Viewing Financial Statements

The Financial Statements page is available with Financial consolidated engagements.

To select the entity to view, do the following:

1. At the top of the page, click the icon.

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.

The Financial Statements page is available with Financial consolidated engagements.

To select the entity to view, do the following:

1. At the top of the page, click the icon.

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.

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. Each group with the account type "Equity" 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. Additionally, there is a single line item that displays the calculation for Net Income or Loss.
• 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.