“ Straight through” process - minimal manual intervention
Smooth data transfer from underlying systems
Timely, accurate and relevant information
Controls embedded within reporting systems and processes
Compliance with regulatory requirements
Mechanisms for rapid resolution of queries and issues
Finance teams can focus on analysing results rather than producing the numbers
Business reporting: What organisations aim for (cont’d) Monthly forecast Annual budget Operating Company Division Group load submit validate input submit validate input submit validate Actual results ERP/GL
Mapping structure with imported accounting data – core financials To allow companies to prepare financial statements where XBRL has not been embedded in the process, the left side of the screen contains the imported accounts for your accounting system. Mapping these accounts to the correct point in the hierarchy is simply a case of “drag and drop”. This process only needs to be undertaken the first time data is imported. For each subsequent year, only new accounts added in the past year need to be mapped into the hierarchy. Where XBRL is already embedded in the process, this mapping of trial balance data is not required. To map an account, find its correct point in the hierarchy and then “drag and drop” Multiple accounts can be mapped to the same point in the hierarchy. The total of the accounts mapped will appear in financial statements.
Sample Balance Sheet for a Consolidated Company Cells which contain financial data imported from the accounting system can not be typed over, ensuring the integrity of the financial statements. Within an allowable tolerance, the financial statements will automatically allocate a rounding amount to a selected account, ensuring that this account appears correctly in the notes and flows correctly through the financial statements. Note numbers are automatically linked to the corresponding note in the financial statements.
Drill Down From any mapped balance in the financial statements, it is possible to drill down to the underlying trial balance information that makes up that balance. The drill down report provides a reconciliation of imported information and subsequent adjusting journals to provide the final balance that appears in the financial statements.
Sample Summary of Significant Account Policies Note Presentation of both text disclosures and financial disclosures in a single document
Integrity of the financial statements Throughout the financial statements we have included tables that cross-reference related balances to ensure that errors are highlighted during preparation. These can be printed in the draft financial statements for review purposes and then removed prior to signing.
XBRL Tagging A simple mechanism for tagging and reviewing the tagging of financial statements is provided. Companies can use pre-tagged financial statements and modify the tagging to suit their own purpose. They can also setup their own taxonomy and tag the financial statements. Financial statements can be tagged with multiple taxonomies.
Preview of the format and appearance of the financial statements prior to printing Print Preview
A range of journal entries can be processed within the application which will affect the balances shown in the financial statements. Normal adjusting journals are processed where the same change is required to be made in the accounting system. Reclassifying journals are processed where the adjustment is only required for disclosure purposes. No change is required in the accounting system. Eliminating journals are processed for consolidation purposes. A report for each of these journals can be created for audit and company processing purposes Adjusting,Reclassifying and Eliminating Journals