BalanceWare Help v2.315
Financial Statement Maintenance
In This Topic

This topic covers the steps and features used to generate Financial Statements, with 4-years of history and 1-year of monthly history. All of this information can be imported from Excel. History is automatically maintained during the year-end closing procedure.

The first button on the left of all ribbons have a Timekeeper On / Off toggle button which allows BalanceWare to track time by client. See the TimeKeeper Dashboard help topic for details.

Financial Statement Sections

The Financial Statement Sections form is pre filled, based on the Entity Type (Individual, C-Corp, S-Corp, Partnership) Sections can be added, deleted and renamed on a per client bases. Sections represent the structure of the Balance Sheet and Income Statements.

Cash Flow Statements are designed on the Cash Flow Dashboard and Financial Statement Sections are ignored by the cash flow process. 

The Financial Statement Sections Form

The Financial Statement Sections Form

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 Ttls Only Column

Every account number in the chart of accounts is assigned a Financial Statement Section. A Ttls Only check-mark will prevent unintentional assignment of a totals only section to an account number.

Examples of sections that are totals only are "Assets", "Liabilities", "Equity", "Gross Profit", "Net Income", etc. These sections would never have accounts assigned directly to them, as they are used only for totaling major financial statement sections.

By checking Ttls Only, the section will not be available when assigning sections to the chart of accounts. 

Section Control 

This field designates the various financial statement handling controls. An Accum Net Income Section Control can be inserted at any point in the Income Statement sections. For example, an Accum Net Income Section Control would be used to generate the "Gross Profit"  and "Net Income" lines.

A Liabilities Section Control would include the section in the Liabilities part of the Financial Statements, etc.

Order

The scope of the Order column is global. That is, the ordering does not reset upon a change in section. To insert a new section, navigate to a new record at the end of the listing by pressing the F7 key. You can Renumber and Reorder the listing with the F11 and F12 keys.

Ctl-ArrowUp, Ctl-ArrowDn and the Up and Down Buttons

While the Up and Down arrows will select the previous or next record, Ctl-Up and Ctl-Dn will move the current record up or down. Mouse users can click on the Up and Dn buttons in the lower right-hand corner of the Financial Statement Sections form.

Renumber, Reorder & Auto-Order 

These buttons will assist if entering statement section order manually. 

Financial Statement Sections are pre filled and rarely need more than modest modification, if any at all.

Chart of Accounts

In addition to entering the alpha-numeric account numbers and names, the chart requires a Statement Section. The Sequence field is optional. Use the F12 key to re-order the list. This form is sorted by Account Number.

Chart of Accounts Form

Chart of Accounts Form

See the Departments Dashboard for defining account number segments to produce departmentalized financial statements.

Sequencing 

Financial statements are sorted by Statement Section first, then Sequence. Therefore, if you start sequencing one section at 10, you can start sequencing the next section starting with 10, also. If you sequence only some accounts within a Statement Section, the un sequenced accounts will sort after the sequenced accounts.

Financial Statements and the Trial Balance will sort using sequencing. The  General Ledger prints in account number order.

Using the Alpha [F11] button to automatically sequence an entire section alphabetically, by Account Description.

The Chart of Accounts is always sorted by account number. 

 Notes & Attachments (Collapsible)
   
Use the Engagement Documentation dashboard to associate client documents and notes with objects in BalanceWare.

Notes and documents can be linked to the following items (on a per client basis):

 Look for the Engagement Documentation icon on BalanceWare forms.

 

Clicking the icon will open the Engagement Documentation dashboard. In the case of journal entries and cash disbursement batches, double-clicking on the Preparer Notes field accomplishes the same. Once open, click on any attachment to open the document.

Engagement Documentation Dashboard (with callouts)

Engagement Documentation Dashboard (with callouts)

See the Review Notes button on the Client Tab for reviewing notes from all sources within BalanceWare. 

