Display balance definitions and round balances
The Balance Definitions screen displays the journal entry types that AdvanceFlow includes in the calculation of each balance type. AdvanceFlow always includes the unadjusted balance amount plus the specified journal entry types for each balance definition.
Follow these steps to display the balance definitions and to round current period balances to the nearest dollar.
note
- When you choose to round a balance type, the rounded balance is reflected in all other areas of AdvanceFlow.
- You must assign Account Classification codes to the accounts in order to have account types so the balances will round correctly.
- When you roll forward an engagement with rounded balances, AdvanceFlow rounds the prior-period balances in the new engagement.
- For a divisional client, you can round at the entity level or by division.
- For a fund client, you cannot round at the fund level.
- Open the engagement and select theTrial Balancetab.
- SelectView, thenBalance Definitions.
- Mark the checkbox in theRoundcolumn for each balance type that you want to round.
- Select the rounding accounts for the following:
- Asset
- Equity or Liability
- Income Statement
- SelectSave.
To ensure that the latest balances are rounded, select
Refresh
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