How to prepare an 18 Month period Financial Statement
Prior
year: 12 months ending 30 June XXXX
Current year: 18 months
ending 31 December XXXX
If
there is a change in the entity's reporting date like shown above, there
are three primary areas to set:
a.
CaseWare file Setup
b.
Leadsheets / Automatic Documents
c. Financial
Statements reporting setup and modification
1.
CaseWare file Setup
The
Engagement Properties year-end date needs to be set to the current period end
date (in this example it is for the 18 months ended 31st December). This
will ensure that all the page headings in the Financial Statements display the
correct date.
2.
Leadsheets / Automatic Documents
The
leadsheets will not have correct prior year headings. Add the following heading
within the leadsheet.
Right
click on the leadsheets, and select Properties.
Go
to the Headings tab, and add additional header text (e.g.
Current year balance are for an 18 month period).
3.
Financial Statements reporting setup and modification
Update
the headers
From
the ribbon select the context sensitive Statement setup
tab | in the Headers and Footers group > Text.
The Header/Footer
Text dialogue will open, in ‘Text before date’ type “
For the 18 months ended”.
Update
the table header
To
make the column headings read as the full date (e.g. 30 June 20XX) instead
of just the year (e.g. 20XX), right-select the column heading and select Edit
Column Heading, and type in the date.
Note: The
Financial Statements settings need to be applied to all statements' headers and
tables in the notes throughout the financial statements.
Process
for next year
- Roll forward
the engagement file for the new financial year.
- Remove the
extra header line on the lead sheets / automatic documents.
- Go through
the Financial Statements and update the statements' headers and tables in
the notes:
- Change the
header wording to "For the year ended".
- Remove the
override from the table header.
- Disable
the Edit Column Heading option.
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