What are the practical issues when setting up a ’Half-yearly’ file in CaseWare?
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.
a. 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.
b. 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:
- Ensure the Engagement Properties > Reporting Dates are setup correctly.
- Change the Context Toolbar to reflect the appropriate period (e.g. First Half).
- Import the ASCII / Excel file into CaseWare into Period 1 (and Period 2 if you have the 2nd half).
- 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.