Note: to maintain link integrity, do not manage documents from Windows Explorer. Moving or deleting client documents may break links. Documents can be edited and documents can be added using Windows Explorer, but do not delete or move documents or folders. Broken links will be placed in a special folder in the Documents treeview called "Orphans" and can be relinked from this special folder.

New with BalanceWare version 2.308 is the ability to add notes to individual accounts.  Simply open the Engagement Documentation dashboard from any form, document, journal entry, or cash disbursement batch and select an account at the bottom of the report.

All notes and attachments for forms, documents, journal entries, cash disbursement batches, and accounts can be reviewed and edited from the Client tab by selecting Review Notes.

Reviewing and Editing Notes

Reviewing and Editing Notes

History 

History is available for the selected account via the button or the F2 key. Balances for the selected account are displayed in the form footer.

Reorder 

The Reorder button or the F12 key will re-sequence the accounts in Seq/Account No order. The Auto-Order checkbox, or Alt-A, will resort the chart after each edit. 

 Alpha

 The Alpha button [F11] sequences the current section in alphabetical account name order. This function is typically used for "Operating Expenses" and like Statement Sections.

Import Mode 

After importing a chart of accounts, or any of the other imports that add to the chart, statement sections may need to be added to the accounts imported. Checking the Import Mode checkbox, or Alt-I, will deactivate all the columns except the Statement Section column. Entries in the Statement Section will default to the previous line.

Deleting

The Delete button or F9 will attempt to delete the selected account. If the account is used in a Journal Entry, a Cash Disbursement, or assigned to one of the closing accounts in the Client Profile, a warning dialog will open for confirmation.

Importing 

The Chart of Accounts can be imported. See Import Accounts below for further details.  

BalanceWare has an import feature for Beginning Balances, which adds accounts to the Chart of Accounts as needed.
BalanceWare has an import feature for History, which adds account to the Chart of Accounts as needed.

Auto Order and Import Mode Check Boxes

The Auto-Order Alt-A checkbox will maintain the account list in account number order as accounts are added to the chart. Import Mode Alt-I is useful for imported accounts. In this mode the only active field is the Statement Section field. New accounts cannot be added in Import Mode.

Consolidations

Use the Consolidations dashboard to consolidate balance sheet and income statement accounts. Consolidations are reflected on the Financial Statements. Optionally, a schedule can be produced with the financials and the print line can be re-captioned. As an example, several different tax lines could be consolidated to the "TAXES-FICA" account, and the "TAXES-FICA" account could be re captioned "PAYROLL TAXES", without creating an additional account for the caption. 

Schedule detail lines print in the same order as they would on the financial statements. That is, first by sequence number (if any), and then by account number.
Account Consolidations

Account Consolidations

We created account consolidations instead of reclassifying entries, because consolidations are efficient. Once established, there is no need to reclassify account balances each year.

Videos

A video on this Help Topic is available on our Video Page.

4-Yr History and the Prior Year Monthly History

The History form uses the Chart of Accounts; therefore build the chart first. The check boxes at the top of the History form turn the columns on and off, which is useful if not working on all years.. The history data can also be imported. See Import History below for details.

Depending on the Interim Processing settings on the Writeup tab, either the 4-Year History form will open, or the prior year 12-month history form will open when the Prior Year History button is selected.

See the inline calculator Help topic for quick calculations in amount fields.
4-Year History Form

4-Year History Form

Import Accounts, Beginning Balances and Related Information

Importing a chart of accounts and related information is accomplished using an Excel file, packed with features, flexible, and easy-to-use. To begin the process, select the "Import Accts" button on the "Client" tab or the "Import BB" button on the "Accounting" tab. ("BB" = Beginning Balances.)

Both of these buttons open the same form from which the import is accomplished. We highly recommend using the "Template" button on the import form. This button will save an Excel file to your local drive to use for the import. Data can be copied and pasted to the Excel workbook, or entered manually. In the case of Statement Sections and Tax Lines, data can be selected from an Excel listbox which appears automatically. However, these listboxes will only appear if a template is used, which is the reason we recommend the template.

