Using the Financial Summary Report
The Financial Summary Report is automatically created based on the financial groupings assigned to accounts in the Financial trial balance.
To view the Financial Summary Report, do the following:
- Click the engagement on the Engagement List page.
- Click on the navigation bar and select Financial Summary Report.
Net (Income) Loss Grid
The Net (income) Loss amounts are the sum of the accounts assigned to revenue and expense groups in the Financial trial balance.
Under the Net (Income) Loss grid, you will see up to 2 tabs display based on the tax groups assigned to the accounts:
Report. Displays all accounts assigned to financial groups and financial sub-groups.
Unassigned Accounts. Displays accounts that are not assigned to a financial group. Accounts are sorted by account number or in alpha numeric.
On the Report tab, the information is represented in a hierarchy from account type down to accounts. Account balances are rolled up to each level which can assist when building or reviewing financial statements.
Here is the hierarchy structure:
Financial Sub-Group or “No Sub-Group”
Subsidiary Entity (applicable for consolidated engagements)
Click next to each level to expand and show the contents.
“No Sub-Group” appears when accounts are assigned directly to a financial group and not a financial sub-group.