Viewing Financial Statements

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.

Tip: If needed, you can customize the rows of the financial statements by creating new financial groups or sub-groups, and then assigning these groups to the accounts in the financial trial balance.

To view the financial statements:

  1. 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.

  2. Click on the navigation bar and select Financial Statements.

    3. Note: You can also access a financial statement from Engagement View. Click next to the node or folder holding the statement to expand it and show its contents, and then click the statement index or name to open it. This option is not yet available for consolidated engagements.

Working with Single-Tier Consolidated Engagements

The Financial Statements page is available with Financial consolidated engagements.

To select the entity to view, do the following:

  1. From the Trial Balance page of the consolidated engagement, click to open the drop-down menu.

  2. Select the entity you want to view. The consolidated entity is always the first item on the list. Then, each subsidiary with a trial balance is listed in the same order as they appear on the Subsidiary Setup page.

The financial statements data that displays on the page is for the selected entity only.

The consolidated view displays the consolidated totals for all subsidiaries. You can add and view eliminating journal entries (EJEs) and export the page to Microsoft® Excel®.

The subsidiary view displays the accounts and balances assigned to the corresponding group. You can add and view journal entries and export the page to Microsoft® Excel®.

Working with Multi-Tier Consolidated Engagements

The Financial Statements page is available with Financial consolidated engagements.

To select the entity to view, do the following:

  1. From the Trial Balance page of the consolidated engagement, click to open the drop-down menu..

  2. Select the entity you want to view. The consolidated entity is always the first item on the list. Then, each subsidiary with a trial balance is listed in the same order as they appear on the Subsidiary Setup page.

The financial statements data that displays on the page is for the selected entity only.

  • The consolidated and lower parent view displays the totals for all entities. You can add and view eliminating journal entries (EJEs) and export the page to Microsoft® Excel®.

  • The subsidiary view displays the accounts and balances assigned to the corresponding group. You can add and view journal entries and export the page to Microsoft® Excel®.

ClosedTell me more about the Balance Sheet.

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 in the balance sheet 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.

Tip: An alert message will appear at the top of the page if the balance sheet is out of balance. Verify that every account that has a balance is assigned to the correct group in the Financial trial balance. Modify any grouping assignments, as needed.

ClosedTell me about the income statement.

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.

ClosedTell me about the tools in the toolbar.

Note: If this is an interim engagement, the accounts and balances are for the active period selected. To view another period, change the active period in the drop-down list.