Financial statements

TaxCycle General
1

Is there a way to pull the description and not the GIFI code from the field codes in the S100/S125?

2

Lack of replies leads me to believe we donā€™t understand what you need.
Since the form is completed from an import of your GIFI code values, why (or where?) do you need to see the descriptions instead?

3

@Cameron
Because I am trying to see if Taxcycle has the capability to print 'presentation quality financial statements. And my answer to that question is yes, if we get the line descriptions pulled in.

This would be of benefit to small practioners, in particular in connection with the paperless office. Then the whole presentation to the client could be printed from within Taxcycle.

1 Like
4

Here is a Sample to get you started. Note the description function, which must be in all lowercase. And the word ā€œFieldā€ must be appended to the Item fieldcode so that the description function can read the metadata on that field and turn it into a description for you.

{{ #CurrentClient.S100.CurrentAssets }}
{{ description(ItemField) }} {{ format(CurrentYear) }} {{ format(PriorYear) }}
{{ /CurrentClient.S100.CurrentAssets }}

You also will need to deal with the fixed rows, like ā€œCash and depositsā€ and ā€œCommon sharesā€, since neither of these will be returned by the tables.

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5

Interesting concept. But I prefer not to offer more ways for unqualified people to be printing out financial statements. We went to CGA (CPA) school for a reasonā€¦

6

Interesting concept, but I want to do what you do, without a CPA :grinning:

7

You may have an expensive surprise if you issue the financial statements without ensuring that they are correct.

In case you donā€™t realize this, I donā€™t have a CPA either. But I am fully aware and respect those who have achieved that designation. Not every CPA issues financial statements and those who do face professional reviews.

8

I was just kidding, Tim and Debbie. That is what the smile was to indicate. I too, respect those who have achieved that designation.

9

I review the tax return ā€˜printoutsā€™ the same way I do financial statements. None of these get released from my office without coming across my desk. But I admit, if you do not have solid policies in your office as to who is allowed to do what, this could be a problemā€¦

10

I know they are not yet being enforced but, I am somewhat surprised no one has mentioned CSRS 4200: the new (upcoming) Handbook requirements for compilation engagements. Given the documentation support and additional Notes to Financial Statements being required under this Handbook section, simple Notice to Reader statements will not be available/applicable in circumstances where financial statements are being issued.

11

have been looking for any release info on thisā€¦

Final Handbook material approved in October 2019

Final Handbook material expected to be issued in February 2020

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12

I agreeā€¦ we still need to see what is in the final version. If anyone has details (i.e. a link to the final version) that would be great but I donā€™t think we will know until February.

13

I donā€™t mean out of my office - I mean the plethora of people out there who say they are accountants without having gone through the designation process.

1 Like
14

yeah, but what prevents those people from picking up Caseware or AFP and doing the same thingā€¦

15

Thanks Cameron,

Of course if a pdf could be attached to Taxcycle in such a way that it can be included in printsets would also effectively address this issue, and save a bunch of workā€¦

16

I feel offended that someone thinks that having a designation means they are the only accountant who knows accounting because of designation where as having any designation to me is like a religious sect only. Yes of course you go through little extra training but you can not belittle other accountants who could not finish their degree or designation like me.

I feel proud to be accountant and a mentor as I have mentored lots of future Cga, CMA amd even ca where as my background was totally different and I could not even finish my accounting degree but I can challenge any designated person for lot of things. So please do not use the word accountants verse designated accountants/ professionals. Thank you

Kind Regards,

Naval Gupta

Tax Advisor

17

I donā€™t call myself an accountant these days; I am a bookkeeper doing some income tax. Before I was self-employed, I was called an accountant.