Accounts and Related Info Import

Accounts and Related Info Import

The following account data can be imported:

Column F, TaxLines is autofilled by Excel based on the entry in column E, Tax Line Code. This is another feature that is only available if a template is used for the import.

To add an account, the only required entry is in column A, "Acct". This is the alpha-numeric account number. All other columns are optional. The import routine will ignore any column that is blank, with the exception of row 1, the header line. Therefore, if all cells in a column, below row 1 are empty, the column will not be imported.

When importing Account Descriptions, Financial Statement Sections, and Tax Line Codes, accounts will only be updated if the account does not already have data present. In other words, the import will not override existing data, but it will add new data if no data exists for a given account field.

The opposite is true for Beginning Balances. If any cell in column D, "Amt" contains data, all blank column "D" amounts will be presumed to be -0- and all accounts will be updated to the new column "D" amounts. In other words, if there is any data in column D, all accounts will be updated with a new beginning balance - even accounts that are not listed on import rows. Beginning Balances are an "all or nothing" scenario.

If you are going to import Financial Statement Sections or Tax Line Assignments, generate the template with the target client open. Financial Statement Sections are unique to each client. Tax Line Assignments are unique to each entity type. Therefore, to get Excel listboxes with the correct information, a template should always be generated when the target client is open in BalanceWare. Likewise, it is not advisable to use another client's template for importing, unless you know for sure that the entity type is the same and the Financial Statement Sections are identical.

After populating the template with data, return to BalanceWare and click n the "Proceed" button. The status of the completed import will be displayed on the "Results" tab of the import form.

As with all Excel imports into BalanceWare, the worksheet to be imported must be the first worksheet in a multi-sheet workbook. The name of the sheet does not matter.

Accounts and Related Info Import Worksheet showing the 2 Listboxes

Accounts and Related Info Import Worksheet showing the 2 Listboxes

Import History

Importing History will delete and overwrite the existing history data.

Accounts will be added to the Chart of Accounts as necessary. Existing accounts will not be altered. The "Desc" column is for the account description for new accounts and is optional.

Depending on the Interim Processing settings on the Writeup tab, either the 4-Year History import form will open, or the prior year 12-month import history form will open when the Import History button is selected.

The column headings must be as shown in Row 1 on the illustration below. There can be additional columns on the spreadsheet which will be ignored. Elimination of unwanted rows is recommended to avoid extraneous data which may create strange results. The worksheet to be imported must be the first tab of a multi-sheet workbook.

 

History Import Form

History Import Form

As with all imports, the account column must be formatted as text. After importing, remember to assign Statement Sections to new accounts.

Instead of creating your own Excel import worksheet, click on the Use a Template button to open a template for pasting data. The Excel template file contains instructions to produce an import with data integrity. Using a template is a good option for first time users.
The History Import Template

The History Import Template

After completing and saving the Excel import workbook, return to the BalanceWare import form and click on Proceed and a Windows Explorer will open. To complete the process, select the import workbook.

Export COA (Chart of Accounts)

The chart of accounts can be exported to Excel with the following columns:

Round (Financial Statements)

All financial statements will be rounded to the nearest dollar if this checkbox is selected. The rounding is applied to the standard financial statements, StatementWriter, departments, cash flows and pro-forma's. The combo box is specific to each client, i.e. it can be on or off, depending on the client. BalanceWare is designed to accommodate numbers up to 99,999,999.99 without rounding. Rounding is an option to display numbers correctly when a balance exceeds this maximum.


Support Ticket 

 

Submitting a support ticket is the best way to expedite your issue. The support ticket automatically includes information we need to service your installation properly. By submitting a support ticket, we won't have to ask you all the preliminaries and, if you add a brief description, we will be better prepared to get to the heart of the matter ! We receive your ticket immediately upon submission and will respond ASAP; usually within minutes. Submit your support ticket from the About form on the Help tab.

 

 

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See Also

Accounting Tab