Here are some questions that we have received in our launch webinar.

General Questions

What content is available in Cloud Financials?

Currently, Cloud Financials supports the new AASB 1060, General Purpose and SDS content for:

• Companies - for profit

• ACNC - not for profit - Also includes Special purpose content for Not for profit

• Limited by guarantee - not for profit Corporations Act

• Incorporated associations - Also includes Special purpose content for Associations

We design the content to work with online platforms. For Cloud Financials, we have group relevant accounting policies with the notes.

For more information on the SDS standard, refer to our AASB 1060 information page on our FAQ page.

What content automation Cloud Financials supports?

Any content that relates to the trial balance data will be enabled when there is a balance detected. For other content, it is visible by default. In this release, we have set the Cash Flow Statement to be an input table.

How do you adjust the prior year balance to match the signed account?

The prior year balance can be adjusted directly in the Financial Statements.

Update process?

For cloud engagements, we use a “Carry Forward” methodology. How it works is that you will need to create new engagement files which will contain the latest content. Once the new file is created, any modifications that you have made in the prior year will be carried forward to the new engagement file, and you will need to decide whether you want to keep your changes or use the new content. 

Note: once the engagement is created and if CaseWare releases updated or additional content, these changes will need to be processed manually into the existing engagement file. Version 1.0 of Cloud Financials does not support updating existing engagement files.

Consolidation support?

Cloud engagement both internal and external consolidations. This means that separate engagement files can be set up for the entities that make up the group (external consolidations). If only group level financial statements have to be prepared, the entities that make up the group can be set up as internal entities instead of external engagements (internal consolidations).

What exports does cloud financials support?

Cloud Financials supports PDF exports. We are working towards the ability to invite your clients to collaborate with you directly in Cloud Financials.

How does the integration between CaseWare Working Papers and Cloud Financials work?

Cloud Financials is a separate application, similar to Audit System and Agile audit.

To integrate Cloud Financials into your Agile Audit engagement, you can use the new import from engagement file option. This option will copy the trial balance, adjustment and mapping assignments from Agile Audit to Cloud Financials. 

To integrate Cloud Financials to your Audit System or facilitate the migration from FinancialsIFRS engagement to Cloud Financials, you will need to download the new Cloud Bridge application. This application will migrate the adjusted trial balance from CaseWare Working Papers to Cloud Financials. During the migration, the tool will also translate the mapping from Audit System and FinancialsIFRS to the Cloud Financials mapping.

Formatting questions 

Why is Revenue shown as a negative in Cloud Financials?

Cloud Financials uses the same amount as the trial balance. Assets and expenses will show as positive, and Liabilities, equity and revenue will be negative. 

To make sure the formatting of the numbers is consistent with the formatting requirements in Australia, we have adjusted the table settings in Cloud Financials to show all Balance Sheet numbers as a positive, Income as positive and Expenses as a negative.

The reason why revenue is negative in Cloud Financials is because the table setting is not correct.

Can we hide the subheading title?

This feature is not available in Cloud Financials

What formatting can we apply in Cloud Financials?

Cloud Financials Version 1.0 has the following formatting capabilities:

• Adjustment of heading styles

• Bold. italics and underline of text

• Page break, page margin and page orientation

• Uploading of the firm logo and letterhead.

How to do page break?

We will cover this functionality in Cloud Financials training.

Review questions

Is there a reconciliation between the statement of Changes in Equity and the Balance Sheet?

The movement table in Cloud Financials for Statement of Changes in Equity, PPE note, Intangible assets note, Rights-of-use notes is not an input table. To populate the movement table, you will need to post reclassification adjustments.

Is there a way to track differences between versions of the financial statements?

We can currently track the differences between the template and the financial statements only. We have posted a request to track changes between versions of the financial statements to the development team and will hopefully see it on the roadmap soon.

Feature requests under consideration

Do you have cash flow work papers?

At the moment, we are not considering Cash Flow work papers due to its complexity. We are happy to have further discussions to allow us to design one that everyone can use.

Do you have a compilation report for unaudited financial statements?

The compilation report is on our development backlog, and we will add it to the template in the future release.

Can you do Management Accounts?

The management account is on our development consideration for the future. We are keen to have further discussions about your needs for management accounts.

Electronic Signature?

What we have now is you can embed a signature image to the Financial statements. You can also capture a simple electronic signature from the client when the client approves the Financial Statements. We are still working on better electronic signature functionality for the Financial Statement.

Can we copy assigned mapping from other cloud engagements?

We are currently investigating this functionality.