LodgeiT is aware that the legacy method for preparing SPFR is to take a GL Movement and stripe the movement journal into a secondary ledger i.e. Handiledger/MYOB AE. With LodgeiT, we propose a different methodology more suited to the 'cloud era'. It works something like this -
- Optimally the client will maintain software and failing that, 'QuickBooks Online' offer low cost ledgers that support bank feeds that the accountant can maintain. Failing that, we offer an Excel set of templates.
- The data file is maintained during the year using as much automation as possible i.e. bank feeds and rules.
- At year end the adjustments are processed into the file and the file is locked.
- The values from the ledger are imported into LodgeiT and the SPFR, tax forms & working papers are completed. The process can be iterated until the correct balances are achieved.
If you are passing a correcting closing journal back to the client to ensure their ledger matches yours, the above process ensures the same outcome with less manual steps.
We can also give you a training about this Advanced Financial Reports (ie Overview, Template Construction, and cover various function) and opportunity to ask question, register HERE