Managing Financial Groups

You can manage financial groups from an engagement's Trial Balance page. You can then assign the groups to accounts as needed on the financial trial balance. A leadsheet is created automatically for the financial groups assigned to accounts.

The account classification selected for a group determines where that group and the accounts assigned to it display on the balance sheet and income statement.

For consolidated engagements, the groups list is shared across the parent and all subsidiary entities. If you create a group or subgroup in one subsidiary, it is available in the other subsidiaries as well. Groups and subgroups must be assigned at the subsidiary level.

Tip: If your firm has saved grouping list templates, you also have the option to replace the system-provided financial grouping list with one of the templates. See Using a Grouping List Template for more information.

The system-provided financial grouping list includes:

Group Index	Group Name
1000	Cash and Equivalents
1200	Receivables, net
1300	Inventory
1400	Prepaid Expenses
1500	Other Current Assets
1600	Property, Plant and Equipment
1700	Intangibles
1800	Other Assets
2000	Payables
2100	Accrued Expenses
2200	Deferred Revenue
2300	Other Current Liabilities
2400	Long-Term Debt
2500	Deferred Taxes
2600	Other Liabilities
3000	Equity
4000	Revenue
4100	Cost of Revenue
4200	Interest Income
4300	Other Income
5000	Selling, General and Administrative
5500	Deprecation & Amortization
6000	Other Expense
6500	Interest Expense
7000	Income Tax Expense

Add a financial group.

New financial groups that are assigned to accounts on the financial trial balance will display on the balance sheet and income statement within the account type based on the account classification selected for the new group.

Click the engagement on the Engagement List page.

Note: See Using the Engagement List Page for information about using the pagination and search features to find an engagement in the list.
Do one of the following:

For a non-consolidated engagement, click on the navigation bar and select Trial Balance.

For a consolidated engagement, in the Subsidiary Setup page, click View next to the subsidiary you want to work with. You can also click on the navigation bar and select Trial Balance. Then, click to open the drop-down menu and select the entity you want to work with.

Click Add Accounts/Groups in the toolbar.

Select Financial Group in the Type box.
Enter identifying and classification information for the financial group.

Field	Description
Index Number	Enter a unique identifier for each financial group. It can include both letters and numbers. These special characters are not allowed ' \| : " , ( )
Group Name	Enter a unique name for each financial group.
Account Classification	Select a classification from the list.

Specify the location for this group relative to other groups. The location you select also determines the order of the leadsheets and the group order in financial statements.
1. Click into the text box beneath the Group location label.
2. Select a group that will immediately precede or follow this new group.
3. Click either Above or Below to indicate whether the new group should appear above or below the selected existing group.

Click Add.

Click at the top right of the pane to close it.

Edit a financial group.

You can edit information for a financial group created by your firm using the procedure below. The default groups provided by CCH iFirm Engagement cannot be edited.

To edit information for a financial group, do the following:

Click the engagement on the Engagement List page.
Note: See Using the Engagement List Page for information about using the pagination and search features to find an engagement in the list.
Do one of the following:

For a non-consolidated engagement, click on the navigation bar and select Trial Balance.

For a consolidated engagement, in the Subsidiary Setup page, click View next to the subsidiary you want to work with. You can also click on the navigation bar and select Trial Balance. Then, click to open the drop-down menu and select the entity you want to work with.

Click Edit/Delete on the toolbar.
Select Financial Group in the Type box.
Select the index or name of the group. You can also begin typing the index or name; the group list filters to include only the groups that match your entered text. Select the group you need when you see it.
Edit the information for the financial group as needed.
Note: The index and group name must be unique across all financial groups.
Click Save.
Click at the top right of the pane to close it.

Delete a financial group.

You can delete all financial groups in your trial balance, including the default groups provided with CCH iFirm Engagement, except for 3000 Equity.

Note: If you assign accounts to a financial group, and then delete that group, the group assignment for those accounts changes to "Unassigned." The corresponding leadsheet page is also deleted.

To delete a financial group, do the following:

Click the engagement on the Engagement List page.

Note: See Using the Engagement List Page for information about using the pagination and search features to find an engagement in the list.

Do one of the following:

For a non-consolidated engagement, click on the navigation bar and select Trial Balance.

For a consolidated engagement, in the Subsidiary Setup page, click View next to the subsidiary you want to work with. You can also click on the navigation bar and select Trial Balance. Then, click to open the drop-down menu and select the entity you want to work with.

Click Edit/Delete on the toolbar.
Select Financial Group in the Type box.
Select the index or name of the group. You can also begin typing the index or name; the group list filters to include only the groups that match your entered text. Select the group you need when you see it.
Click Delete.
Click Yes to confirm the deletion.
Click at the top right of the pane to close it.