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Work with the Trial Balance and Journal Entries
When you work with a client’s trial balance data and create journal entries in Engagement Manager, you will use the Trial Balance and Journal Entries tabs of the engagement. Engagement Manager can handle a wide range of charts of accounts. This includes anything from simple numbering to accounts that have locations, divisions, and even funds.
Because Engagement Manager gives you full flexibility with account number structures, you can combine, sort, and filter account balances based on system- and firm-defined groupings. Engagement Manager can also quickly import a large chart of accounts. You can continue working in Engagement Manager during the import process.
Import trial balance information
- Import trial balance data - You can import trial balance information from a spreadsheet. When you do this, keep in mind that the file must be an .XLSX file, and the spreadsheet you are importing must be closed. You can choose different tabs in the excel file.
- Importing QuickBooks data - Engagement Manager doesn’t enable you to import data directly from QuickBooks. However, you can prepare a spreadsheet file to import the trial balance data into Engagement Manager.
Work in the Trial Balance tab
- Add an account - To add an account, on the Trial Balance tab selectAccount, thenAdd. Fill out the Account Properties window with the Account Number and Description, which are both needed. The account number can consist of any characters.As a best practice, we recommend that you also fill out the Account Grouping – Account Classification Code. This is needed for the system to automatically assign one of the following account types.
- A: Asset
- L: Liability
- Q: Equity
- R: Revenue
- E: Expense
- M: Memo
We also recommend that you map Codes and Subcodes to the appropriate Tax Codes and Subcodes in the Mapping screens under Setup, for all Account Groupings, including custom ones that your firm has set up in the Account Groupings area under Setup.After you create an account, you can change the name, and description or enter an account balance. To renumber or change the account description, selectAccount, thenEditor right-click the Edit menu. Modify the account name or description as needed, and selectOK. - Manage an account
- Double-click the account on the Trial Balance tab.
- Mark the account checkbox, then select theAccountdropdown menu, thenEdit.
- Right-click the account, then selectEdit account.
To enter an unadjusted balance, select the balance in the Unadjusted column, enter the new balance, then select Enter. - Balance definitions - You can view the Balance Definitions of a Trial Balance. SelectView, thenBalance Definitions. Note that you can't change the balance definitions in this window. However, you can configure Engagement Manager to round current balances in this window.For your divisional clients, you can configure Engagement Manager to round at the divisional level.
- Account groupings - Engagement Manager uses account groupings to organize trial balance activity. The Account Classification grouping is system generated and can't be modified.You can create a copy of this grouping that can be modified but note that the default Account Classification grouping is the only grouping that automatically maps the account types and tax codes for each account. You can also use it to map to user-defined account grouping codes and subcodes.
- Customize the Trial Balance view - When you set up a new engagement, the engagement uses the default trial balance view that shows basic account information. You can modify the default view or create new trial balance views for an engagement.When you move a column within a view, that change is permanently reflected for you and all other users. We recommend that you create and save multiple different views so that you can select the appropriate view instead of frequently changing your current view.You can further customize a view using any of the following features.
- Filter the trial balance: Reduce the number of accounts that are displayed in the view.
- Customize the interface: Change the columns to show different balance types, grouping code or tax code assignments, variances or workpaper references.
- View net income - Engagement Manager displays the net income (loss) at the bottom of any trial balance view. Account classification codes should be assigned to all accounts for net income to properly calculate, as this is how Engagement Manager assigns account types of A, L, Q, R, and E.
- View trial balance history - To view the complete history of actions performed on the trial balance within the engagement, selectView, thenHistory. When you finalize the engagement, you'll have the option to retain this history or to delete it.
- Set up and modify tax codes - If you have the appropriate security permissions, you can map tax codes for your firm, and you can set up tax subcodes.To modify the tax codes or subcodes for individual accounts.
- Double-click in the Tax Code or Tax Subcode column for the account in the Trial Balance tab, and then select the new code.
- Right click in the Tax Code or Tax Subcode column for the account in the Trial Balance tab and choose Assign Tax Code.
- Compare trial balances - If you have separate tax and audit engagements for your client, you can compare the trial balances. For example, you can choose this option for the tax engagement to see if the auditors have made any changes to the unadjusted trial balance or added any journal entries, and then you can import the differences, if desired.To avoid replacing data, be sure to use a different numbering system for journal entry reference numbers in the engagements for which you plan to use the Trial Balance Compare feature.
Work in the Journal Entries tab
- Add or edit journal entries - From within the Journal Entries tab, you can add, edit, or delete journal entries. You can create and modify any adjustments to the trial balance using any available type.
- GASB 34 entries - Many firms often complete GASB 34 entries using the Other journal entry type with memo accounts on the trial balance to enable the firm to create full accrual, as well as modified accrual and financial statements, as needed, for regulatory agencies.
- View journal entry details - Select the JE Details switch button on the Trial Balance tab toolbar to display the details of the journal entries below the accounts they affect. When you finalize an engagement, you can choose to retain the history or delete it.