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.

Note: Changes to the financial group assignments in the Financial trial balance automatically update the Financial Summary Report.

To view the Financial Summary Report, do the following:

  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 Summary Report.

    3. Note: You can also access the financial summary report from Engagement View. Click next to the node or folder holding the financial summary report to expand it and show its contents, and then click the report's index or name to open it.

Working with Single-Tier Consolidated Engagements

The Financial Summary Report 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 Summary Report data that displays on the page is for the selected entity only.

The consolidated view displays four levels under each Type and Classification:

  • Financial group

  • Financial Sub-group

  • Subsidiary

  • Accounts

Click the arrow next to each level to view the detail that makes up the sub-total.

This view includes the following columns:

  • EJEs (current year)

  • Consolidated total (current year)

  • Consolidated total (prior year)

You can add and view eliminating journal entries (EJEs) from the consolidated view.

The subsidiary view displays three levels under the Type and Classification:

  • Tax group

  • Tax sub-group

  • Accounts

Click the arrow next to each level to view the detail that makes up the sub-total.

Working with Multi-Tier Consolidated Engagements

The Financial Summary Report 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 Summary Report data that displays on the page is for the selected entity only.

  • The consolidated or lower parent view displays four levels under each Type and Classification:

  • Financial group

  • Financial sub-group

  • Entity: Parent or Subsidiary totals

  • Accounts display for subsidiary entities.

  • Click the arrow next to a subsidiary row to expand and see the account details.

  • This leadsheet includes the following columns:

  • EJEs (current year)

  • Consolidated total (current year)

  • Consolidated total (prior year)

  • You can add and view eliminating journal entries (EJEs).

  • The subsidiary view displays three levels:

  • Tax group

  • Tax sub-group

  • Accounts

Click the arrow next to each level to view the detail that makes up the sub-total.

Tell me about the information in the 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.

Report Grid

Under the Net (Income) Loss grid, you will see up to 2 tabs display based on the financial 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:

Account Type

Classification

Financial Group

Financial Sub-Group or “No Sub-Group”

Subsidiary Entity (applicable for consolidated engagements)

Accounts

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.

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.