CCH iFirm Engagement Release Notes
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Contents
What's New? - December 20, 2024
What’s New? - December 20, 2024
New features available in this release:
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Knowledge Coach – Review content: In addition to the compilation content launched in our previous release, we are pleased to offer content for your review engagements to ensure that your review engagement needs are seamlessly integrated and efficiently managed.
Note: Compilation and review content is now available in Knowledge Coach, but in English only. The French content will be available at the beginning of the new year.
December 6, 2024 Release
New features available in this release:
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Notes and sign-off summaries. New notes and sign-off summaries provide the ability to see the status of the engagement from a single viewpoint. Sort and filter the notes and the sign-off statuses by workpaper and by staff. Take action on each note and perform sign-off directly in the Summary Views page. Open the Summary Views page from the Engagement View page to access this feature.
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Drag and drop workpapers into the folders of the Engagement View page. Move multiple workpapers directly into a folder from your computer. This option allows you to optionally assign indexes to each workpaper during the upload process.
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Import multiple years of trial balance data. Import up to five years of trial balance data using Microsoft® Excel or CSV files for a more comprehensive view of the financial statements.
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Roll forward multi-tier consolidations. Gain efficiencies in the second year by rolling forward multi-tier consolidated engagements.
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Export the Financial and Tax Summary reports for multi-tier consolidations. Export and download summary reports to Microsoft Excel. The data you see on screen will export to Microsoft Excel with all rows expanded. Subtotals for each entity will be displayed at the group and subgroup levels.
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Add annotations to single and multi-tier consolidated engagements. Add real-time updates using tick marks, comments and workpaper references to trial balances, leadsheets and reports at the consolidated and subsidiary level. Create your own custom ratios and edit or delete existing ratios.
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Perform ratio analysis on consolidated engagements. Review the automatic report created with 30 standard ratios based on the group assignments in the consolidated engagements.
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Add trial balances with up to 10,000 accounts. Import up to 10,000 accounts into your CCH iFirm Engagement trial balance.
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New trial balance report options available for all engagement types. Customize trial balance reports by choosing the columns that should be included in each report for annual, interim, single and multi-tier consolidated engagements.
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Roll forward or copy engagements without accounts. It is no longer required to have at least one account in the trial balance before rolling forward or copying the engagement, or saving the engagement as a template. In addition, you can delete the last account in the trial balance. This applies to annual, interim and consolidated engagements.
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CCH Engagement (on-premise) migration to CCH iFirm Engagement. It is now possible to migrate your binders from CCH Engagement (on-premise) to CCH iFirm Engagement. This is a paid service completed with the assistance of the Professional Services team.
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Knowledge Coach. We are now offering Knowledge Coach, our award-winning patented methodology. This methodology is integrated with CCH iFirm Engagement, providing you access to all content relevant to your engagement, including letters, reports and memos.
Currently, Knowledge Coach supports only compilations. We are actively working on expanding this support to include reviews and audits in future releases, ensuring that even more of your engagement needs will be seamlessly integrated and efficiently managed.
September 13, 2024 Release
New features available in this release:
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Enhanced trial balance import. A new import wizard with more flexibility and functionality that eliminates the need to pre-format your data before uploading it is now available. You can import data from both Excel and CSV files, map columns in any order, handle debits and credits in one or separate columns and multiple-row headers, import multiple subsidiaries or monthly periods simultaneously from one file, import group and subgroup assignments, and create new groups and subgroups. In addition, the wizard provides clear diagnostics to detect potential issues with the data and help you resolve them.
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Ratio analysis report. A report is automatically created with 30 standard ratios based on the group assignments in your financial trial balance. Ratio categories include Liquidity, Leverage, Activity and Profitability. You can add your own custom ratios as well as edit, delete and hide existing ratios. Comments and explanations can be added to each ratio, and you can choose whether and when to recalculate them.
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Remarks in trial balance reports. You can add up to two columns to a trial balance report, in which you can enter remarks next to any balance. The remarks that are entered are local to the trial balance report. Select these columns while creating or editing the trial balance report in the Format Columns tab. You can rename and/or reorder the columns. This feature is not available with consolidated trial balance reports.
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Single-tier consolidated engagements. New features are available:
Consolidated trial balances:
Add comments and tick marks to the consolidated trial balance.
Create trial balance reports with default trial balance columns.
Export the consolidated Financial Summary Report.
Subsidiary trial balances:
Create trial balance reports with custom trial balance columns.
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Multi-tier consolidated engagements. New features are available:
Consolidated trial balances:
Create trial balance reports with default trial balance columns.
Subsidiary trial balances:
Create trial balance reports with custom trial balance columns.
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Monthly engagements.
Create trial balance reports with custom trial balance columns.
Edit the current year unadjusted account balances in the trial balance.
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Trial balances.
Apply one or more filters on any of the trial balance columns. Click the column header menu and select the Filter tab. Saving a trial balance view will also save any filters. Filters are not available with consolidated trial balances.
The requirement to have at least one account in the trial balance has been removed.
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Bug Fixes.
Keep me logged in: if the check box is selected, the username and the password will not need to be re-entered when CCH iFirm automatically locks out the user after four hours of inactivity.
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Note.
QBO is temporarily disabled due to maintenance.
May 17, 2024 Release
New features available in this release:
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Engagement templates. Staff with relevant permissions may save an existing engagement as a template for annual, monthly and single-tier engagements. Templates may include a chart of accounts, grouping lists and the folder structure in the Engagement View page as well as uploaded workpapers. Once created, the firm administrator can rename, edit and delete the templates, as needed.
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Annotations – Workpaper references, tick marks and comments. Add workpaper references, tick marks and comments to the trial balance, the leadsheets, the Tax Summary Report and the Financial Summary Report in annual and monthly engagements. Add, edit and delete these annotations in one location and they will flow to other pages and reports, where applicable. You can add local tick marks to Microsoft Word and Excel workpapers.
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Trial balance report options. Select the balance columns to be included in each report, including all prior years and variances, as well as options to show classified subtotals and journal entry details. Trial balance reports will copy to a new engagement if the chart of accounts is copied as well. The trial balance report is available with interim engagements and includes default columns.
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Single-tier consolidated engagement enhancements. New features include:
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Variance columns that are displayed in the consolidated trial balance.
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Creating and applying custom grouping lists to the subsidiary trial balance.
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Exporting the consolidated Tax Summary Report.
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Adding workpaper tags to the workpaper properties in the Engagement View page.
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Multi-tier consolidated engagements. It is now possible to create a hierarchy of parent and subsidiary entities with balances that roll up to the consolidated totals. The common grouping list can now be shared across all subsidiary trial balances. View each entity’s balances at all tiers throughout the application. Once the journal entries have been entered, create trial balance links in Microsoft Word and Excel, and link to CCH iFirm Taxprep.
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Trial balance export will export the columns in the current TB View. The export option in the trial balance will export the same columns you see on screen to Microsoft Excel.
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Copy monthly engagements. It is now possible to copy charts of accounts, journal entries, workpapers, sign offs and notes. Tax groups will be available in the new engagement or updated to the latest tax year once they become available.
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Licenses used with complex engagements. Complex engagements will count as two licenses. This includes interim, single-tier consolidated and multi-tier consolidated engagements.
Are you interested in providing feedback on future enhancements and want to have a voice in the audit of the future? Please visit this page: https://support.cchifirm.ca/en/content/cch_ifirm/support/feedbackcomments.htm.