The financial statements are automatically created when you upload the trial balance. They are based on the financial groups, types, and classifications assigned to the accounts in the financial trial balance.
For consolidated engagements, the consolidated view of the financial statements shows the consolidated total amounts. If you select to view information for a specific subsidiary, the financial statement will display the adjusted balances for that subsidiary.
To view the financial statements:
Click the engagement on the Engagement List page.
Click on the navigation bar and select Financial Statements.
If you are viewing a consolidated engagement, you can also click in the gray navigation bar at the top of the page to move between the consolidated view and the subsidiary views.
The balance sheet displays above the income statement on the Financial Statements page.
The Balance Sheet is automatically created when you upload the trial balance. Each section and line item is based on the group, type, and classification assigned to each account. Changes to the group assignments in the trial balance, including the addition or modification of sub-groups, automatically update the balance sheet.
The balance sheet follows a simple format.
Assets. Each group with the account type "Asset" is listed as a separate line item. The corresponding balance is equal to the sum of the final balances for each account assigned to that group.
Liabilities. Each group with the account type "Liability" is listed as a separate line item. The corresponding balance is equal to the sum of the final balances for each account assigned to that group.
Equity. This is a one line item after the liabilities section. The balance is equal to the sum of the final balances for each account assigned to the "Equity" group, plus or minus net income or net loss from the income statement.
If new financial groups are added in the Equity section, they display here also. The net income or net loss will continue to be included in the default Equity group.
Current Year and Prior Year Columns. The Prior Year balance column displays only if prior year balances exist in the trial balance.
The Income Statement is automatically created when you upload the trial balance. Each section and line item is based on the group, type, and classification assigned to each account. Changes to the group assignments in the trial balance, including the addition or modification of any sub-groups, automatically update the statement.
The income statement follows a simple format:
Revenues. Each group with the account type "Revenue" is listed as a separate line item. The corresponding balance is equal to the sum of the final balances for each account assigned to that group.
Expenses. Each group with the account type "Expense" is listed as a separate line item. The corresponding balance is equal to the sum of the final balances for each account assigned to that group.
Allows you to export the financial statements to a Microsoft® Excel® workbook. Each financial statement appears on its own tab in the workbook. This option is not available for consolidated journal entries.
Subsidiary Setup
Only available in consolidated engagements. Opens the Subsidiary Setup page, where you can add or modify information for subsidiaries.