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  • Welcome to CaseWare QuickVids. With CaseWare Financials you can create quarterly statements

  • using many of the same tools as yearly statements.

  • This QuickVid will demonstrate: 1. Working Papers set-up for quarterly reporting

  • 2. Financials set-up for quarterly reporting 3. Quarterly statement formats

  • 4. and, quarterly note formats

  • When producing quarterly statements, it is necessary to have a separate client file created

  • to represent each quarter and import the appropriate quarterly information into the file.

  • Once you have created your first quarterly statement you are able to base the subsequent

  • quarterly periods off the previously created file. New tables based on Do-It-Yourself tables

  • will need to have their period sequence adjusted to reflect the new quarter.

  • To report quarterly data in the financial statements, the CaseWare period date sequence

  • for quarterly must be selected. While in Working Papers select Engagement | Properties. Select

  • the Reporting Dates tab. Ensure quarterly is selected. If your financial

  • information is based on monthly figures you are able compute whether the quarterly information

  • is based on a monthly date sequence or is independent.

  • It is necessary to select in Working Papers the quarterly period the client file will represent. This QuickVid will use the second

  • quarter. While in Working Papers select "Second Quarter" as the reporting sequence for the

  • file.

  • When selecting to produce quarterly statements, both Working Papers and Financials must be set to show

  • quarterly. Opening the Financial statements document, if Working Papers and Financials are not both

  • set to quarterly, a warning appears in the Financial statements. In this example Financials

  • needs to be set to quarterly.

  • From the template menu select Options | Financial statement options.

  • In the left select General | Financial settings and select 'Reporting period and dates'. A

  • warning appears, once the data reporting period is set to Quarterly the warning is removed.

  • When using quarterly information it is necessary to establish the 'comparative periods' you

  • want to show in each statement area. For example in the balance sheet the comparative options

  • are 'preceding period', 'equivalent period in prior year' and 'prior year end'. Select

  • the option most applicable for the client file and your jurisdiction. In this example

  • we will select equivalent period in prior year. Complete this option for all the applicable

  • statement areas. Select the back button to return to the financial

  • statements. Notice, in the balance sheet, comparative period

  • is the equivalent period in prior year.

  • Navigating to the Statement of Income, notice the table is converted to a four column comparative

  • table with the correct headings. Due to the nature of the Statement of Income, Statement

  • of retained earnings, if applicable the additional statement areas and the statement of Cash

  • Flows there exists a separate table format for quarterly presentation. The firm is also

  • able to modify these quarterly formats in the knowledge library and create additional

  • formats if necessary. Please see the QuickVid on Setting up the

  • Statement of cash flows worksheet for a demonstration on populating the statement of cash flows.

  • Navigating to the Notes, Financials does not provide out-of-the-box quarterly note formats

  • as many users do not prepare quarterly statements. The standard notes provided with Financials

  • do not support four column reporting periods for the note comparative options. Though the notes

  • do convert to a quarterly format, for example the PPE note displays as a default the equivalent

  • period in prior year and the Shareholders' equity note and any standard two column note

  • will display the prior period. You are unable to modify the comparative periods for CaseWare

  • notes where you may need alternative comparatives.

  • If your require additional comparative information, CaseWare recommends you use the Do-It-Yourself generic

  • table notes. Your firm also has the option to create additional firm quarterly notes

  • using DIY and add these to the notes firm knowledge library.

  • In this QuickVid two quarterly notes have been created in the Firm knowledge library

  • using DIY tables. One note is a two column balance sheet note, the other is a four column

  • income statement note. Each of these notes has different comparative information to correlate

  • to the statement they are supporting.

  • Following the comparative period selection in the Balance Sheet, notice the cash note

  • has been set up to show the equivalent period in the prior year.

  • Navigating to the Cost of goods sold note notice its comparative periods are set up as per the

  • appearance of the quarterly statement of income. The generic DIY table is also located in the

  • note section; please review the QuickVid on Do-It-Yourself tables for a demonstration

  • on building DIY tables.

  • Opening the cost of goods sold note for editing, right click to edit the 3 months ended prior

  • period column. Select modify table, select Edit column. In the DIY dialog, notice choices made

  • here. The reporting period is the prior year, the sequence is quarterly and the second period

  • number representing the second quarter is selected. As this is a three month ended column

  • the balance is showing the selected period only. This is a simple example of how one would set up a quarterly column using DIY.

  • Using all the existing tools and features in CaseWare Financials, it is possible to set up quarterly

  • financial statements effectively to produce accurate quarterly statements, however, some additional set up and training is required.

  • Once again please note, CaseWare recommends that you create a new client file for each

  • quarter. This will allow you to save the work completed in each quarter and continue to

  • roll forward each year thus saving you considerable time in the preparation of your quarterly

  • financial statements.

  • That concludes the QuickVid on quarterly statements. Thank you for watching CaseWare QuickVids.

Welcome to CaseWare QuickVids. With CaseWare Financials you can create quarterly statements

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Operation of videos Adjust the video here to display the subtitles

B1 US quarterly period comparative statement select column

GAAP Financials: Working in the Financial Statements - Quarterly Reporting

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    陳虹如 posted on 2017/06/23
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