see How to get started with Cloud Connector.

Financial statements improvements

Financial statements diagnostics

The financial statements now include diagnostic checks to ensure the Balance Sheet and Income Statement line item balances are in line with that of the related note disclosures. Eliminating the manual process to ensure the face of the financial statements align with the balances in the related note disclosures.

Display currency symbol in dynamic tables

To enhance the presentation of the financial statements, users can now set default display options for currency symbols in dynamic tables utilizing the Currency Symbol settings.

You can set the currency symbol to display in table column headers.

You can OVERRIDE TABLE CUSTOMIZATION checkbox to override any existing currency symbol settings for individual dynamic tables and apply the default settings instead.

Overline and underline description columns

The Table Border settings now include an option to select whether the underline/overline options selected for dynamic tables apply to description columns.

Additional Improvements

Online Provider Bindings

OnPoint Audit now includes an updated method of importing from online accounting packages. Additional improvements have been made around the user interface, automapping algorithms and import functionality when importing data from online accounting software.

In addition to all previous import options, OnPoint Audit currently supports import from the following online accounting packages:

• QuickBooks Online

• Xero

For more information about the import options available in OnPoint Audit, see Import client’s data.

Financial groupings assignment tool

The 1-302 Financial groupings assignment tool is a new tool that has been added to OnPoint Audit to help end users in assigning accounts to financial groupings and to reuse the assignment decisions in other OnPoint engagements.

The tool allows users to save the assignment selections as a configuration file and use the configuration file in other engagements to improve the efficiency and consistency while assigning accounts across all engagements.

OnPoint CloudBridge - remap file

To provide a more efficient way to transfer financial data for our current desktop users to cloud engagements, the OnPoint CloudBridge file has been updated to include the ability to use a default remapping file when performing the transfer.

The remap file was created using the default Audit US desktop mapping structure and will automatically assign the accounts to the OnPoint Financial Groupings structure during the migration.

For more information about the remap process, see Transfer data from Working Papers to your Cloud engagement.

To download and install the latest version of OnPoint CloudBridge, see Get OnPoint CloudBridge.

Fixes

The following list includes a brief description of the issues that have been resolved in this release.

• In the 1-302 Financial groupings assignment tool form, a technical issue prevented accounts from displaying (v2.910.0).