Setting
up a half- year file:
Setting up a half-year CaseWare engagement file is the most crucial phase to
ensure correct presentation of data.
In
order to start using CaseWare / FinancialsIFRS to report half-yearly data, it
is imperative that you contain the following information as a minimum
prerequisite:
- Current
Year: Half-yearly data for the First Half.
- Prior Year: Half-yearly
data from the First and Second Half.
This
will enable the user to compare the First half of the current year to the preceding
period / Equivalent period to prior year in Automatic Documents and
Financial reports.
Importing
data into a Half-yearly CaseWare file
There
are two current methods of importing data into a Half-yearly CaseWare file:
- Accounting
Software Import; and
- ASCII /
Excel File Import
Each
import method follows a different process and it's important for the user to
understand the necessary components with each method.
Accounting Software Import
If
users are importing data from one of the supported accounting packages, it is
important to understand the following before importing into CaseWare:
Extract
Contains Periodical / Semi - annual information: Does the extract
from the client (from your package if a corporate firm) contain
information to present / report half-yearly data?
Accounting
Software's default Reporting Period Date Sequence: How will the trial
balance be imported into CaseWare - Which Reporting Period ? (For example,
MYOB uses the Monthly reporting period. After importing, CaseWare normally
sets this up for you automatically in the Engagement Properties.
Engagement
Properties Setup:
Do the Semi-Annual balances compute their
data from the default Reporting Period of the client's
accounting software? (If not, this needs to be setup within the Reporting
Dates tab.
Note: If
you previously setup the Engagement Properties before importing from Accounting
Software, you may need to reapply your changes.
ASCII / Excel File Import
If
users are importing data from either; an ASCII Text file; or an Excel File, it
is important to follow the process below:
1. Ensure
the Engagement Properties > Reporting Dates are
setup correctly.
2. Change
the Context Toolbar to reflect the appropriate period (e.g.
First Half).
3. Import the
ASCII / Excel file into CaseWare into Period 1 (and Period 2 if
you have the 2nd half).
4. Ensure you
select the appropriate advance specification options for second half
balances.
Accumulate
Balances: Select this option to have the Working Papers combine the
totals of any accounts that appear on multiple lines in the ASCII or Excel
file. If there is an existing balance in the account prior to the import,
those existing balances are overridden (not appended to the import
amount). This option works for prior, budget, and forecast balances as
well as current balances.
Balances
being imported are year-to-date: Select if the balances to be
imported for the Second Half are year-to-date numbers only.
Note: You
cannot combine this option with the "Accumulate Balances"
option. If you attempt to select both options, you will receiving a
warning message prompting you to change one of the settings.
Balances
include adjustment: Select when importing year-to-date amounts to
ensure that any existing entries in the file are taken into account when
calculating the period movement amounts during the import.